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Last updated on April 17, 2014 at 10:42 EDT

Maudore Announces that Underground Drilling has returned High-Grade Gold at Sleeping Giant

October 24, 2013

MONTREAL, Oct. 24, 2013 /CNW Telbec/ – Greg Struble, President and CEO
of Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) reports 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. Greg
Struble states that, “these very positive results are a crucial step in
our goal to return Sleeping Giant to its historic levels of production
of approximately 50k ounces per year. They validate both Maudore’s
business strategy of moving into gold production through acquisition of
the Sleeping Giant mine and mill, and Aurbec’s mining strategy of using
previously unexploited data to identify and target new and readily
accessible resources within the existing mine. The intersection of a
new, previously unidentified new vein gives us further encouragement.”

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)

Strategic background.

Maudore acquired the Sleeping Giant Mine and Milling complex after
diligent review of plans and sections led to the conclusion that many
gold bearing structures remained unexploited. After the acquisition in
March, Maudore began entering the data into a 3D format. This further
confirmed the view that there were many structures to exploit. In
particular, these included extensions of the gold-bearing quartz veins
from the richest part of the historic mine into the “Shaft Shadow“, a large wedge-shaped section of untested rock, northwest of the mine
shaft, that extends over a kilometre in height and several hundred
metres in width. This exceptional exploration target stands alongside
and between previous workings in the mine (Figure 1). This area was
underexplored during earlier operations because previous mining focused
vertically, not horizontally into the Shaft Shadow. Placing the
historic drill data into our new 3D model made this potential very
clear.

Current results.

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 (Figure 2). 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, we
have discovered a new vein. We are 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 (see strategic
background above).

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.

Clarifications and comments.

As part of its business strategy, Aurbec has begun mining selected
remnant stopes placed on hold by earlier operators. This offsets costs
of the drilling campaign. Gold production from these areas provides
initial production headings for Aurbec miners who previously worked at
Vezza, thereby retaining our skilled workforce. Management is
carefully monitoring costs of mining, for efficiency and to provide
detailed data for future studies and reports.

Assays received from veins in this news release are analogous to
historical assays of similar veins in the drill database. This press
release reports core length assays, not true width which can be
calculated only once the angle between the diamond drill hole and vein
structure is established. Appendix 1 provides significant assays (> 1.0
g/t Au) for all diamond drill holes where assays have been received to
date in this ongoing diamond drill campaign.

Maudore has not based its decision to conduct selective mining of
remnant stopes at Sleeping Giant on a feasibility study or mineral
reserves that demonstrate economic or technical viability. Mining
without feasibility studies or mineral reserves increases the
uncertainty of success and the risk of failure if mining costs exceed
revenue.

Updated Sleeping Giant Mineral Resources Estimates and 43-101 Report
Underway

InnovExplo Inc. is updating Mineral Resources Estimates at Sleeping
Giant and will complete an independent National Instrument 43-101
compliant Technical Report. Maudore expects to file this report in the
third quarter of 2013.

Qualified Persons and Quality Control and Quality Assurance Protocols

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

Valère Larouche, Ing. the on-site manager, and Denis Desjardins, P.Geo.,
and senior geologist, is responsible for design and conduct of the
exploration programme. Both geologists are employees of Aurbec.
Forages M. Rouillier Inc. is the diamond drill contractor.

Diamond drill core samples are split, with half returned to the core box
and the other half bagged, tagged and submitted to Aurbec’s on-site
assay laboratory at the Sleeping Giant Mine. Aurbec’s laboratory is
neither independent nor accredited. Quality control and quality
assurance protocols include insertion of blanks, duplicates and
standards to monitor laboratory accuracy and precision. Aurbec also
submits pulps to AGAT Laboratories or ALS Global Geochemistry
Laboratories for independent and ISO accredited duplicate assays.
Batches that fail QA/QC protocol are rerun. Unaccredited assays are
used in weighted average calculations when an independent check assay
is not available.

AGAT Laboratories Ltd is certified to the ISO 9001 standard, and
accredited with ISO/IEC 17025:2005, for specific tests that conform to
CAN-P-1579.

ALS Global Geochemistry laboratories are registered with ISO 9001:2008
and accredited with ISO/IEC 17025 for specific laboratory procedures.

Appendix 1. Diamond drill table of significant assays > 1.0 g/t Au.

