Maudore Closes on Senior Secured Loan with FBC and Sets Date for Annual and Special Meeting of Shareholders

MONTREAL, March 26, 2014 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or the "Company") - (TSXV: MAO) (OTCBB: MAOMF) (FWB: M6L) - announces that, further to its press release of March 14, 2014 setting out the terms of the additional funding to be provided by FBC Holdings S.à.r.l ("FBC"), the required documentation has been completed in order to implement the $4 million senior secured loan which FBC had agreed to make available to Maudore's wholly-owned subsidiary Aurbec Mines Inc. ("Aurbec").  These funds will be used by Aurbec for general corporate purposes until such time that a meeting of the shareholders of Maudore can be convened in order to obtain the approval of the shareholders of the overall terms of the comprehensive funding package to be provided by FBC (the "FBC Funding").

The Company has established May 22, 2014 as the date for its annual and special meeting of shareholders at which shareholders will be asked to approve, among other matters, the FBC Funding. The Company expects that the management proxy circular in connection with this meeting will be mailed to shareholders in late April 2014.

About Maudore

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 regulatory authorities or from shareholders or creditors, failure to obtain any required financing, 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.

Greg Struble
President and Chief Executive Officer
Email: [email protected]
[phone]

George Fowlie
Deputy Chairman of the Board and Director of Corporate Development
Email: [email protected]
[phone]

Claudine Bellehumeur
Chief Financial Officer
Email: [email protected]
[phone]