Maudore Minerals Ltd.

Maudore Minerals Ltd.

July 13, 2012 08:00 ET

Independent Proxy Advisory Firm Reaffirms Recommendation for Maudore Directors

Rex Harbour's Motives Exposed

MONTREAL, QUEBEC--(Marketwire - July 13, 2012) - Independent proxy advisory firm Glass, Lewis & Co., LLC has recommended that shareholders of Maudore Minerals Ltd. (TSX VENTURE:MAO)(OTCBB:MAOMF)(FRANKFURT:M6L) vote in favour of the management's slate of nominees ahead of Maudore's upcoming annual meeting.

An urgent reminder to Maudore shareholders
The voting deadline is 10am (Toronto time) on Tuesday July 17, 2012.
If you have any questions about voting your BLUE PROXY, please contact
Kingsdale Shareholder Services at 1-866-230-2635 toll free in North America
Or at (416) 867-2272 outside of North America (collect calls accepted)
Or by email at

Glass Lewis confirms that Rex Harbour and his group are seeking to hijack Maudore without paying shareholders the normal premium in a change of control. "While the dissident claims that it is not seeking a stealth takeover of Maudore that is exactly what would occur if its proposed slate were approved", Glass Lewis said.

Welcoming Glass Lewis' findings, Ron Shorr, Maudore's chief executive, said: "It's unanimous. Both independent proxy advisers, ISS and Glass Lewis have urged shareholders to vote for management. Their conclusions confirm that it would be dangerous to change ships in mid-stream. Management has consistently delivered, while the dissidents are merely serial corporate raiders with no experience in the Quebec mining industry."

The dissidents, led by Rex Harbour, have continued in recent days to make false and outrageous accusations against management's highly-qualified slate of nominees. Shareholders are advised to take their guidance from the independent proxy advisers. ISS noted in its report that management's slate of directors has the skills, experience, relationships and industry knowledge to continue providing strong leadership.

Echoing ISS, Glass Lewis said: "We generally believe that the board and management are in the best position to make decisions regarding the company's governance."

Attention Maudore shareholders:
You are urged to vote only your BLUE proxy well in advance of the deadline of
10am (Toronto time) on July 17, 2012.

If you have voted a yellow proxy, you can still change your vote, simply by voting your BLUE proxy today. Your subsequent later dated BLUE proxy will replace any prior yellow proxy you may have voted.

If you have any questions about your vote, please contact Kingsdale Shareholder Services at 1-866-230-2635 toll free in North America or at (416) 867 2272 outside of North America (collect calls accepted) or by email at

About Maudore Minerals Ltd.

Maudore owns 100% of the Comtois gold project in Quebec, as well as a large land area west of Comtois with volcanogenic gold/massive sulphide (VMS) potential. VMS gold deposits are more common in Quebec than anywhere else in the world. Maudore's total land package now extends over 94,000 hectares (235,000 acres or 367 square miles).

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities laws. Forward-looking statements include, but are not limited to, statements with respect to Maudore's strategy, plans or future financial or operating performance or the possibility of defining future mineral deposits. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "could", "may" or "will" occur. Forward-looking statements involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Maudore, including, but not limited to, the impact of the general economic conditions, inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with Maudore's expectations, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, dependence upon regulatory approvals and the availability of financing and other related risks and uncertainties. Readers are cautioned that any such statements are not guarantees of future performance and that the actual developments or results may vary materially from those in these "forward-looking statements".

Maudore undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of 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 news release.

Contact Information

  • Media Inquiries:
    Maudore Minerals Ltd.
    Ronald Shorr
    Chief Executive Officer
    514 761 1415