Maudore Minerals Ltd. Announces Mineral Resource Estimate Upgrade for Osbell Deposit, Comtois Property, Quebec.

8,463,800 Tonnes @ 2.0 g/t Au for 546,299 oz Indicated
8,115,800 Tonnes @ 4.8 g/t Au for 1,258,990 oz Inferred

MONTREAL, Oct. 29, 2012 /CNW/ - Dr. Howard Carr, CEO of Maudore Minerals Ltd.  ("Maudore" or the "Company") (MAO: TSX-Venture); (MAOMF: US OTC);(M6L: Frankfurt Exchange), today announced that the Company's 43-101 compliant Mineral Resource Estimate, in accordance with objectives set out in Maudore's 100-day plan, "indicates encouraging findings that are based on data-driven, third-party expert opinion."

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

Highlights from the Mineral Resource Estimate Upgrade include:

Significant improvements in every major economic parameter of the deposit since the Company's previous 43-101 compliant Resource Statement released in September 2010.

New Additions with Indicated Resource: 8.5mt @ 2.0 g/t Au for 546 koz.

Maintained Inferred Resource tonnage, gold ounces and grade largely unchanged: 8.1mt @ 4.8 g/t Au for 1.26 Moz (8.1mt @ 4.6 g/t Au for 1.21 Moz in Sept 2010).

Potential Open Pit Mineability 99.7% of new Indicated Resource is within new Whittle-defined Open Pit shell.

Resource 1 Open Pit Shell contains Inferred Resource of 428koz Au (2010: 504koz) plus Indicated Resource of 544koz (2010: no Indicated Resource).

Resource 2 Underground resource (outside Open Pit Shell) contains Inferred Resource of 831koz Au (2010: 708koz) plus Indicated Resource of 2048oz (2010: no Indicated Resource).

Independent, expert sign-off by two independent firms, and three Independent and Qualified Persons on upgraded Mineral Resource Estimate.

"From the outset, our team has taken a methodical, disciplined approach to the new Mineral Resource Estimate. We've devoted considerable time and effort to ensure the integrity of this report, and we are confident to state that our understanding of morphology and geostatistical characteristics of the Osbell Deposit has considerably improved," Dr. Carr said. "Furthermore, the Whittle optimization study completed on the Potential Open Pit Resource, increases our confidence in the economic viability of the deposit."

The cut-off date for the current Mineral Resource Estimate was 13 August 2012, which adds data from 543 diamond drill holes for 144,502m to Maudore's previous Mineral Resource Estimate, reported on 22 September 2010, which contained data from 459 diamond drill holes for 144,943m. Another 50 diamond drill holes for 25,119m have been completed at Osbell since the cut-off date. These drill holes are not included in the 2012 Mineral Resource Estimate.

Table 1:  Osbell Deposit 2012 Mineral Resource Estimate.

Notes:

• The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by Regulation 43-101, are Alain Carrier, MSc., PGeo. (InnovExplo), Pierre-Luc Richard, MSc., PGeo. (InnovExplo), and Christian D'Amours, BSc., PGeo., (GeoPointCom), and the effective date of the estimate is 26 October 2012.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• Mineral Resources are presented undiluted and in situ. A Whittle-optimized pit shell separates Open Pit Potential Resources (within Pit Shell) from Underground Potential Resources (outside Pit Shell). The estimate includes two (2) gold-bearing zones (Osborne and Bell) and an external envelope containing isolated gold intercepts.
• In-Pit resources were compiled at a minimum cut-off grade of 0.5 g/t Au.
• In-Pit cut-off and Whittle parameters were based on Mining cost = C$2.47; Pit slope angle = 50.0 degrees; Processing cost = C$15.00 G&A cost = C$4.63; Processing Recovery = 93%; Mining Dilution = 5%; Mining Recovery + 95% Gold price = C$1,450.
• Underground resources were compiled at a minimum cut-off grade of 2.5 g/t Au.
• Underground cut-off is based on Mining cost = C$90.00; Processing cost = C$22.00; Processing Recovery = 93%; Mining Dilution = 20%; Gold price = C$1,450.
• Cut-off grades must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost).
• The estimate is based on 877 diamond drill holes (251,005 metres) drilled from 1994 to July 2012. All drill holes having passed through the final QAQC process on 13 August 2012 were included.
• A fixed density of 2.8 g/cm³ was used in the mineralized zones and in the envelope zone.
• A minimum true thickness of 3.0m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed except for late barren dike intervals that were excluded from gold compositing. Those were composited in a parallel dike percentage block model and later used to dilute the interpolated gold values. Compositing for gold values was completed on drill hole intervals falling within the mineralized zone solids (composite = 1 m). Compositing for late barren dike percentages was completed on drill hole intervals from top to bottom (composite = 1m).
• Supported by statistics analyses and high grade distribution through the deposit, uncapped raw assays were used.
• Resources were evaluated from drill hole samples using krigging interpolation method in a multi-folder percent block model for gold values using Gems Version 6.4. Based on geostatistics, ellipses range for interpolation was 150m X 150m X 40m for the Osborne Zone, 80m X 65m X 55m for the Bell Zone. Ellipses range for the envelope was determined at half the ranges of the closest zone. Dyke percentage was evaluated from drill hole lithological description using ID6 interpolation method using a first pass of 50m X 50m X 3m and a second pass of 250m X 250m X 3m.
• The Indicated category is defined by the combination of blocks within the mineralized zones and a slope of the regression of the actual gold value higher than 0.2.
• Ounce (troy) = Metric tons x Grade / 31.10348. Calculations used metric units (metres, tonnes and g/t).
• The number of metric tons was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in Regulation 43-101.
• InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue that could materially affect the Mineral Resource Estimate.

