Welcome!

News Feed Item

Maudore Announces Second Quarter 2014 Results

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.

Financial results

--  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

Contacts:
Greg Struble
President and CEO
+1 647 927 0239
[email protected]

George Fowlie
Chairman of the Board and Director of Corporate Development
+1 416 587 9801
[email protected]

Claudine Bellehumeur
Chief Financial Officer
+1 819 825 4343
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.