MONTREAL, July 16, 2013 /CNW Telbec/ - Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) has decided to target high-grade gold opportunities
at its Sleeping Giant property and suspend development at the Vezza
Project. Structural 3D re-evaluation of the geology, especially veins
and structures at Sleeping Giant has resulted in the identification of
multiple high-grade opportunities within the existing mine environment.
This shift in development in light of our new understanding also offers
a better opportunity for future resource growth.
Greg Struble, President and CEO, commented, "With this new 3D geological
model we have been able to identify areas with previously unrecognized
gold potential within the immediate mine area that are accessible from
existing workings. We believe this will provide the backbone for our
successful re-entry into Sleeping Giant."
Maudore plans to finish mining and processing of developed mineralized
material at Vezza over the next several months whilst deploying a small
workforce at Sleeping Giant to prepare the underground workings for
exploration and remnant mining. By curtailing all development at the
Vezza Project, the Company expects to process this mineralized material
developed thus far for much lower costs.
At Sleeping Giant, we expect mining of select high-grade remnant stopes
to commence in late Q3 after the start of an underground drill program
to target previously untested extensions of the high grade 20 and 30
zones and to test other high potential veins in specific parts of the
mine. The mining of remnant stopes at Sleeping Giant will optimize
infrastructure and personnel during this underground drilling program.
Mining of these remnants could be phased out over the next 12 months,
pending development of sufficient new resources to allow for full scale
The impact of these changes will be a net reduction of 39% in the
workforce, predominantly contractors. Maudore regrets the hardship this
will cause employees, contractors, their families and the local
community. However, this action is required to allow the Company to
operate within the current low gold price environment and positions it
for an improvement in price.
The principle drivers for the move to Sleeping Giant have been grade and
the need to preserve cash during this market downturn. Our 3D
re-evaluation of Sleeping Giant indicates the potential for
significantly higher grades than our current Vezza resource. Please
refer to Maudore's news release, page 3, dated March 22nd 2013 for more information on Sleeping Giant.
Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief
Consulting Geologist, approves the technical content of this press
About Maudore Minerals Ltd.
Maudore is a Quebec based junior gold company with milling operations
and more than 23 exploration projects, of which five are at an advanced
stage toward development 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
Cautionary Statement Regarding Forward-Looking Statements
This release and other documents filed by the Company contain
forward-looking statements. All statements that are not clearly
historical in nature or that necessarily depend on future events are
forward-looking, and the words "intend", "anticipate", "believe",
"expect", "estimate", "plan" and similar expressions are generally
intended to identify forward-looking statements. These forward-looking
statements include, without limitation, performance and achievements of
the Company, business and financing plans, business trends and future
operating revenues. These statements are inherently uncertain and
actual achievements of the Company or other future events or conditions
may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties and other factors,
including, without limitation, financial related risks, unstable gold
and metal prices, operational risks including those related to title,
significant uncertainty related to inferred mineral resources,
operational hazards, unexpected geological situations, unfavourable
mining conditions, changing regulations and governmental policies,
failure to obtain required permits and approvals from government
authorities, failure to obtain any required approvals of the TSXV or
from shareholders, failure to obtain any required financing, failure to
complete any of the transactions described herein, increased
competition from other companies many of which have greater financial
resources, dependence on key personnel and environmental risks and the
other risks described in the Company's continuous disclosure documents.
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:
CEO and President
+1 647 927 0239
Chief Financial Officer
+1 819 825 4343
Deputy Chairman of the Board and Director of Corporate Development
+1 416 587 9801