Table 2: Osbell Deposit 2012 Grade Sensitivity

Open Pit Potential Mineral Resource Estimate 

Resource status significantly improved from 2010; Inferred and Indicated Resources roughly equal in size.
Inferred Resource contained ounces decrease by 15% from 2010 to 428koz Au (2010: 504koz), more than offset by new additional Indicated Resource of 544Koz (2010: no Indicated Resource).
Inferred Resource grade decrease by 15% from 2010 to 2.7g/t Au (2010: 3.2 g/t Au) largely as a result of the Whittle-optimized cut-off grade being 0.5g/t Au (2010: 1g/t Au cut-off).
Inferred Resource tonnage largely unchanged from 2010 at 4.99mt (2010: 4.87mt).
Whittle defined Open Pit shell envelopes 99.7% of total Indicated Resource (544 koz out of total Indicated Resource of 546koz).
Whittle defined Open Pit shell provides foundation for more detailed economic assessment including Preliminary Economic Assessment (PEA), Pre-Feasibility Study (PFS), and Definitive Feasibility Study (DFS). This is the first step towards the achievement of Maudore's mine development objective.
Porphyry dikes dilute the mineralized zones of the Osbell deposit. In this Mineral Resource Estimate dikes have been more comprehensively and accurately modeled than in previous Mineral Resource Estimate.
Recent desk-top studies have identified the potential of new Electro-Magnetic (EM) ore sorting technology to separate crushed Comtois mineralized material from dike material. Pilot scale testing and economic evaluation of EM ore sorting will be conducted in 2013.

Underground Potential Mineral Resource Estimate

Resource status largely unchanged from 2010 dominantly Inferred Resource with small Indicated Resource.
Inferred Resource contained ounces increases by 17% from 2010 to 831koz Au (2010: 708koz Au).
Inferred Resource grade increase by 22% from 2010, to 8.3g/t Au (2010: 6.8g/t Au).
Inferred Resource tonnes decrease by 4% from 2010 to 3.11mt (2010: 3.25mt) partly offset by new additional Indicated Resource tonnes of 16 kt.
Underground Potential Mineral Resource Estimate (outside the Open Pit shell) has been defined by deep drilling; each hole passing through hundreds of meters of barren rock at the top of the hole for the intersection of mineralization towards the bottom of the hole. Future underground definition drilling will utilize the barren upper section of existing drill holes (termed the "parent hole") providing access for multiple "daughter-hole" deflections into mineralisation. Multiple deflection drilling reduces the number of metres drilled, time taken and dollar cost per mineralisation intersection. It is common practice for the definition of deeper deposits.

Satellite Prospects Drilling

Intensive drilling has been completed at Greer, Comtois Southeast, Magnetic Gabbro/ Mag High, PbZn VMS, Comtois Northwest, Hudson, Laflamme and Exploration Prospects. Drilling is now suspended so remaining drill core can be logged, sampled and submitted for assay by year-end.

• Potential Eastern Extension (Greer, Comtois Southeast): 24 drill holes for 8,244m
• Potential Western Extension (Magnetic Gabbro/Mag High, PbZn VMS Target): 14 drill holes for 4,493m
• Comtois Northwest Area: 10 drill holes for 2,190m
• Hudson Area:  16 drill holes for 5,610m
• Laflamme River:  7 drill holes for 1,570m
• Exploration: 2 drill holes for 361m

Management is committed to completing inaugural 43-101 Mineral Resource Estimates on the satellite prospects as these and future drill results warrant.
33,800m of drilling is proposed to be conducted during calendar 2013 within the Comtois Property, encompassing Osbell and the satellite prospects.
All satellite prospects are within the Comtois Claim area and are within easy trucking distance of the Comtois deposit (< 12km).

Regional Exploration

15,000 line km low level (35m) high resolution (100m line space) heli-borne aeromagnetic survey underway covering all 94,000ha claims and adjacent critical areas. Maudore will complete data acquisition by 31 December 2012, and will complete structural interpretation during Q1, 2013.
Regional exploration will target structurally-hosted Au and Au-Volcanogenic Massive Sulphide (VMS) mineralization in 2013.
44,200m of regional exploration drilling is proposed for 2013.

With completion of this updated Mineral Resource Estimate, Maudore will file an updated National Instrument 43-101 report in 45 days.

Qualified Persons

The updated Mineral Resource Estimate was prepared by InnovExplo Inc. in collaboration with GeoPointCom. Both companies are from Val-d'Or, Quebec.  The Independent and Qualified Persons for the updated Mineral Resource Estimate, as defined by National Instrument 43-101, are Pierre-Luc Richard, M.Sc., P.Geo. and Alain Carrier, M.Sc., P.Geo. (InnovExplo Inc.), and Christian D'Amours, B.Sc., P.Geo., (GeoPointCom) using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on 11 December 2005.  The effective date of the estimate is 26 October 2012.

Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this press release, other than content related to the updated Mineral Resource Estimate.

Quality Assurance and Quality Control (QA/QC)

Maudore's exploration programme is supervised by Alain Carrier, M.Sc., P.Geo., of InnovExplo Inc. a consulting firm based in Val-d'Or, QC and Kevin Kivi, P.Geo. of KIVI Geoscience Inc., Thunder Bay, ON. Alain Carrier and Kevin Kivi are Qualified and Independent Persons 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, QC and Timmins, ON (fire assay with AA finish and gravimetric finish for results above 3 g/t Au).

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.

SOURCE: Maudore Minerals Ltd.