MONTREAL, May 22, 2013 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore"
or, the "Company") (TSX-Venture: MAO) (US OTC: MAOMF) (Frankfurt Exchange: M6L) announces that further to the press release dated April 12, 2013,
Maudore has decided to cease efforts to complete a second tranche of
its brokered private placement of units, due to current market
The first tranche of the "best efforts" private placement closed on
April 12, 2013 raising gross proceeds for the Company of $15.5 Million
(see the Company's press release of April 12, 2013). The proceeds will
be used to develop and expand existing projects and operations, working
capital and for general corporate purposes.
"In April of this year, we raised in excess of $15 million, after having
obtained a $22 million line of credit to fund the purchase of Aurbec
Mines from North American Palladium Ltd. ("NAP"). These funds provide
us with sufficient working capital to advance our operations. While the
second tranche would have been beneficial, the intended use of proceeds
was towards exploration and potential acquisitions, neither of which is
a priority in this market environment. Our primary objective is to
optimize our newly acquired operations within the context of a lower
gold price environment and then start aggressively looking to expand
the Sleeping Giant resource base.' said Kevin Tomlinson, Chairman.
"Our new incoming CEO, Greg Struble, officially begins on June 11th, however he has already begun working with me and the management team
to develop plans for optimizing production at Vezza and Sleeping Giant
with a focus on efficiency and cash flow generation.
"With Greg in place, Anne Slivitzky, our Interim COO, will be stepping
down and will become a consultant to the Company. Anne has been a
tremendous resource for Maudore as we transition from a pure
exploration company to a junior producer. Anne has been associated with
the company for many years and will continue to provide us with her
valuable insight and extensive knowledge of the area and of our
properties. I would like to thank Anne for her invaluable contribution
during this transition period."
About Maudore Minerals Ltd.
Maudore is a Quebec junior gold company with more than 23 exploration
projects, of which five are at an advanced stage of exploration with
reported current and historical resources. The Company's projects span
some 120 kilometers, east-west, of the underexplored Northern Volcanic
Zone of the Abitibi Greenstone Belt and cover a total area of 144,000
hectares (1,440 km2) with the Sleeping Giant Processing Facility within trucking distance
of key projects.
Quebec is consistently ranked amongst the best locations worldwide for
mineral exploration and development, with low cost power, proper
infrastructure, mining-oriented local communities and a skilled
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Maudore Minerals Ltd.
For further information:
Mr. George Fowlie, Deputy Chairman
+1 (416) 587-9801 (Mobile); +1 (514) 439-0990 (Office)
Mr. Kevin Tomlinson, Executive Chairman
+1 (514) 439-0990 (Office)