Maudore Minerals Ltd. files Regulation 43-101 compliant Technical Report
Management and Board issued share options
Mr. George Fowlie appointed Deputy Chairman of the Board and Director of Corporate Development
MONTREAL, Dec. 10, 2012 /CNW/ - Maudore Minerals Ltd. ("Maudore" or the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced that it has filed Regulation 43-101 ("Regulation 43-101") compliant technical report in accordance to the Company's 29 October 2012 news release, which includes an updated resource estimate at The Osbell Deposit (also known as The Comtois Deposit). The deposit is located about 15km from Lebel-sur-Quevillon, approximately 150 km north of Val-d'Or in the James Bay administrative region of Quebec.
The independent technical report, entitled 43-101 Technical Report and Mineral Resource Estimate-Osbell Deposit, Comtois (the "Technical Report"), dated 26 October 2012, was prepared by Alain Carrier, M.Sc.,P.Geo and Pierre-Luc Richard, M.Sc.,P.Geo, of InnovExplo Inc., consulting firm of Val-d'Or, Quebec, Christian D'Amours, B.Sc., P.Geo of GeoPointCom, consulting firm of Val-d'Or, Québec and Alain Dorval, Eng., of Roche Ltd., consulting group of Montréal, Québec. The Independent and Qualified Persons for the 2012 Mineral Resource Estimate, as defined by Regulation 43-101, are Pierre-Luc Richard, Alain Carrier and Christian D'Amours. The Technical Report will be available on SEDAR at www.sedar.com and on the Company's website at www.maudore.com.
Grant of Stock Options
The Company advises that the Board of Directors has issued 1,210,000 common share purchase options as at 7 December 2012, including 1,075,000 options issued to executive management and directors. Pursuant to the TSX-V Regulations and to the Maudore's Stock Option Plan, the minimum price of the options is to be based on the closing price of the Company's common shares the day preceding the grant, which was $1.75 on 6 December 2012. Options were granted at an exercise price of $2.20 per share, which is a 25% premium to the minimum price of $1.75. Options are vesting immediately and expire in five years.
Maudore's Chairman, Mr. Kevin Tomlinson, commented that: "In the opinion of the Compensation Committee, the recent decline in share price to $1.75 does not truly reflect the underlying value of the Company, nor the recently announced intention to merge with Eagle Hill (Exploration Corp.). Accordingly, the Committee members recommended that the pricing of the stock options be based on the closing price of $2.20 on December 4th, which is the day prior to the announcement. Our Management and Directors are confident in the future of Maudore and are committed to creating further shareholder value."
Appointment of Mr. George Fowlie as Deputy Chairman and Director of Corporate Development
Mr. Tomlinson also announced the appointment of Mr. George Fowlie to the positions of Deputy Chairman of the Board of Maudore and Director of Corporate Development.
Since February 2008, Mr. Fowlie has been Managing Director of grf Capital Advisors, an advisory practice primarily providing strategic planning and financial services to companies in a wide range of industries. Over his 40-year career in corporate finance, he has gained extensive experience in commercial and project lending, merchant banking, investment banking, private equity and mezzanine financing for over 150 companies in Canada and the U.S.
"These appointments reflect George's strong contribution to Maudore since the change of management in summer 2012. George has been instrumental in bringing together the new team, and his experience and investment banking expertise have been invaluable to the Company," Mr. Tomlinson said.
Prior to his role with grf Capital Advisors, Mr. Fowlie served as Deputy Chairman and head of Investment Banking with Westwind Capital Partners, a U.S., Canadian and U.K. full service securities broker, from 2004-2008, which he helped build into an international natural resource-focused firm until it was acquired in 2008 by Thomas Weisel Partners. Mr. Fowlie retired from Westwind Capital Partners in 2008 to pursue his own investments and is currently engaged and active in numerous companies in a wide variety of industries.
About Maudore Minerals Ltd.
Maudore Minerals Ltd. ("Maudore") is a Canadian-based gold exploration Company controlling around 96,000ha (960 sq. km or 370 sq. miles) of claims dominated by gold-prospective Abitibi Greenstone belt in northwestern Quebec. Maudore owns 100% of the Comtois Gold Project defined by a continually expanding resource, solid grades and excellent metallurgical attributes. Infrastructure is excellent:
- North America's lowest cost power
- Abundant water
- Mining-oriented local community and workforce.
Quebec is consistently ranked among the best locations worldwide for mineral exploration and development.
The TSX Venture Exchange has not reviewed this release. 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.