Maudore Announces Year End 2013 Results and Filing of Proxy Circular for Annual and Special Meeting

MONTREAL, April 25, 2014 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or the "Corporation") (TSXV: MAO) (US OTC: MAOMF) (Frankfurt Exchange: M6L) announces its results for the fiscal year ended December 31, 2013. Financial results are based on International Financial Reporting Standards ("IFRS") and dollars are reported in Canadian currency, unless otherwise noted.

Highlights for 2013

• Acquisition of Aurbec Mines Inc. ("Aurbec") (previously named NAP Québec Mines Ltd) from North American Palladium Ltd. on March 22, 2013 funded through a secured term loan of $22 million ("Credit Facility") provided to the Corporation by FBC Holdings S.à r.l. ("FBC");
• Closing a brokered private placement for $15.5 million on April 12, 2013;
• Initiation of exploration and development drilling underground at Sleeping Giant on the new ore zones and extensions to the historical high grade zones;
• Suspension of the Vezza project's development on July 16^th, 2013 and subsequent mine out of the currently developed ore zones by the end of September 2013;
• August 2013 re-start of underground mining at the Sleeping Giant mine in remnant mining areas;
• Completion of a custom milling agreement with Abcourt Mines Inc. ("Abcourt") in September 2013;
• Recent reduction in gold prices created a strain on the Corporation's cash resources. Ongoing discussions took place throughout the year with its creditors. In March 2014, the Corporation has reached an agreement with FBC which provides it with access to additional funding (the "FBC Agreement") (refer to press release dated March 14, 2014).

Financial

• Revenues of $1.6 million in 2013 coming from the sale of gold at the Sleeping Giant mine and custom milling. In 2012, there were no gold sales as Maudore was an junior exploration Corporation;
• Net loss of ($30.3) million in 2013, or ($0.73) per share compare with a net loss of ($14.7) million, or ($0.55) per share in 2012. Out of importance, the following non-recurring expenses were incurred:
• $11.0 million impairment on Vezza following the suspension of its development;
• $3.5 million professional fees relating to the acquisition of Aurbec, the rights offering and debt restructuring negotiations. In 2012, $1.7 million were incurred in professional fees on the proxy contest;
• $7.7 million for the fair value variation on the Credit Facility that must be recorded as per IFRS rules even though the Corporation reached the FBC Agreement;
• Vezza production of 10,249 ounces of gold of which 10,247 were sold in 2013 generating $14.3 million of revenues that are capitalized against the development cost of Vezza;

Proxy Circular

The Corporation also announces that it has mailed to shareholders and filed in SEDAR the Management Proxy Circular that has been prepared in connection with its upcoming annual and special meeting of shareholders scheduled to be held on May 22, 2014.

At that meeting, shareholders will be asked to approve, among other matters, the previously announced financing and debt restructuring transactions entered into by the Corporation with FBC which have been designed to improve the financial position of the Corporation. Should the FBC Agreement not to be approved by the disinterested shareholders, this would result in Maudore and/or Aurbec being in default of their obligations under the Credit Agreement and of their payment obligations towards other creditors. Should any of those creditors seek to exercise their rights to obtain repayment of their debts, it is likely that Maudore and/or Aurbec would seek protection under the Companies' Creditors Arrangement Act (Canada) or the Bankruptcy and Insolvency Act (Canada) and that in such a scenario the resulting value of the equity shareholdings of the Shareholders would be reduced to virtually nil.

The Management Proxy Circular contains important information about these transactions, as well as the unanimous recommendation of the Corporation's board of directors that shareholders vote to approve such transactions.

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 of development with reported current and historical resources and mining. Currently, gold production is ramping up at the Sleeping Giant mine. The Corporation'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 1,532 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 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, 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 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.

SOURCE Maudore Minerals Ltd.