Maudore Reports Positive Metallurgical Results at the Comtois High Grade Gold Project in Quebec
MONTREAL, QUEBEC -- (Marketwire) -- 01/18/12 -- Maudore Minerals (TSX VENTURE: MAO)(OTCBB: MAOMF)(FRANKFURT: M6L) is very pleased to announce that ongoing metallurgical test work being done across the full Osbell resource is yielding positive and consistent results. Early indications show recoveries of gold well in excess of 90% using conventional gold concentration methods, moderate grinding liberation size and average reagent consumption. The Osbell resource is part of Maudore's 100%-owned Comtois high grade gold project located in Quebec.
The test work to date has been done on samples from Bell (on the Western side of the resource) through Midway and Osborne, to Camten (on the Eastern side). Conventional gold concentration techniques have been investigated including gravity separation, cyanide leaching and flotation. In total five samples have been tested separately to demonstrate how each zone reacts to each concentration technique.
Gravity separation has yielded gold recoveries ranging from 23.6% to 39.7%, following grinding and before leaching. Detailed laboratory gravity recovery results are as follows:
Head Grade (g/t Au) Gravity Recovery (%)
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Osborne Low Grade 2.25 26.4
Osborne High Grade 7.41 29.2
Bell Felsic Rocks 1.57 39.7
Camten 9.46 23.6
Midway South 21.99 26.2
Cyanide leaching of the gravity separation concentrate has yielded overall recoveries (gravity plus leaching combined) ranging from 88.3% to 96.1% with cyanide consumptions ranging from 0.15 kg/t to 1.33 kg/t. (The one exception is a very high grade sample from the Midway South which yielded overall recoveries ranging from 86.2% to 91.4%. As the head grade was not known prior to mineral separation the process parameters were not adjusted accordingly. This sample has been sent back to the metallurgical laboratory for further test work.)
Detailed Cyanide leach test work is as follows:
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Cyanide Leach Overall
Sample Grind Size Consumption Recovery Recovery
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(microns) (kg/t) (%) (gravity+leach)
(80% passing) (%)
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Osborne Low Grade 94 0.21 87.6 90.9
62 0.43 88.9 91.8
56 0.65 90.8 93.2
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Osborne High Grade 102 0.43 83.5 88.3
69 0.58 88.4 91.8
57 0.70 88.8 92.1
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Bell Felsic Rocks 113 0.15 88.5 93.1
68 0.41 91.6 94.9
46 0.84 93.5 96.1
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Camten 89 0.17 86.0 89.3
64 0.27 91.2 93.3
49 0.41 94.7 95.9
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Midway South 112 0.91 81.3 86.2
70 1.34 84.9 88.9
38 2.76 88.4 91.4
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As the Comtois project moves forward, Maudore finds these results to be extremely encouraging. These positive results represent the initial metallurgical test work which confirms that gold mineralization is amenable to recovery by conventional processing methods.
Maudore will continue with the test work in order to optimize grinding circuits, increase gold recoveries and reduce reagent consumptions. In addition test work will begin on a blend of the different zones to show production-like situations which would be realized in an operating mine.
I, Alain Dorval, am the Mineral Processing Manager for Roche Ltd. For this project, I am in charge of supervising the current metallurgical testwork program ongoing at SGS in Lakefield, Ontario. I agree with the content of the press release related the metallurgical test conducted so far on Osborne Low Grade, Osborne High Grade, Bell Felsic Rocks, Camten and Midway South ore types.
I hold a bachelor degree in Mining Engineer and have over 28 years of experience related to mineral processing industry. I worked for more than 9 years in a gold mine. I participated in numerous engineering studies related to gold projects and I worked as a project leader in a mineral research center.
Alain Dorval, ing.
About Maudore Minerals Ltd.
Maudore owns 100% of the high grade Comtois Gold Project in Quebec. Infrastructure is excellent: a highway; accessibility to North America's lowest cost power; plenty of nearby water and a mining-oriented local workforce. Quebec is consistently ranked among the best locations worldwide for mineral exploration. The Company also owns 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 over 95,000 hectares (235,000 acres or 367 sq. mi), is larger than New York City.
Maudore has a drilling program with over 80,000 meters, all diamond core, completed in each of 2010 and 2011 and similar amounts are expected in 2012. As well as the drilling program, the Company is active on development fronts - mineral resource estimation, metallurgical test work, environmental baseline studies, and community relations.
The Company has only 26.7 million shares outstanding with 30.3 million shares fully diluted. Insiders and institutions hold about 75% of the shares. Cost effective financings in Quebec over the past year, have allowed the Company to raise all of 2011's and 2012's financial requirements at 55% to 92% premiums to share price, thus minimizing dilution.
On behalf of the Board of Directors of Maudore Minerals Ltd.:
Ronald Shorr, Chief Executive Officer
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 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 the Company, including, but not limited to the impact of the general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. 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'.
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.
Contacts:
Maudore Minerals Ltd.
Ronald Shorr
Chief Executive Officer
514-761-1415
208-474-1560 (FAX)
info@maudore.com
www.maudore.com
