Maudore Minerals Ltd. currently has a team of geologists diligently working to update the Osbell gold resource. Maudore has completed 543 diamond drill holes (for 144,502.6 m) targeting the Osbell gold deposit since February 15, 2010, which was the cut-off date for the previous resource statement that was reported in the company's 43-101 report on September 22, 2010. On completion of the updated resource, Maudore will prepare an updated National Instrument 43-101 report, expected to be released before year-end 2012. Recent use of oriented core to map the 3D orientation of high grade gold bearing micro-and meso-scaled sulphide veins and enhanced modeling software has greatly enhanced Maudore's understanding of controls on mineralization. This increased understanding allows for the optimization of the orientation of search ellipsoids used in the interpolation of drill data to that of actual mineralization, the tangible benefit of which should be less variability in the assay database per ore zone and greater degree of certainty for ore classification. Importantly, previous delineation of open pit to underground resources at 150m below surface will be upgraded with a Whittle open pit mine optimization study. For the first time, an open pit shell will be presented allowing for estimations of operating expenditures. Three drill rigs are currently active for Maudore on the Comtois Property and two exploration drills have paused in consideration of the local moose hunt, which ends in mid-October. One drill is targeting gold in Magnetic Gabbro and the other is targeting a volcanogenic massive sulphide-style lead-zinc anomaly immediately west of the Osbell deposit.

In 2013, the company plans to add to and further refine this study to complete a Pre-Feasibility Study ("PFS") of the deposit.