last week's activityMaudore Minerals shareholder increases holdings
2008-04-21 11:00 ET - News Release
Mr. Ronald Shorr reports
MAUDORE WELCOMES MAJOR SHAREHOLDER
Maudore Minerals Ltd. has been advised by Geneva-based GalenaSpecial Situations Master Fund Ltd. that it recently increased itsMaudore holdings to 1,955,400 shares and now owns 12.4 per cent of thecompany's outstanding shares. Galena first invested with Maudore in aprivate placement completed in May, 2007.
The Galena Special Situations Fund is managed by Galena AssetManagement Ltd., which currently has assets under management in excessof $750-million invested in equity related instruments and commodityderivatives across a number of natural resources funds.
Maudore's largest shareholder remains Anglo Pacific Group PLC,with 16.0 per cent of the company's outstanding shares. Anglo is listedon the London and Australian stock exchanges; its returns come fromroyalties on Australian coal mines operated by BHP and Rio Tinto. Asubstantial portion of the royalty income is paid as dividends toAnglo's shareholders with the balanced invested in about 50 strategicmineral stocks.
Maudore's recent exploration success on its 100-per-cent-ownedComtois deposit, located in Quebec, includes drill results of 198.5grams per tonne over 1.5 metres at a depth of about 250 metres. Comtoishas a National Instrument 43-101-compliant inferred resource of 808,000tons containing 524,000 ounces gold at a grade of 20.2 g/t (uncut), allof which are located within the first 200 metres from surface.
In 2008, Maudore has announced several intercepts fromcontinuing drilling programs (two drills are currently at work) whichindicate that the Comtois area possibly hosts mineralization at greaterdepth, width and length than the 2002 NI 43-101 report established.Work at Comtois continues and assays are pending for numerous recentlydrilled holes.