Maudore Minerals Ltd. reported that after close of markets on October 2nd, the company received a letter from Cyrus Capital Partners in its capacity as a manager to FBC Holdings S.A.R.L regarding defaults in the Credit Agreement covering FBC's $22 million secured term loan to Maudore and the state of negotiations with two major unsecured creditors at each of Maudore and its operating subsidiary Aurbec Mines Inc. At the same time, the company has been negotiating a consensual restructuring with its senior lender, its four major unsecured creditors and other stakeholders to implement its ongoing business plan. On September 30th, in order to preserve cash, the company chose to defer the payment of the Sept 30th interest due to FBC while negotiations continue. After the close of business on Oct.

02, 2013, Cyrus put Maudore on notice that, while they are still prepared to proceed with a consensual restructuring which would see the major unsecured creditors join them in supporting Maudore's business plan, they would move to enforce their security if agreements to implement a standstill and consensual restructuring are not signed by its four major unsecured creditors by 9:00 AM EDT on October 7th.