The Concerned Shareholders of Maudore Minerals Ltd.

July 18, 2012 17:00 ET

Concerned Shareholders Announce Dismissal of Court Motions and Look Forward to Tomorrow's Maudore Shareholder Meeting

TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Concerned Shareholders of Maudore Minerals Ltd. ("Maudore" or the "Company"), consisting of Rex Harbour, The Harbour Foundation and City Securities Limited (the "Concerned Shareholders"), wish to thank fellow shareholders for the very strong support demonstrated to date.

In addition, the Concerned Shareholders are pleased to announce that this morning the Ontario Superior Court of Justice dismissed the motion the Company's existing management had brought against them. The motion's dismissal paves the way forward to tomorrow's shareholder meeting. An application to require the Company to implement a protocol for the conduct of the shareholder meeting was concurrently dismissed.

The Concerned Shareholders have deposited validly completed YELLOW proxies totaling an aggregate of 11,068,778 common shares, representing 41.41% percent of Maudore's issued and outstanding share capital. By all accounts, we expect that this will represent a majority of the shares to be voted at tomorrow's shareholder meeting.

The Concerned Shareholders invite Maudore's existing management and board to publicly release their total vote count received on the BLUE proxy, as the Concerned Shareholders have done in this press release. The Concerned Shareholders ask and urge management to let shareholders have their say at the meeting tomorrow and to proceed without any further delay or procedural obstructions, as it is evident shareholders have spoken and desire change. Now is the time to do what is right for Maudore.


If you have already voted using the blue management proxy, YOU MAY REVOKE YOUR VOTE simply by executing and submitting the YELLOW form of proxy, as the later-dated proxy will revoke your previously recorded vote. The Concerned Shareholders will then deposit any YELLOW proxies to the Chair at the shareholder meeting to record your support.

If you require assistance voting your YELLOW proxy or are no longer in possession of your YELLOW proxy, please contact Phoenix Advisory Partners at 1-800-239-6813 (toll free in North America) or 1-201-806-2222 (outside North America, banks, brokers and collect calls) or by email at

Cautionary Statement Regarding Forward-Looking Statements

This press 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 based on current expectations of the Concerned Shareholders and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Concerned Shareholders do not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law. Please refer to the Concerned Shareholders' circular for further information regarding the risks of these statements.

The TSX Venture Exchange has not reviewed this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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