Maudore Announces Closing of Term Loans

Dec 18, 2012, 11:58 ET from Maudore Minerals Ltd.

MONTREAL, Dec. 18, 2012 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced that, further to its news release of December 5, 2012, it has closed a total of $3.25 million in secured term loans with City Securities Ltd., a corporation owned by Mr. Seager Rex Harbour, and Monemvasia Pty Ltd., a corporation associated with Mr. Kevin Tomlinson (the "Term Loans"). The Term Loans bear an interest rate of 12% per annum and are intended to be outstanding during an interim period until the previously announced $35 million debt facility has been completed.  The Term Loans will mature on March 31, 2014, unless repaid or redeemed earlier in accordance with the terms and conditions of the Term Loans.

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:

  • 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, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approval from government authorities, failure to obtain any required approvals of the TSX Venture Exchange, failure to obtain any required shareholder approvals, failure to obtain required financing, failure to complete any of the transactions described herein, 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.

SOURCE Maudore Minerals Ltd.