Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

January 22, 2007 16:00 ET

Majescor Announces a $150,000 Private Placement with SIDEX

MONTREAL, QUEBEC--(CCNMatthews - Jan. 22, 2007) - Majescor Resources (TSX VENTURE:MAJ) is pleased to announce a non-brokered private placement totalling $150,000 with SIDEX. The Diversification of Exploration Investment Partnership (SIDEX Limited Partnership) was established by the Government of Quebec and the Solidarity Fund QFL. The gross proceeds of the private placement will be used for exploration work on the Mirabelli property in Quebec.

The private placement, which is scheduled to close on Thursday, January 25, 2007, consists of a $150,000 unsecured convertible debenture with a conversion price of $0.17 per unit. Each unit is composed of one common share and one share subscription warrant entitling the owner to subscribe to one common share of the Company for 24 months at a price of $0.20. The term of the unsecured convertible debenture is 24 months, the interest rate is 12% nominal, payable twice a year in cash or in shares, and is subject to TSX Venture Exchange approval.

Majescor Resources is an aggressive exploration company with the largest portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar. Majescor has also recently acquired new gold and base metal properties in Madagascar and Quebec.

The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release.

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