     _____________________________________________________________________________
    |   Hole  | From |   To |Core | Sample |  Gold  |   Gold |  Gold  |Mineralized|
    |  Number |      |      |Width| Number | Assay  |  Assay | Assay  |   Zone    |
    |         |      |      |     |        |Sleeping|   AGAT |  ALS   |           |
    |         |      |      |     |        | Giant  |        | Global |           |
    |         |      |      |     |        |  Lab   |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |  (m) |  (m) | (m) |        | grams  | grams  | grams  | Vein Name |
    |         |      |      |     |        |Au/tonne|Au/tonne|Au/tonne|           |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-400-13| 4.40 | 5.30 |0.90 |C-385035|   6.51 |   5.93 |        |       8   |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-400-13| 6.10 | 6.70 |0.60 |C-385037|   4.20 |   4.75 |        |       8   |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |288.40|      |     |        |        |        |        |30 (Visible|
    |72-400-13|      |289.20|0.80 |C-385050|  80.69 |   92.1 |        |   gold)   |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-400-13|289.20|289.70|0.50 |C-385052|   1.20 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-400-13|325.80|326.30|0.50 |C-385054|   1.18 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-400-13|326.30|326.80|0.50 |C-385055|   4.24 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-401-13|12.40 |13.35 |0.95 |C-385071|  10.31 |        |   9.02 |       8   |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-401-13|80.30 |80.90 |0.60 |C-385075|  10.83 |        |   9.57 |      20   |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-401-13|193.60|194.10|0.50 |C-385084|   2.02 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |298.10|      |     |        |        |        |        |    30     |
    |         |      |      |     |        |        |        |        |  (Visible |
    |72-401-13|      |298.80|0.70 |C-385094|   5.91 |        |   5.78 |    gold)  |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-401-13|353.80|354.70|0.90 |C-385105|   1.06 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |72-401-13|587.10|587.80|0.70 |C-385140|   1.23 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-438-13|118.15|118.90|0.75 |C-378183|   8.52 |   8.27 |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |141.40|      |     |        |        |        |        |16 (Visible|
    |97-438-13|      |141.80|0.40 |C-378186| 142.86 |  135.0 |        |   gold)   |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-438-13|188.55|189.15|0.60 |C-380804|   1.57 |   1.62 |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-438-13|189.15|189.65|0.50 |C-380806|   1.54 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-440-13|105.55|106.05|0.50 |C-385002|   1.68 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-440-13|106.05|106.60|0.55 |C-385003|   2.68 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-440-13|118.00|119.00|1.00 |C-385007|   4.57 |   2.92 |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-440-13|131.80|132.40|0.60 |C-385022|   1.70 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-440-13|132.40|133.40|1.00 |C-385023|   2.81 |   2.14 |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-441-13|47.80 |48.30 |0.50 |C-385028|   1.86 |   1.65 |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-441-13|48.30 |48.80 |0.50 |C-385029|   1.96 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-441-13|71.10 |71.60 |0.50 |C-385032|  16.18 |   17.0 |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-441-13|151.10|151.80|0.70 |C-380834|   1.00 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-442-13|42.90 |43.40 |0.50 |C-385233|   1.51 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-442-13|50.90 |51.40 |0.50 |C-385235|   1.71 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-442-13|97.00 |97.55 |0.55 |C-380902|   4.59 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-445-13|164.50|165.20|0.70 |C-380838|   1.19 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-445-13|165.20|165.70|0.50 |C-380839|   1.32 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-445-13|165.70|166.20|0.50 |C-380840|   2.24 |   0.11 |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-445-13|166.20|166.70|0.50 |C-380841|   1.36 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-445-13|169.25|170.05|0.80 |C-380845|   2.31 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |175.55|      |     |        |        |        |        |    785N   |
    |         |      |      |     |        |        |        |        |  (Visible |
    |97-445-13|      |176.35|0.80 |C-380854|  60.57 |   66.5 |        |    gold)  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|45.25 |46.25 |1.00 |C-385192|   1.99 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|91.20 |91.70 |0.50 |C-385202|   9.14 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|98.00 |98.65 |0.65 |C-385205|   2.16 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|142.40|143.20|0.80 |C-385171|   1.44 |        |        |           |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|160.20|160.90|0.70 |C-385174|   4.20 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |         |160.90|      |     |        |        |        |        |    785N   |
    |         |      |      |     |        |        |        |        |  (Visible |
    |97-446-13|      |161.60|0.70 |C-385175|  71.77 |        |   77.6 |    gold)  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|161.60|162.60|1.00 |C-385177|   3.21 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|
    |97-446-13|162.60|163.60|1.00 |C-385178|   2.67 |        |        |     785N  |
    |_________|______|______|_____|________|________|________|________|___________|


About Maudore Minerals Ltd.

Maudore is a Quebec-based junior gold company in production, with mining
and milling operations as well as more than 22 exploration projects.
Five of these projects are at an advanced stage toward development with
reported current and historical resources and mining. Currently, gold
production is ramping up at Sleeping Giant. The Company’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 1,570 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.

Image with caption: “Figure 1. Sleeping Giant Underground Mine showing: Shaft Shadow, Underground Drill Areas, Previously Mined #30 Zone, New 785N Zone and #16 Zone (CNW Group/Maudore Minerals Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20131024_C6682_PHOTO_EN_32487.jpg

Image with caption: “Figure 2. 725 m level drill plan showing #8, #20 and #30 Veins initial intercepts in the Shaft Shadow on a 100 m grid (CNW Group/Maudore Minerals Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20131024_C6682_PHOTO_EN_32489.jpg


Source: PR Newswire