Management and Board issued share options
Mr. George Fowlie appointed Deputy Chairman of the Board and Director of
MONTREAL, Dec. 10, 2012 /CNW/ - Maudore Minerals Ltd. ("Maudore" or the
"Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced that it has filed Regulation 43-101
("Regulation 43-101") compliant technical report in accordance to the
Company's 29 October 2012 news release, which includes an updated
resource estimate at The Osbell Deposit (also known as The Comtois
Deposit). The deposit is located about 15km from Lebel-sur-Quevillon,
approximately 150 km north of Val-d'Or in the James Bay administrative
region of Quebec.
The independent technical report, entitled 43-101 Technical Report and
Mineral Resource Estimate-Osbell Deposit, Comtois (the "Technical
Report"), dated 26 October 2012, was prepared by Alain Carrier,
M.Sc.,P.Geo and Pierre-Luc Richard, M.Sc.,P.Geo, of InnovExplo Inc.,
consulting firm of Val-d'Or, Quebec, Christian D'Amours, B.Sc., P.Geo
of GeoPointCom, consulting firm of Val-d'Or, Québec and Alain Dorval,
Eng., of Roche Ltd., consulting group of Montréal, Québec. The
Independent and Qualified Persons for the 2012 Mineral Resource
Estimate, as defined by Regulation 43-101, are Pierre-Luc Richard,
Alain Carrier and Christian D'Amours. The Technical Report will be
available on SEDAR at www.sedar.com and on the Company's website at www.maudore.com.
Grant of Stock Options
The Company advises that the Board of Directors has issued 1,210,000
common share purchase options as at 7 December 2012, including
1,075,000 options issued to executive management and directors.
Pursuant to the TSX-V Regulations and to the Maudore's Stock Option
Plan, the minimum price of the options is to be based on the closing
price of the Company's common shares the day preceding the grant, which
was $1.75 on 6 December 2012. Options were granted at an exercise price
of $2.20 per share, which is a 25% premium to the minimum price of
$1.75. Options are vesting immediately and expire in five years.
Maudore's Chairman, Mr. Kevin Tomlinson, commented that: "In the opinion
of the Compensation Committee, the recent decline in share price to
$1.75 does not truly reflect the underlying value of the Company, nor
the recently announced intention to merge with Eagle Hill (Exploration
Corp.). Accordingly, the Committee members recommended that the pricing
of the stock options be based on the closing price of $2.20 on December
4th, which is the day prior to the announcement. Our Management and
Directors are confident in the future of Maudore and are committed to
creating further shareholder value."
Appointment of Mr. George Fowlie as Deputy Chairman and Director of
Mr. Tomlinson also announced the appointment of Mr. George Fowlie to the
positions of Deputy Chairman of the Board of Maudore and Director of
Since February 2008, Mr. Fowlie has been Managing Director of grf
Capital Advisors, an advisory practice primarily providing strategic
planning and financial services to companies in a wide range of
industries. Over his 40-year career in corporate finance, he has gained
extensive experience in commercial and project lending, merchant
banking, investment banking, private equity and mezzanine financing for
over 150 companies in Canada and the U.S.
"These appointments reflect George's strong contribution to Maudore
since the change of management in summer 2012. George has been
instrumental in bringing together the new team, and his experience and
investment banking expertise have been invaluable to the Company," Mr.
Prior to his role with grf Capital Advisors, Mr. Fowlie served as Deputy
Chairman and head of Investment Banking with Westwind Capital Partners,
a U.S., Canadian and U.K. full service securities broker, from
2004-2008, which he helped build into an international natural
resource-focused firm until it was acquired in 2008 by Thomas Weisel
Partners. Mr. Fowlie retired from Westwind Capital Partners in 2008 to
pursue his own investments and is currently engaged and active in
numerous companies in a wide variety of industries.
About Maudore Minerals Ltd.
Maudore Minerals Ltd. ("Maudore") is a Canadian-based gold exploration
Company controlling around 96,000ha (960 sq. km or 370 sq. miles) of
claims dominated by gold-prospective Abitibi Greenstone belt in
northwestern Quebec. Maudore owns 100% of the Comtois Gold Project
defined by a continually expanding resource, solid grades and excellent
metallurgical attributes. Infrastructure is excellent:
North America's lowest cost power
Mining-oriented local community and workforce.
Quebec is consistently ranked among the best locations worldwide for
mineral exploration and development.
The TSX Venture Exchange has not reviewed this release. 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.
PDF available at: http://stream1.newswire.ca/media/2012/12/10/20121210_C7640_DOC_EN_21734.pdf
SOURCE: Maudore Minerals Ltd.
For further information:
Ms. Deborah Thompson
Director, Investor & Media Relations
(416) 918-9551 (Mobile); 514-439-0990 (Office)
Dr. Howard Carr, CEO
(438) 838-4040 (Mobile); 514-439-0990 (Office)