Madison Avenue Research Report on Gold Mining, Supply Side Predicament, 2007 Gold Forecast and Special Situation Advisory on Metanor Resources Inc. as

Madison Avenue Research Group has published a white paper outlining the fundamentals behind supply predicament driving the longer term cyclical bull whereby gold supply from new production is not rising to support demand, what is required to achieve a market balance, and how existing gold producers are likely to prosper. Also in the report is an Investment Alert/Special Situation Advisory and Case Study of Metanor Resources Inc. (TSX VENTURE:MTO) offering insight and opportunity for investors on Metanor about to become a gold producer utilizing their 100% owned Bachelor Lake Gold Mill in the prolific Abitibi Mining District of Quebec in Q2 2007, producing 60,000 Ounces of Gold annually at their CDN$60 million refurbished gold mill. An abridged version of the report may be viewed free of charge at: http://madisonaveresearch.com/07goldinsight.htm .

Excerpts from report: "Metanor appears to be an exceptional buy. Using US$600 per oz gold, the Bachelor Lake mill could generate revenues in excess of CDN$35,000,000 a year once upgraded to handle 750 tpd producing in excess of 60,000 oz gold per year with an average estimated cost per oz by Mining MarketWatch of less than US$325 oz; this justifies a share price in excess of CDN$5/share based on conservative P/E ratios. Additionally MTO currently trades near CDN$1 per share and has a current market cap that equals value of their Bachelor Lake Gold Mill structure alone (appraised at CDN$28M depreciated value with a replacement value of CDN$60M including headframe and all surface equipment). Metanor possesses known resources between the Barry Deposit and Bachelor Lake of over 400,000 oz + over 100,000 oz historic at the Hewfran extension but more importantly the Bachelor Lake Gold Mine has a proven geological model that is open in all directions at depth with plans to upgrade to 1,000,000 oz. ...MTO is possibly in line for a serious price change to the upside."

The report also reviews how global supply predicament will benefit a number of the largest and finest unhedged gold producers that are current components of the HUI gold-stock index.

An abridged version of the report may be viewed free of charge at: http://madisonaveresearch.com/07goldinsight.htm .

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Reports herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the disclaimer and disclosure section at the bottom of the following URL http://madisonaveresearch.com/07goldinsight.htm .