Maudore announces that Promec has removed its Bankruptcy Petition against Aurbec
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.