Maudore reports gold from Hudson Gold Prospect and reaches milestone in Newmont Option Agreement
Wednesday, Feb 20, 2013
MONTREAL, Feb. 19, 2013 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or, the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) today made a number of important announcements.
Significant new gold assays from Hudson
Maudore updates shareholders on diamond drilling at the Hudson Gold Prospect (Hudson). The Hudson Gold Prospect is 8 km north of Maudore's Osbell Gold Deposit, in the northern part of the Comtois Property.
Hudson Gold Prospect
Significant new gold assays from Hudson include: 3.9 g/t Au over 7.8m from 106.1m (COM-12-916) including 11.3 g/t Au over 1.0m, 4.3 g/t Au over 3.0m from 442.0m (COM-12-920) including 9.4 g/t Au over 0.5m, and 3.9 g/t Au over 3.4m from 76.6m (COM-12-927) including 4.9 g/t Au over 1.0m. Maudore completed 15 diamond drill holes for 5,610m in 2012. Please see Table 1 at the end of this news release for more detail and other significant assays.
Gold mineralization occurs in disseminated and veinlet sulphide zones that are hosted by altered felsic to intermediate metavolcanic rocks. The gold mineralization strikes SSW-NNE for 400m, is known to 250m depth and is open to the north and beneath current drilling.
Newmont Option Milestone
Maudore holds 95% interest in 15 claims located in Comtois Township (the "Newmont Claims") and Société de Développement de la Baie James holds a 5% non-contributive interest that will be converted into a 2% NSR royalty in the event of commercial production (of which 1% can be bought back for $250,000).
Maudore recently passed the milestone of $1 million in exploration expenditures on the Newmont Claims, a point where Newmont Mining Corporation of Canada Limited ("Newmont") can back-in to the deal. A geological report has been completed and submitted to Newmont with notification to trigger a 120-day review period where Newmont can elect to back-in to a 51% interest in the Newmont Claims by spending $750,000 in exploration expenditures within one year or remain with its 1.45% NSR royalty.
Dr. Howard Carr resigned as CEO effective February 15 th for family health-related reasons. Dr. Carr will remain as a Non-Executive Director of the Company.
Maudore's Chairman and CEO, Mr. Kevin Tomlinson, who has taken over Dr. Carr's responsibilities as CEO, said: "We thank Howard for his contribution to Maudore and extend our best wishes to him and his family during this challenging time. His continuing involvement on our Board allows us access to his extensive geological knowledge and experience and preserves that value for Maudore."
Mrs. Ingrid Martin, CPA, CA, has been appointed Maudore's Chief Financial Officer. Mrs. Martin holds a Bachelor in Business Management from the École des hautes études commerciales (HEC), in Montréal, Québec.
SOURCE Maudore Minerals Ltd.