Madeira Minerals Ltd.

March 04, 2011 09:15 ET

Madeira Minerals Ltd. Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2011) - Madeira Minerals Ltd. ("Madeira" or the "Company") (TSX VENTURE:MDE.H) is pleased to provide the following update in connection with its application for reinstatement to trading on the NEX board ("NEX") of the TSX Venture Exchange (the "TSX-V").

The Company's common shares were initially halted from trading on April 15, 2009 pending clarification of certain corporate matters identified by the TSX-V. Such issues have been addressed by the Company by, among other things, the appointment of new officers and directors.

In March 2010, the Company entered into a Letter of Intent ("LOI") with Upper Canada Explorations Limited for the acquisition of certain assets. The transaction was intended to constitute the Company's Qualifying Transaction within the meaning of TSX-V Policy 2.4. The LOI was subsequently terminated by mutual agreement in November 2010.

On June 10, 2010, as a result of failing to complete a qualifying transaction within the time period prescribed by the TSX-V and pursuant to the requisite shareholder approval having been obtained at the Company's Annual and Special Meeting held on May 13, 2010, Madeira's listing was transferred to NEX. An aggregate of 1,000,000 shares originally issued to non-arms length parties were cancelled in order to qualify for the listing transfer. Following such escrow share cancellation, the Company currently has an aggregate of 3,000,000 shares issued and outstanding.

Currently, the Company continues to work toward the identification of a Qualifying Transaction.

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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