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Replies to post #9219 on North American Palladium Ltd. (fka PALDF)
Maudore Approves Operational Shutdown of its Sleeping Giant Operations
VAL-D’OR, (November 7, 2014) /CNW Telbec/ - Greg Struble, President and Chief Executive
Officer of Maudore Minerals Ltd. (MAO: TSX Venture; MAOMF: US OTC; M6L: Frankfurt
Exchange) (“Maudore” or the “Corporation”), announces today that Maudore, together with its
subsidiary Aurbec Mines Inc. (“Aurbec”), are moving to complete the final shutdown of their
operations at the Sleeping Giant mine and mill 75 kilometers north of Amos Quebec.
At a meeting of the Board of Directors of Maudore held on November 6, 2014, the directors of
Maudore passed a resolution to complete the final shutdown of all Sleeping Giant Mine and Mill
operations.
After review and discussion on the Corporation’s operating plans with regards to its financial
position, and in consideration of the potential for viable strategic alternatives in the short term,
the board members of Maudore and Aurbec acknowledged that the best course of action will be
to completely shut down all underground mining and surface ore processing and place the
operations into care and maintenance by the end of November to achieve the lowest possible
holding costs going forward.
Despite positive resource reconciliation results achieved during the test mining phase in the new
resources accessed at depth, it was determined that there are insufficient ore volumes exposed at
this time to pursue a self funding development plan to full scale production in the future.
Maudore Acquires Sleeping Giant Processing Facility and
Gold Assets from North American Palladium
Owning production facility advances strategy of becoming dominant
consolidator in prime Quebec mining region
Experienced workforce and fully operational mill with tailings facility
$18 million cash consideration, funded by borrowings under a $22
million secured credit facility by FBC Holdings Sarl, plus 1,500,000
common shares
MONTREAL, Quebec (March 22, 2013) – Maudore Minerals Ltd. (“Maudore” or the
“Company”) (TSX-Venture: MAO; US OTC: MAOMF; Frankfurt Exchange: M6L) is pleased to
announce that it has purchased the Sleeping Giant Mill and an adjacent Tailings Facility
(together, the “Processing Facility”) from North American Palladium Ltd. (“NAP”) (TSX: PDL;
AMEX: PDL) through its acquisition of all of the outstanding shares of NAP Quebec Mines Ltd.
(“NAP Quebec”) in accordance with a Purchase Agreement entered into on March 22, 2013
between Maudore and NAP. The Processing Facility is strategically located 60 km west of
Maudore’s Osbell Deposit and 150 km north of Val-d’Or, Quebec, along Highway 109, a route
which continues north to Matagami, Quebec.
As a result of its acquisition of NAP Quebec, Maudore has also acquired all of NAP’s Quebecbased
gold assets.
In consideration for the shares of NAP Quebec, Maudore has paid to NAP a cash consideration
of $18 million, which has been funded through the credit facility described below, and has issued
to NAP 1,500,000 common shares. These common shares will be subject to a four-month hold
period in accordance with Canadian securities laws. Neither NAP, NAP Quebec nor any of their insiders shall become an insider of Maudore as a result of the acquisition. The TSX Venture
Exchange (the “TSXV”) has approved the acquisition.
The consummation of this transaction allows Maudore to further advance its strategy of
consolidating its position in a highly prospective yet grossly under-explored region within a
globally competitive mining jurisdiction, and provides the Company with a degree of optionality
as regards the development of its resources. Moreover, in addition to having a strategically
important land position of 144,000 ha (1,440 km2) in the Northern Volcanic Zone of the Abitibi
Greenstone Belt of Quebec, Maudore is also inheriting a highly talented workforce capable of
developing its resources.
“The acquisition of the Sleeping Giant Mill and Tailings Facility run by its highly skilled and
experienced work force is truly the most transformative event in the history of our Company,”
said Kevin Tomlinson, Chairman of Maudore. “With new mining facilities and advanced stage
exploration properties contiguous to our existing properties, we now have a total land package of
144,000 ha. This represents the first in a series of planned steps for Maudore to consolidate
significant holdings in the prolific Northern Abitibi region of Quebec and positions the Company
to become a leading Canadian gold producer capable of delivering shareholder value through the
exploration, development and production of our properties.”
