Maudore Minerals Ltd.
TSX VENTURE : MAO
OTCBB : MAOMF
FRANKFURT : M6L

Maudore Minerals Ltd.

December 18, 2014 14:53 ET

Maudore Announces Appointment of a Receiver for Aurbec Mines Inc.

VAL-D'OR, QUÉBEC--(Marketwired - Dec. 18, 2014) - Maudore Minerals Ltd. ("Maudore" or the "Corporation") - (TSX VENTURE:MAO)(OTCBB:MAOMF)(FRANKFURT:M6L) - announces that pursuant to an application brought by its principal secured creditor, FBC Holdings S.a.r.l, under section 243 of the Bankruptcy and Insolvency Act (Canada), Samson Belair/Deloitte & Touche Inc. has been appointed as receiver (the "Receiver") of all of the assets, undertakings and properties of Aurbec Mines Inc. ("Aurbec"), with the exception of the Vezza Project which is subject to a prior-ranking hypothec.

As a result of the appointment of the Receiver, all of the directors and officers of Aurbec have resigned. However, members of management of Aurbec have agreed to remain available to assist the Receiver to the extent possible in the circumstances.

As regards Maudore, the Superior Court of Quebec has granted an extension to January 14, 2015 of the deadline for Maudore to make a proposal to its creditors.

About Maudore Minerals Ltd.

Maudore is a Quebec-based junior gold company with mining and milling assets as well as more than 22 exploration projects. Five of these projects are at an advanced stage of development with reported current and historical resources and mining. Currently, all of the Corporation's operating assets are on care and maintenance awaiting a significant change in the gold market.

Cautionary Statement Regarding Forward-Looking Statements

This release and other documents filed by the Corporation contain 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 "intend", "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, performance and achievements of the Corporation, business and financing plans, business trends and future operating revenues. These statements are inherently uncertain and actual achievements of the Corporation 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, significant uncertainty related to inferred mineral resources, operational hazards, unexpected geological situations, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approvals from government authorities, failure to obtain any required approvals of the TSX Venture Exchange or from shareholders, failure to obtain any required financing, increased competition from other companies many of which have greater financial resources, dependence on key personnel and environmental risks and the other risks described in the Corporation's continuous disclosure documents.

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

Contact Information

  • George Fowlie
    Chairman of the Board, Interim Chief Executive Officer and
    Interim Chief Financial Officer
    +1 416 587 9801
    george.fowlie@maudore.com