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FSC / Press Release


Maudore Minerals Closes on Over $2 Million @ $8 per Share On a Bought-Deal Basis


NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.


Montreal, Quebec CANADA, March 23, 2011 /FSC/ - Maudore Minerals Ltd. (MAO - TSX Venture, M6L - FWB), (the "Company") is pleased to announce closing on March 21 of a private placement financing on a bought-deal basis as announced March 10, 2011, of 258,202 units ("Units") for gross proceeds of $2,065,616. As a result of the proposed future treatment of this type of financing in the recently announced Federal Budget in Canada, the Company and Oberon Capital Corporation ("Oberon") have agreed that Oberon will not exercise its option to sell further Units.


Each Unit is comprised of one common share of the Company, issued as a flow-through share ("Flow-Through Share") and one-half of one common share purchase warrant, with each whole common share purchase warrant, ("Warrant") exercisable at $8.00 per share for a period of 18 months, expiring September 21, 2012. The price per Unit of $8.00 represented a premium of approximately 54% to Maudore's March 18, 2011 closing price on the TSX Venture Exchange. The Company paid a commission of 5% of the gross proceeds of the Offering to Oberon. The Flow-Through Shares and Warrants are subject to a four-month hold period, which will expire on July 22, 2011.


Ron Shorr, Chairman and CEO, stated that "hard on the heels of our drilling results announcement at the beginning of the week, we look forward to using these proceeds to continue exploring the Comtois Gold Project. This is the third announcement of funds raised since the end of 2010, totally about $111/2 million, all at $8 per share, a sizeable premium to the share price. This has resulted in only 8% dilution (fully diluted) and has funded all of Maudore's expected high level of exploration activities for the balance of this year."


After this closing, Maudore has 24,488,207 shares outstanding, 26,911,636 fully diluted. Proceeds from the sale of these Units will be used for exploration on the Company's Comtois Gold Project and the associated land area. Four drill rigs are currently working 24 hours a day, 7 days a week on the project.


About Maudore Minerals Ltd.

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 area 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, now 85,455 hectares (211,000 acres or 330 sq. mi), is larger than New York City.


On behalf of the Board of Directors of Maudore Minerals Ltd.:

Ronald Shorr, Chief Executive Officer Telephone: 514-761-1415

Email info@maudore.com Website: >http://www.usetdas.com/pr/maudoremarch2311.htm


Source: Maudore Minerals Ltd. (MAO - TSXV) >http://www.usetdas.com