$8.00 Per Unit Guaranteed Private Placement

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FSC / Press Release


Maudore Minerals to Raise a Minimum of $5 Million in a $8.00 Per Unit Guaranteed Private Placement


Montreal, Quebec CANADA, December 16, 2010 /FSC/ - Maudore Minerals Ltd. (MAO - TSX Venture, MAOMF - OTCBB, M6L - FWB), is pleased to announce, subject to TSX Venture Exchange ("TSXV") approval, a non-brokered guaranteed private placement of 625,000 units ("Unit") at $8.00 per Unit, representing a premium of approximately 42% to Maudore's closing price on December 15, 2010 on the TSXV for gross proceeds of approximately $5 million. Each Unit comprises one common share of the Company, issued as a flow-through share ("Flow-Through Share") plus one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") exercisable at $8.00 per share for 18 months from closing of the private placement. Oberon Capital Corporation ("Oberon") has agreed to guarantee that a minimum of $5 million of Units are subscribed for and purchased. Terms of the private placement allow for an over-allotment option, with the Company's approval, of up to an additional 375,000 Units with additional gross proceeds of up to $3 million.


The Company has agreed to pay a finder's fee to Oberon of up to 6% of the gross proceeds of the private placement, including the over-allotment option. The private placement is expected to close on or about December 30, 2010. The Flow-Through Shares and Warrants will be subject to a four-month hold period from the date of closing.


"I'm pleased to be able to again raise substantial funds in a minimally dilutive fashion, enabling Maudore to continue exploring and developing our resource at a very strong pace," said Ron Shorr, CEO.


Proceeds from the sale of the Units will be used to incur exploration expenses on Maudore's Comtois Gold Project and the associated land area.


About Maudore Minerals Limited


Maudore owns 100% of the Comtois Gold Project in Quebec. Infrastructure is excellent: a highway; accessibility to North America's lowest cost power; plenty of nearby water and a mining-oriented local workforce. Quebec is consistently ranked among the best locations worldwide for mineral exploration. Maudore also owns a large land package west of Comtois with volcanogenic gold/massive sulphide (VMS) potential. VMS gold deposits are more common in Quebec than anywhere else in the world. Maudore's total land package is now 83,757 hectares (207,000 acres or 323 sq.mi), larger than New York City.