Maudore Shifts Development Focus from Vezza Project to Sleeping Giant Mine

MONTREAL, July 16, 2013 /CNW Telbec/ - Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) has decided to target high-grade gold opportunities at its Sleeping Giant property and suspend development at the Vezza Project. Structural 3D re-evaluation of the geology, especially veins and structures at Sleeping Giant has resulted in the identification of multiple high-grade opportunities within the existing mine environment. This shift in development in light of our new understanding also offers a better opportunity for future resource growth.

Greg Struble, President and CEO, commented, "With this new 3D geological model we have been able to identify areas with previously unrecognized gold potential within the immediate mine area that are accessible from existing workings. We believe this will provide the backbone for our successful re-entry into Sleeping Giant."

Maudore plans to finish mining and processing of developed mineralized material at Vezza over the next several months whilst deploying a small workforce at Sleeping Giant to prepare the underground workings for exploration and remnant mining. By curtailing all development at the Vezza Project, the Company expects to process this mineralized material developed thus far for much lower costs.

At Sleeping Giant, we expect mining of select high-grade remnant stopes to commence in late Q3 after the start of an underground drill program to target previously untested extensions of the high grade 20 and 30 zones and to test other high potential veins in specific parts of the mine. The mining of remnant stopes at Sleeping Giant will optimize infrastructure and personnel during this underground drilling program. Mining of these remnants could be phased out over the next 12 months, pending development of sufficient new resources to allow for full scale operations.

The impact of these changes will be a net reduction of 39% in the workforce, predominantly contractors. Maudore regrets the hardship this will cause employees, contractors, their families and the local community. However, this action is required to allow the Company to operate within the current low gold price environment and positions it for an improvement in price.

The principle drivers for the move to Sleeping Giant have been grade and the need to preserve cash during this market downturn. Our 3D re-evaluation of Sleeping Giant indicates the potential for significantly higher grades than our current Vezza resource. Historically the Sleeping Giant mine has produced grades better than 9.0 gpt.

Qualified Person

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

About Maudore Minerals Ltd.

Maudore is a Quebec based junior gold company with milling operations and more than 23 exploration projects, of which five are at an advanced stage toward development with reported current and historical resources. The Company's projects span some 120 kilometers, east-west, of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 144,000 hectares (1,440 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.