Maudore Announces that Underground Drilling has returned High-Grade Gold at Sleeping Giant

MONTREAL, Oct. 24, 2013 /CNW Telbec/ - Greg Struble, President and CEO of Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) reports that Maudore's subsidiary, Aurbec Mines Inc. (Aurbec), has received assays from its current underground drilling campaign at the Sleeping Giant mine, located some 80 km north of Amos, Quebec in the Northern Volcanic Zone of the Abitibi Greenstone Belt. These assays include high quality intersections, some of them bearing visible gold, as well as the discovery of a new vein. Greg Struble states that, "these very positive results are a crucial step in our goal to return Sleeping Giant to its historic levels of production of approximately 50k ounces per year. They validate both Maudore's business strategy of moving into gold production through acquisition of the Sleeping Giant mine and mill, and Aurbec's mining strategy of using previously unexploited data to identify and target new and readily accessible resources within the existing mine. The intersection of a new, previously unidentified new vein gives us further encouragement."

The drilling campaign has yielded a number of significant intersections of the quality historically typical for this deposit. Several intersections containing visible gold are identified in the hole details attached in the appendix.

On the 725 m level, the initial drilling in the "Shaft Shadow" yielded:

• 9.0 g/t Au over 0.9 m (#8 Vein)
• 9.6 g/t Au over 0.6 m (#20 Vein)
• 57.1 g/t Au over 1.3 m, including 92.1 g/t Au over 0.8 m (#30 Vein)

And on the 975 m level, continued expansion of the new zones has yielded:

• 135.0 g/t Au over 0.4 m (#16 Vein)
• 17.4 g/t Au over 3.4 m, including 77.6 g/t Au over 0.7 m (785N structure)
• 66.5 g/t Au over 0.8 m (785N structure)
• 17.0 g/t Au over 0.5 m (new vein discovery)

Strategic background.

Maudore acquired the Sleeping Giant Mine and Milling complex after diligent review of plans and sections led to the conclusion that many gold bearing structures remained unexploited. After the acquisition in March, Maudore began entering the data into a 3D format. This further confirmed the view that there were many structures to exploit. In particular, these included extensions of the gold-bearing quartz veins from the richest part of the historic mine into the "Shaft Shadow", a large wedge-shaped section of untested rock, northwest of the mine shaft, that extends over a kilometre in height and several hundred metres in width. This exceptional exploration target stands alongside and between previous workings in the mine (Figure 1). This area was underexplored during earlier operations because previous mining focused vertically, not horizontally into the Shaft Shadow. Placing the historic drill data into our new 3D model made this potential very clear.

Current results.

Maudore's subsidiary, Aurbec, initiated current campaign of underground diamond drilling immediately delivered positive results, with two holes increasing the strike extent of the #8, #20 and #30 veins into the Shaft Shadow (Figure 2). These new intersections of the #30 vein have included visible gold. This suggests that historic mining may have stopped in ore. Extensions of these veins into the Shaft Shadow may support mining, if the positive drill results continue.

Deeper in the mine, diamond drilling is testing an area where no previous mining has occurred, in the #16 and 785N Zones. Both have returned significant assays, again including visible gold. Moreover, we have discovered a new vein. We are now following up on these results.

Drill testing of the Shaft Shadow from the 725 m level cut three veins in diamond drill hole (DDH) 72-401: the #8 Vein with 9.0 g/t Au over 0.9 m from 12.40 m depth, the #20 Vein with 9.6 g/t Au over 0.6 m from 80.3 m depth, and the #30 Vein with 5.8 g/t Au over 0.7 m from 298.1 m depth. DDH 72-400 cut the #8 Vein with 5.9 g/t Au over 0.9 m from 4.4 m depth and the #30 Vein with 57.1 g/t Au over 1.3 m including 92.1 g/t Au over 0.8 m from 288.4m depth. These drill intercepts extend the strike extent of the #30 vein over 100 m into the Shaft Shadow. Strike extensions of the #8 and #20 veins are somewhat less than the #30 vein because these veins are nearer to the drill rig. More drilling is required to establish the continuity of the gold content in these veins but early results are very encouraging and prove that the veins do extend into the Shaft Shadow, as hypothesised during due diligence (see strategic background above).

