Maudore Minerals Ltd. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months and Production Results for the Third Quarter Ended September 30, 2013
Dec 2 13
Maudore Minerals Ltd. announced unaudited consolidated financial results for the third quarter and nine months and production results for the third quarter ended September 30, 2013. For the quarter, the company reported revenues of $296,132. Loss from operations was $584,517 against $2,062,391 for the same period a year ago. Loss before income taxes was $1,695,549 against $2,043,742 for the same period a year ago. Net loss and comprehensive loss was $1,552,120 or $0.03 per basic and diluted share against $658,924 or $0.02 per basic and diluted share for the same period a year ago.
For the nine months, the company reported revenues of $296,132. Loss from operations was $14,757,717 against $2,768,514 for the same period a year ago. Loss before income taxes was $17,513,351 against $2,694,443 for the same period a year ago. Net loss and comprehensive loss was $15,261,203 or $0.38 per basic and diluted share against $849,517 or $0.03 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $6,580,099 against $1,891,337 for the same period a year ago. Additions to exploration and evaluation assets were $767,623 against $10,825,447 for the same period a year ago. Additions to property, plant and equipment were $3,657,594.
For the quarter, the company reported production of 5,215 ounces of gold of which 5,065 were sold generating $7 million of revenues that are capitalized against the development cost of Vezza.
Kevin Tomlinson to Step Down from the Role of Chairman of Maudore Minerals Ltd
Nov 14 13
Maudore Minerals Ltd. announced that Kevin Tomlinson has advised the Board of Directors that he intends to step down from the Board upon completion of the Consensual Restructuring. The Board has accepted Mr. Tomlinson's decision and will consider candidates to fill the role of Chairman over the coming weeks.
Aurbec Mines Inc. Receives Assays from Its Current Underground Drilling Campaign at the Sleeping Giant Mine
Oct 24 13
Maudore Minerals Ltd. reported that Maudore's subsidiary, Aurbec Mines Inc. (Aurbec), has received assays from its current underground drilling campaign at the Sleeping Giant mine, located some 80 km north of Amos, Quebec in the Northern Volcanic Zone of the Abitibi Greenstone Belt. These assays include high quality intersections, some of them bearing visible gold, as well as the discovery of a new vein. The drilling campaign has yielded a number of significant intersections of the quality historically typical for this deposit. Several intersections containing visible gold are identified in the hole details attached in the appendix. On the 725 m level, the initial drilling in the "Shaft Shadow" yielded: 9.0 g/t Au over 0.9 m (#8 Vein); 9.6 g/t Au over 0.6 m (#20 Vein); 57.1 g/t Au over 1.3 m, including 92.1 g/t Au over 0.8 m (#30 Vein) and on the 975 m level, continued expansion of the new zones has yielded: 135.0 g/t Au over 0.4 m (#16 Vein); 17.4 g/t Au over 3.4 m, including 77.6 g/t Au over 0.7 m (785N structure); 66.5 g/t Au over 0.8 m (785N structure); 17.0 g/t Au over 0.5 m (new vein discovery). Maudore's subsidiary, Aurbec, initiated current campaign of underground diamond drilling immediately delivered positive results, with two holes increasing the strike extent of the #8, #20 and #30 veins into the Shaft Shadow. These new intersections of the #30 vein have included visible gold. This suggests that historic mining may have stopped in ore. Extensions of these veins into the Shaft Shadow may support mining, if the positive drill results continue. Deeper in the mine, diamond drilling is testing an area where no previous mining has occurred, in the #16 and 785N Zones. Both have returned significant assays, again including visible gold. Moreover, the company have discovered a new vein. The company is now following up on these results. Drill testing of the Shaft Shadow from the 725 m level cut three veins in diamond drill hole (DDH) 72-401: the #8 Vein with 9.0 g/t Au over 0.9 m from 12.40 m depth, the #20 Vein with 9.6 g/t Au over 0.6 m from 80.3 m depth, and the #30 Vein with 5.8 g/t Au over 0.7 m from 298.1 m depth. DDH 72-400 cut the #8 Vein with 5.9 g/t Au over 0.9 m from 4.4 m depth and the #30 Vein with 57.1 g/t Au over 1.3 m including 92.1 g/t Au over 0.8 m from 288.4m depth. These drill intercepts extend the strike extent of the #30 vein over 100 m into the Shaft Shadow. Strike extensions of the #8 and #20 veins are somewhat less than the #30 vein because these veins are nearer to the drill rig. More drilling is required to establish the continuity of the gold content in these veins but early results are very encouraging and prove that the veins do extend into the Shaft Shadow, as hypothesised during due diligence. Drill testing at the 975 m level, using a second underground diamond drill rig, cut the #16 Vein in diamond drill hole (DDH) 97-438 for 135.0 g/t Au over 0.4m from 141.4m depth. The 785N structure was cut by two holes: DDH 97-446 for 17.4 g/t Au over 3.4m including 77.6 g/t Au over 0.7m from 160.9m depth; and DDH 97-445 for 66.5 g/t Au over 0.8m from 175.55m depth. Additionally, DDH 97-441 cut the unexpected New Vein structure for 17.0 g/t Au over 0.5m from 71.1m depth.