Maudore adds gold at Osbell, Greer and Mafic North

MONTREAL, Nov. 21, 2012 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or, the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced the addition of new gold assays to the Osbell Mineral Resource Estimate area (NR 29 October 2012), Greer Prospect (NR 25 June 2012), and also reports first results from the evolving Mafic North (formerly Magnetic Gabbro) area.

Osbell Gold Assays

The Osbell Deposit (also known as Comtois Deposit) is located around 15kms from Lebel-sur-Quevillon, around 150kms north of Val-d'Or in the James Bay administrative region of Quebec.

Maudore continues to report gold assays as they arrive from 50 drill holes (25,119m) completed at Osbell since the 13 August 2012 cut-off date for the updated Mineral Resource Estimate (NR 29 October 2012) of the Osbell Deposit:

"The results validate our drilling and assay protocols that we established over the past few months. Our meticulous approach is proving its value, and we are very encouraged by the results," said CEO Dr. Howard Carr. "We will continue to focus on further delineation of the deposits as we move forward with our exploration plans", he added.

New gold assays greater than 3.0 g/t gold obtained from the Comtois Property, Osbell Resource include:

• 57.7 g/t gold over 0.5m (COM-12-896C), from 282.0 to 282.5m, included within 19.4 g/t gold over 1.5m from 282.0 to 283.5m, Osbell, section 1587 E;
• 9.0 g/t gold over 0.5m (COM-12-896C), from 344.0 to 344.5m, Osbell, section 1587 E;
• 8.1 g/t gold over 0.5m (COM-12-896C), from 383.0 to 383.5m, included within 5.2 g/t gold over 1.0m from 382.5 to 383.5m, Osbell, section 1587 E;
• 19.7 g/t gold over 1.0m (COM-12-896C), from 561.5 to 562.5m, included within 8.0 g/t gold over 2.5m from 561.5 to 564.0m, Osbell, section 1587 E;
• 9.7 g/t gold over 0.9m (COM-12-896C), from 741.0 to 741.9m, included within 2.5 g/t gold over 7.0m from 736.5 to 743.5m, Osbell, section 1587 E;
• 8.5 g/t gold over 1.5m (COM-12-885B), from 1341.5 to 1343.0m, included within 6.5 g/t gold over 2.0m from 1341.0 to 1343.0m, Osbell, section 2150 E;
• 22.9 g/t gold over 1.2m (COM-12-890A), from 1231.8 to 1233.0m, Osbell, section 2175 E;
• 16.0 g/t gold over 0.6m (COM-12-890D), from 1199.1 to 1199.7m, included within 8.9 g/t gold over 1.1m from 1199.1 to 1200.2m, Osbell, section 2175 E;
• 2.4 g/t gold and 1.6% Zn over 1.5m (COM-12-906A), from 901.0 to 902.5m, included within 0.1 g/t gold and 0.23% Zn over 170.8m from 866.1m to 1036.9m, Osbell, section 2278 E.

These assay results show Osbell has multiple gold-bearing units in some sections, as demonstrated by five gold-bearing intersections in one drill hole (COM-12-896C). Deep drilling confirms the gold mineralizing system continues with depth. More drilling is required to locate high-grade lenses beneath the deposit.

Greer Gold Assays

The Greer Gold Occurrence is located 1.9kms southwest of the Osbell Resource Area (also reported as "Osborne Eastern Extension"). Maudore is pleased to report two significant gold intercepts from drill hole COM-12-895:

• 38.7 g/t gold over 0.5m from 347.8 to 348.3m and 4.1 g/t gold over 0.6m from 350.0 to 350.6m, both included within 3.6 g/t gold over 7.6m from 346.5m to 354.1m, Greer section G1700E.

Maudore will review and rank gold prospects near Osbell and follow up on targets that will add nearby ounces in the short term.

Mafic North (Magnetic Gabbro) Area

Gold assays from the top of deep drill holes, first in Magnetic Gabbro north of the Osbell deposit, and later in other mafic rocks, has resulted in a new exploration area now called Mafic North Area. The area, 250m north of the Osbell deposit, is mapped as a magnetic high, which is due to magnetite-bearing gabbroic intrusive and mafic volcanic rocks.

Drilling results over 3.0 g/t gold obtained from the Comtois Property, Mafic North Area include:

• 5.2 g/t gold over 1.5m (COM-12-903), from 136.0 to 137.5m, included within 2.9 g/t gold over 3.0m from 136.0 to 139.0m, Section 1475E;
• 15.4 g/t gold over 0.5m (COM-12-903), from 404.5 to 405.0m, included within 7.9 g/t gold over 1.0m from 404.5 to 405.5m, Section 1475E;
• 35.9 g/t gold over 1.5m (COM-12-909), from 456.1 to 457.6m, included within 14.3 g/t gold over 3.9m from 456.1 to 460.0m, Section 1587E;

The significance of discovering a new gold zone like Mafic North so close and partly within the Osbell whittle pit, is the positive impact it could have on the current Osbell Mineral Resource Estimate.

Quality Assurance and Quality Control (QA/QC)

Maudore's exploration program is supervised by Alain Carrier, M.Sc., P.Geo., of InnovExplo Inc., a consulting firm based in Val-d'Or, Quebec. Alain Carrier is a Qualified and Independent Person as defined under Regulation 43-101 guidelines. Comtois exploration is conducted under strict QA/QC protocols, including mineralized standards, blanks and field duplicates. Half of all sampled core is retained for future reference and assaying is performed by ALS Chemex laboratories in Val-d'Or and Timmins, Ontario (fire assay with AA finish and gravimetric finish for results above 3 g/t Au).

Kevin Kivi, P.Geo., Maudore's Chief Consulting Geologist, approves the technical content of this press release.

About Maudore Minerals Ltd.:
Maudore Minerals Ltd. ("Maudore") is a Canadian-based gold exploration Company controlling around 96,000ha (960km2 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:

• Highway
• 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.

Cautionary Statement Regarding Forward-Looking Statements

This release contains 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 "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. 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, operational hazards, unexpected geological situations, unfavorable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approval from government authorities, failure to obtain required financing, dependence on key personnel and environmental risks. It is recommended not to place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company does not assume any obligation to update any forward-looking statements contained in this release, except as required by applicable law.

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.

Image with caption: "Figure shows the relative location of Osbell Deposit to Greer and Mafic North prospects, on total field magnetics with structural interpretation. (CNW Group/Maudore Minerals Ltd.)". Image available at: http://photos.newswire.ca/images/download/20121121_C2433_PHOTO_EN_21042.jpg

SOURCE: Maudore Minerals Ltd.