Drill testing at the 975 m level, using a second underground diamond drill rig, cut the #16 Vein in diamond drill hole (DDH) 97-438 for 135.0 g/t Au over 0.4m from 141.4m depth. The 785N structure was cut by two holes: DDH 97-446 for 17.4 g/t Au over 3.4m including 77.6 g/t Au over 0.7m from 160.9m depth; and DDH 97-445 for 66.5 g/t Au over 0.8m from 175.55m depth. Additionally, DDH 97-441 cut the unexpected New Vein structure for 17.0 g/t Au over 0.5m from 71.1m depth.

Clarifications and comments.

As part of its business strategy, Aurbec has begun mining selected remnant stopes placed on hold by earlier operators. This offsets costs of the drilling campaign. Gold production from these areas provides initial production headings for Aurbec miners who previously worked at Vezza, thereby retaining our skilled workforce. Management is carefully monitoring costs of mining, for efficiency and to provide detailed data for future studies and reports.

Assays received from veins in this news release are analogous to historical assays of similar veins in the drill database. This press release reports core length assays, not true width which can be calculated only once the angle between the diamond drill hole and vein structure is established. Appendix 1 provides significant assays (> 1.0 g/t Au) for all diamond drill holes where assays have been received to date in this ongoing diamond drill campaign.

Maudore has not based its decision to conduct selective mining of remnant stopes at Sleeping Giant on a feasibility study or mineral reserves that demonstrate economic or technical viability. Mining without feasibility studies or mineral reserves increases the uncertainty of success and the risk of failure if mining costs exceed revenue.

Updated Sleeping Giant Mineral Resources Estimates and 43-101 Report Underway

InnovExplo Inc. is updating Mineral Resources Estimates at Sleeping Giant and will complete an independent National Instrument 43-101 compliant Technical Report. Maudore expects to file this report in the third quarter of 2013.

Qualified Persons and Quality Control and Quality Assurance Protocols

Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this press release.

Valère Larouche, Ing. the on-site manager, and Denis Desjardins, P.Geo., and senior geologist, is responsible for design and conduct of the exploration programme. Both geologists are employees of Aurbec. Forages M. Rouillier Inc. is the diamond drill contractor.

Diamond drill core samples are split, with half returned to the core box and the other half bagged, tagged and submitted to Aurbec's on-site assay laboratory at the Sleeping Giant Mine. Aurbec's laboratory is neither independent nor accredited. Quality control and quality assurance protocols include insertion of blanks, duplicates and standards to monitor laboratory accuracy and precision. Aurbec also submits pulps to AGAT Laboratories or ALS Global Geochemistry Laboratories for independent and ISO accredited duplicate assays. Batches that fail QA/QC protocol are rerun. Unaccredited assays are used in weighted average calculations when an independent check assay is not available.

AGAT Laboratories Ltd is certified to the ISO 9001 standard, and accredited with ISO/IEC 17025:2005, for specific tests that conform to CAN-P-1579.

ALS Global Geochemistry laboratories are registered with ISO 9001:2008 and accredited with ISO/IEC 17025 for specific laboratory procedures.

Appendix 1. Diamond drill table of significant assays > 1.0 g/t Au.

About Maudore Minerals Ltd.

Maudore is a Quebec-based junior gold company in production, with mining and milling operations as well as more than 22 exploration projects. Five of these projects are at an advanced stage toward development with reported current and historical resources and mining. Currently, gold production is ramping up at Sleeping Giant. The Company's projects span some 120 km, east-west, of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 1,570 km² with the Sleeping Giant Processing Facility within trucking distance of key development projects.

Cautionary Statement Regarding Forward-Looking Statements

This release and other documents filed by the Company 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 Company, business and financing plans, business trends and future operating revenues. These statements are inherently uncertain and actual achievements of the Company 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 TSXV or from shareholders, failure to obtain any required financing, failure to complete any of the transactions described herein, 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 Company'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.

SOURCE Maudore Minerals Ltd.

Image with caption: "Figure 1. Sleeping Giant Underground Mine showing: Shaft Shadow, Underground Drill Areas, Previously Mined #30 Zone, New 785N Zone and #16 Zone (CNW Group/Maudore Minerals Ltd.)". Image available at: http://photos.newswire.ca/images/download/20131024_C6682_PHOTO_EN_32487.jpg

Image with caption: "Figure 2. 725 m level drill plan showing #8, #20 and #30 Veins initial intercepts in the Shaft Shadow on a 100 m grid (CNW Group/Maudore Minerals Ltd.)". Image available at: http://photos.newswire.ca/images/download/20131024_C6682_PHOTO_EN_32489.jpg