MONTREAL, July 19, 2012 /CNW/ - Maudore Minerals Ltd. (the "Company") (MAO: TSX Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) announced today that the Company and the Concerned Shareholders have settled their outstanding issues resulting in the election of a new Board of Directors comprising five nominees from the Concerned Shareholders and two members from the management slate.
The new Board of Directors is comprised of: Kevin Tomlinson (Chairman), Dr. Howard Carr, George Fowlie, Keith Harris, Daniel Harbour, Robert Pevenstein and Raynald Vezina.
The new Board of Directors has appointed Howard Carr as the Company's new Chief Executive Officer.
Ronald Shorr has resigned from the Company but will continue as a consultant to the Company to ensure an orderly transition of management.
Kevin Tomlinson, the Company's new Chairman, commented: "We believe this result is in the best interests of Maudore and its shareholders. The new Board, and Howard Carr, our new CEO, are anxious to move Maudore forward with a view to enhancing value for our shareholders."
The TSX Venture Exchange has not reviewed this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Kevin Tomlinson, Chairman of the Board