The Concerned Shareholders of Maudore Minerals Ltd.

July 10, 2012 09:00 ET

Concerned Shareholders Respond to Management Allegations and Urge Maudore Shareholders to Vote the YELLOW Proxy

TORONTO, ONTARIO--(Marketwire - July 10, 2012) - The Concerned Shareholders of Maudore Minerals Ltd. ("Maudore") wish to note their disappointment with the last minute court action launched by the company's existing management and board. "This is another example of the unjustifiable tactics that have been used to attempt to entrench management and is a last ditch effort to prevent shareholders from voting freely for the directors of their choice," said Rex Harbour on behalf of the Concerned Shareholders. "There is no foundation to the allegations and the Concerned Shareholders will respond vigorously in court in order to protect your right to vote."

"The Concerned Shareholders are of the firm view that change is needed at Maudore and this latest management manoeuvre will not change this. We stand by our strong belief that the current management lacks the technical understanding and drive needed to bring Comtois to production. We urge all shareholders to read our circular and our 100 Day Action Plan objectively and compare it against management's continued empty promises."

The Concerned Shareholders, consisting of Rex Harbour, The Harbour Foundation and City Securities Limited, holders of approximately 18.4% of Maudore shares, remind fellow shareholders that YELLOW proxies must be submitted as soon as possible in order to effect the management change that is essential to the future of Maudore.

Maudore is at a Critical Juncture - Vote YELLOW to Support Change

Regardless of how many shares you own, all Maudore shareholders are urged to read the information circular prepared by the Concerned Shareholders, and to seize this opportunity and vote the YELLOW proxy to ensure change.

Shareholders who have voted the management proxy and wish to support the Concerned Shareholders have the right to change their vote by simply executing a yellow proxy. As a later-dated yellow proxy replaces a previously recorded vote.

TIME IS OF THE ESSENCE, YELLOW proxies must be returned no later than July 16, 2012 at 5:00 p.m. (Toronto Time).

To keep current with all further developments and for assistance and ease with voting 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 inquiries@phoenixadvisorypartners.com. We encourage all holders to visit the Concerned Shareholder website at www.newmaudore.com where the YELLOW proxy can be easily voted by clicking on the "Vote Here Now" button.

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.

Contact Information