Majescor Resources Inc.

Majescor Resources Inc.

October 31, 2007 09:21 ET

Majescor & Azimut Confirm Multiple Uranium Showings at South Rae, Nunavik, Quebec With Grades up to 0.57% U3O8 Over a 30-km Corridor

MONTREAL, QUEBEC--(Marketwire - Oct. 31, 2007) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MAJ) and Azimut Exploration Inc. ("Azimut") (TSX VENTURE:AZM) are pleased to update the results of their summer exploration program at the South Rae property in Nunavik, northern Quebec. Uranium mineralization has been confirmed over a 30-km-long prospective corridor with grades up to 0.57% U3O8 (12.5 pounds/ton U3O8). Most of the strong airborne uranium targets have yet to be assessed, further underscoring the uranium potential of the property. An additional 195 map-designated cells (CDC) were staked in September to protect high priority targets on the property, which now comprises 2,275 CDC covering 1,049 km2 across 6 blocks.

Assay results for 125 of the 129 rock samples submitted include:

- 35 samples with values higher than 0.05% U3O8, including 17 samples with values above 0.1% U3O8

- 56 samples with values between 0.01% and 0.05% U3O8

- 34 samples with values less than 0.01% U3O8

Three mineralized trends with assay values higher than 0.05% U3O8 are outlined in the southern half of the main claim block (please visit for a map outlining the trends). From north to south:

- an 8-km long trend including: 0.57% U3O8, 0.30% U3O8, 0.29% U3O8, 0.18% U3O8, 0.12% U3O8, and 0.11% U3O8

- a 6-km long trend including: 0.50% U3O8, 0.30% U3O8, 0.23% U3O8, 0.22% U3O8, 0.19% U3O8, 0.17% U3O8, 0.14% U3O8, and 0.11% U3O8

- a 3-km long trend including: 0.43% U3O8, 0.18% U3O8 and 0.13% U3O8

These three trends form a prospective corridor at least 30-km in length. Mineralized facies are pegmatitic dykes and granitic gneisses generally conformable to the regional foliation. Assays are still pending from the radioactive pegmatite outcrop on the property that returned the highest scintillation readings to date - 47,500 counts per second (Radiation Solutions®120).

Work performed at South Rae during the 2007 summer exploration program included:

- 5,200 line-km of helicopter-borne radiometric and magnetic surveying (Geo Data Solutions Inc.)

- the collection of 691 lake-bottom sediment samples for which results are pending (IOS Services Geoscientifiques Inc.)

- the prospecting of approximately 10% of the property and the collection of 129 rock grab samples (IOS Services Geoscientifiques Inc.)

- geochemical analysis of rock samples by aqua regia digestion and ICP (SRC - Saskatchewan Research Council laboratory in Saskatoon, an ISO-IEC 17025 accredited facility)

- geochemical analysis of lake sediment samples (Activation Laboratories in Ancaster, an ISO-IEC 17025 accredited facility)

The uranium potential of the South Rae property is further demonstrated by the results of the helicopter-borne geophysical survey, which were received after completion of the 3-week prospecting program. A preliminary analysis of the geophysical data outlined 12 well defined uranium targets with a cumulative length of 56 km. These targets may lead to the discovery of significant additional mineralized zones. The target type on the property is mainly large-scale intrusion-related deposits and structurally-related mineralization potentially amenable to open pit mining. Over the next few months, Majescor and Azimut will review all the results obtained this year and will prepare a comprehensive program for 2008.

This press release was approved by Zoran Madon, P.Geo., Majescor's Exploration Manager, acting as the "Qualified Person" for the Company under National Instrument 43-101.

In other news, Majescor has granted 150,000 options to a new Director at a strike price of $0.16 per share with an expiry date of October 1st, 2012. Also, Shield Mining Ltd. has informed Majescor that it will not proceed with the MOU signed, (as per the August 8th, 2007 Press Release), on the Besakoa property in Madagascar.

Majescor Resources is a dynamic and well funded exploration company with uranium properties in Quebec's Otish Mountains, two large uranium projects under option in the Nunavik district of northern Quebec, as well as a significant uranium interest in the Thelon Basin of Nunavut through its ownership position in Uranium World Energy. In addition to uranium, Majescor has the largest portfolio of diamond properties in Quebec, as well as diamond projects in Nunavut and in Madagascar. Majescor has further diversified its property portfolio by recently acquiring gold and base metal properties in Quebec and in Madagascar.

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

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