Maudore and Noront Agree to Terminate Purchase and Sale Agreement
MONTREAL, April 22, 2013 /CNW Telbec/ - Maudore Minerals Ltd. (MAO: TSX-Venture) (MAOMF: US OTC); (M6L: Frankfurt Exchange) ("Maudore" or the "Company") is pleased to announce that following the acquisition of NAP Quebec Mines Ltd. ("NAP Gold") on March 22, it has poured its first two gold bars for approximately 945 ounces of gold.
Kevin Tomlinson, Chairman and CEO of Maudore, commented, "Our transformation from a junior exploration company to a well-capitalized gold producer was accomplished in an astonishingly quick timeframe in one of the most difficult financing environments that the gold sector has experienced in recent memory. We are quite encouraged by the potential cash flow from our newly acquired assets and with the excellent platform we now have to grow the Company."
The Company recently held a contest among its new employees at the Vezza Project and the Sleeping Giant Complex to select a new corporate name for NAP Gold. A total of 119 entries were submitted. The winner of the contest was Pascal vanDoesburg, the Warehouse Clerk at the Sleeping Giant Mill,. The Company is very pleased to announce that the new corporate name of NAP Gold will be Aurbec Mines Inc. / Mines Aurbec Inc.
On April 18, 2013, Noront Resources Ltd. ("Noront") and Maudore entered into an agreement that terminates the previously announced (December 5, 2012) Purchase and Sale Agreement ("PSA") to acquire Noront's 25 per cent undivided right, title and interest in the Windfall Lake Project. Accordingly, both parties are released from any further obligations outlined in the PSA. Concurrently, Maudore has informed Eagle Hill Exploration Corp. ("Eagle Hill") that it will no longer pursue its proposed business combination between the two companies.
Mr. Tomlinson added, "We continue to believe in the merits of a transaction between Maudore and Eagle Hill, especially considering the added benefits and synergies that our acquisition of NAP Gold would bring to a transaction. However, while our discussions with Noront and Eagle Hill were constructive, we concluded that it would not be prudent to pursue the transaction as it was structured, particularly given the significant decline in market valuations affecting the gold sector. We are determined to concentrate all our efforts in creating shareholder value through the development of our projects and gold production. "
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 workforce.
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, failure to obtain any required shareholder approvals, 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 annual information forms and other continuous disclosure filings with securities regulators available under the Company's profile at www.sedar.com. It is recommended not to place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company does not assume any obligation to update any forward-looking statements contained in this release, except as required by applicable law.
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:
Ms. Deborah Thompson
Manager, Investor & Media Relations
(416) 918-9551 (Mobile); 514-439-0990 (Office)
Chairman and CEO
Deputy Chairman of the Board and Director of Corporate Development