Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

February 11, 2010 11:25 ET

Majescor Appoints Daniel F. Hachey as President and CEO

MONTREAL, QUEBEC--(Marketwire - Feb. 11, 2010) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to announce the appointment of Mr. Daniel F. Hachey as President & CEO of the Company. Mr. Hachey replaces Mr. Marc-Andre Bernier who has stepped down to hold the position of Vice-President Exploration. Mr. Bernier remains on the Board of Directors of the Company. Majescor also announces that Mr. Jacques Letendre has resigned from the Board of Directors to become a Consultant to the Company. Mr. Letendre will be replaced on the Board of Directors by Mr. Hachey.

Mr. Hachey brings to Majescor a strong investment banking background with over 23 years of experience in the capital markets, largely in the area of public equity financings and private placements. Dan's extensive experience and knowledge of the venture capital market and of the junior resource industry will be instrumental to the future growth of Majescor, as the Company positions itself to become a leading copper and gold explorer in Haiti as well as in other emerging mineral districts around the World.

Mr. Hachey has held senior investment banking positions with a number of firms, and has worked in Toronto, New York and Montreal. Notable financings that Mr. Hachey has been a factor in include Glamis Gold Ltd. (acquired by Goldcorp Inc.); Canico Resource Corp. (acquired by Companhia Vale do Rio Doce ("CVRD"); Research in Motion; JDS Fitel (now JDS Uniphase); Alliance Communications (now Alliance Atlantis); as well as many other companies in various industries including mining, oil & gas, forest products, manufacturing and technology.

Mr. Hachey has also been active in the area of mergers and acquisitions and other advisory work. Most recently, he was President and CEO of Xinergy Ltd. (XRG:TSX, formerly Greenwich Global Capital Inc.). In addition, Mr. Hachey has held Board of Directors positions with both public (NASDAQ, AMEX, TSX and TSX-V) and private companies.

Mr. Hachey Holds an MBA degree in Finance from McGill University. Prior to that he was enrolled in a Master of Science program at Universite de Montreal after earning a B.Sc, degree from Concordia University.

Subject to approval of the TSX Venture Exchange and in accordance with the compensation policy and stock option plan of the Company, Mr. Hachey will receive 500,000 stock options of the Company. Each stock option entitles the holder to subscribe for one common share of Majescor at a price of $0.24 per share for a five-year period.

About Majescor Resources Inc.

Majescor is a junior explorer focusing on emerging mineral districts. Majescor currently holds a 10% interest in SIMACT Alliance Copper-Gold Inc. ("SACG"). On January 27, 2010, the Company announced it was exercising its option to acquire all of the remaining issued and outstanding common shares of SACG (see press release dated January 27, 2010). SACG holds title to 68.7% of all the issued and outstanding shares of SOMINE SA, a company incorporated under the laws of the Republic of Haiti. SOMINE SA's principal asset is its 100%-owned SOMINE copper-gold Property, located in the North-East mineral district of Haiti. Majescor's project portfolio also includes two uranium exploration projects in Quebec: Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Virginia Energy Resources Inc.) In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.)

To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), please visit our website at www.majescor.com.

Forward-Looking Statements

This News Release may contain or refer to "forward-looking statements" which reflect Management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Majescor Resources Inc.
    Andre Audet
    Chairman
    +1-613-241-5333
    andre@majescor.com
    or
    Majescor Resources Inc.
    Daniel F. Hachey
    President & CEO
    +1-905-206-1604