MONTREAL,
Nov. 28, 2013 /CNW Telbec/ -
Greg Struble, President and CEO of
Maudore Minerals Ltd. ("Maudore" or the "Company")
(MAO: TSX-Venture; MAOMF: US OTC; M6L:
Frankfurt Exchange), reports that upon an application by
Entrepreneur minier Promec Inc. ("Promec"), the Quebec
Superior Court has dismissed the bankruptcy petition that Promec
had previously filed against Aurbec Mines Inc. ("Aurbec") on
August 25, 2013, and has discharged
the hypothec previously registered in favour of Promec against
Aurbec's Vezza and Sleeping Giant properties. Pursuant to an
agreement that was reached last month for the consensual
restructuring of Aurbec's trade payables, an arrangement has been
made that is acceptable to the Company's senior secured lender to
grant a first ranking security to Promec and to one other creditor
over the Vezza property only in order to secure the repayment of
all indebtedness owing to them should Aurbec fail to deliver on the
current plan to see all creditors repaid in full.
About Maudore Minerals Ltd.
Maudore is a Quebec-based junior gold company in
production, with mining and milling operations as well as more than
22 exploration projects. Five of these projects are at an advanced
stage of development with reported current and historical resources
and mining. Currently, gold production is ramping up at the
Sleeping Giant mine. The Company's projects span some 120 km,
east-west, of the underexplored Northern Volcanic Zone of the
Abitibi Greenstone Belt and cover a total area of 1,570 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 TSX Venture Exchange 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.