|By Marketwired .||
|August 22, 2014 10:21 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 08/22/14 -- Maudore Minerals Ltd. ("Maudore" or the "Corporation") - (TSX VENTURE: MAO) (FRANKFURT: M6L) announces its financial results for the second quarter ended June 30, 2014 ("Q2-14").
Highlights for Q2-14
-- The Corporation finalized the implementation of its debt restructuring agreement with FBC Holdings S.a r.l. ("FBC") pursuant to which: -- FBC paid to the Corporation the sum of $4,000,000, in exchange for which the Corporation's subsidiary Aurbec Mines Inc. ("Aurbec") issued to FBC a 49.9% equity interest and granted to FBC a royalty claim entitling FBC to receive, within one year, the sum of $4,000,000 plus interest at the rate of 15% per annum, payable out of 1% of any gold sales generated by Aurbec and any cash balances in excess of $1,000,000; -- FBC will make available to Aurbec the sum of $2,000,000, bearing interest at the rate of 15% per annum; -- FBC will provide funding sufficient to satisfy Aurbec's environmental bonding requirements of approximately $900,000; -- approximately $4,000,000 of interest owing to FBC under its existing credit facility (the "Credit Facility") was converted into principal and the Corporation was provided with the ability to satisfy ongoing interest payments in 2014 by converting such amounts into principal; -- FBC converted $2,000,000 of outstanding principal owing under the Credit Facility into 22,222,222 common shares of the Corporation; and -- the Corporation issued to FBC an additional 15,350,000 common shares. -- Results of the exploration and development drilling plan for the new zones being targeted continued to provide good drill results and provide direction for future mining potential outside of the remnant areas. -- The transitional mining plan for the remnant areas did not meet anticipated grade and this continues to challenge cash flow required to access these zones which are critical to allowing the Corporation to meet its debt service and ongoing working capital requirements. -- In light of the foregoing, the Corporation began a process of reviewing its strategic options that would address the funding shortfall and maximize shareholder and other stakeholder value within these constraints. -- As part of this process, the Corporation shifted its focus at the Sleeping Giant property from exploration and development to resource validation of the new zones through test mining. -- A temporary layoff of 54% of the overall manpower was implemented at the end of June 2014, reducing staffing to a level that will only support this new zone test mining and custom toll milling as available. -- In Q2-14, development at the Sleeping Giant property progressed 645 meters towards the opening of the new zones at depth and the first primary panels in the historic areas of the mine. -- This development accessed the first of three primary stoping blocks in the new zones at depth and one primary block in the historical area of the mine to permit the initiation of production testing. -- The development also included the initial sill cut into a second new structure at depth, the 30W zone which has never before been exploited at the Sleeping Giant property. -- By quarter end, the first new shrinkage stope in the "Shaft Shadow" extension of the historic high grade 30 zone completed mining and began final clean down with resource reconciliation to be completed in Q3-14. -- Toll milling operations with a third party continued in Q2-14.
-- Revenues of $2.3 million in Q2-14 coming from the sale of gold at the Sleeping Giant mine and custom milling. -- Net loss of ($1.6) million in Q2-14, or ($0.03) per share, compared with a net loss of ($12.0) million, or ($0.36) per share, in Q2-13.
Following this filing of the second quarter results, Mr. Keith Harris has tendered his resignation from the Board of Directors. Robert Pevenstein will step into the role as Chair of the Audit Committee, effective immediately. Mr. Pevenstein is an independent director with significant financial market and audit experience. To replace Mr. Harris on the Audit Committee, the Committee will be proposing Mr. Raynald Vezina to the Board for its approval at its next meeting. "Keith has been a valuable member to the Maudore Board of Directors and we will miss his insights and guidance," said Chairman George Fowlie. "We thank him very much for his contribution"
Tables can be found at the following address: http://file.marketwire.com/release/mao0822e.pdf
About Maudore Minerals Ltd.
Maudore is a Quebec-based junior gold corporation 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 1,285 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, 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
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Mar. 26, 2017 08:30 PM EDT Reads: 6,086
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Mar. 26, 2017 07:45 PM EDT Reads: 9,570
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 26, 2017 06:45 PM EDT Reads: 4,237
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 26, 2017 06:30 PM EDT Reads: 2,031
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
Mar. 26, 2017 05:00 PM EDT Reads: 2,109
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Mar. 26, 2017 05:00 PM EDT Reads: 3,577
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Mar. 26, 2017 03:30 PM EDT Reads: 6,515
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 26, 2017 03:15 PM EDT Reads: 2,793
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, explored HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
Mar. 26, 2017 03:00 PM EDT Reads: 10,532
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 26, 2017 02:45 PM EDT Reads: 941
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 26, 2017 02:30 PM EDT Reads: 1,755
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
Mar. 26, 2017 02:15 PM EDT Reads: 4,358
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 26, 2017 02:00 PM EDT Reads: 3,380
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 26, 2017 01:45 PM EDT Reads: 1,831
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Mar. 26, 2017 01:45 PM EDT Reads: 8,499