MONTREAL, Oct. 7, 2013 /CNW Telbec/ - Greg Struble, President and CEO of
Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) reports on the progress towards the consensual
restructuring of current debts owed to Cyrus Capital Partners ("Cyrus")
in its capacity as a manager to FBC Holdings S.A.R.L as well as the
state of negotiations with two major unsecured creditors at each of
Maudore and its operating subsidiary Aurbec Mines Inc.
Negotiations continue to make progress toward a final resolution. The
Company is optimistic that standstill agreements will be reached
shortly and arrangements for funding can then begin for the
continuation of the Company's business plans.
About Maudore Minerals Ltd.
Maudore is a Quebec based junior gold company with milling operations
and more than 22 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 1570 km2 with the Sleeping Giant Processing Facility within trucking distance of
key development projects.
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:
President and CEO
+1 647 927 0239
Deputy Chairman of the Board and Director of Corporate Development
+1 416 587 9801
Chief Financial Officer
+1 819 825 4343