Majescor Resources Inc.

Majescor Resources Inc.

January 31, 2007 08:30 ET

Majescor and Azimut Sign Letter of Intent for the South Rae Uranium Property, Ungava Region, Quebec

OTTAWA, ONTARIO--(CCNMatthews - Jan. 31, 2007) - Majescor Resources Inc. ("Majescor")(TSX VENTURE:MAJ) and Azimut Exploration Inc. ("Azimut")(TSX VENTURE:AZM) are pleased to announce the signing of a Letter of Intent regarding the South Rae Uranium property, located in the Ungava Region of Northern Quebec.

The South Rae Uranium property is located on the eastern side of the Ungava Bay region of northern Quebec, 130 km southeast of the town of Kuujjuaq. The South Rae property covers a strong regional scale uranium anomaly in lake-bottom sediments. South Rae is located about 80 km south of Azimut and Northwestern Mineral Ventures' North Rae property, where initial surface sampling over a 3.3 km-long uranium zone yielded grades of up to 0.59% U3O8. (see Azimut's press releases dated October 11 and November 29, 2006). Majescor and Azimut believe that South Rae is part of the same district-scale uranium target as North Rae and may represent comparable exploration potential.

Andre Audet, Chairman of Majescor states: "The South Rae deal with Azimut, as is the case of our recent acquisition of gold and base metals projects in Madagascar, is part of our continuing effort to create additional shareholder value by taking advantage of other mineral development opportunities in the areas of the world where we are exploring for diamonds. Majescor's Uranium exposure in Quebec now includes a significant land position in the emerging Ungava region; an untested uranium showing in drill core grading 0.20% U3O8 over 4.50m discovered in 2004 on our Mistassini property in partnership with Superior Diamonds Inc. (see Majescor press release dated October 4, 2004); as well as 14,700 hectares of prospective Precambrian terrain on our Lac Laparre property in the Otish Mountains, which is located 25 km northeast of Strateco's Matoush uranium prospect where grades of up to 2.1% U3O8 over 12.4 metres have been intersected (see Strateco press release dated, December 22, 2006). Majescor also holds 3 million shares of Uranium World Energy, a private company, soon to be public, which has an 80% interest in De Beers Canada Exploration Inc. ("De Beers") Baker Lake Uranium project in the Thelon Basin area of Nunavut."

The South Rae Uranium property consists of three blocks of claims totaling 1,861 claims with a surface area of 858 km2. This includes 475 claims recently staked, for which confirmation is pending by the Quebec Ministry of Natural Resources and Wildlife. The largest claim block on the property has a 65-km strike length extension.

Majescor can acquire a 50% interest by spending $4.6 million in exploration over a 5-year period and may acquire an additional 15% interest upon delivery of a bankable feasibility study. A cash payment of $100,000 is due on signing, $83,000 on the first anniversary and $50,000 on the three subsequent anniversaries for a total of $333,000. Majescor will also issue 710,000 common shares on signing and an additional 710,000 common shares on the first anniversary (subject to a 4 month hold period). This option agreement remains subject to the approval of the regulatory authorities.

Further details on the South Rae Uranium property and deal, including a location map, are available on the Company's Website at

In other news Majescor has advised De Beers that it has elected not to continue with the Hardy Lake and Upper Carp Lake exploration projects in the Northwest Territories.

This press release was prepared by Marc-Andre Bernier, P. Geo., President & CEO of Majescor, who acts as the qualified person under NI 43-101.

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 Quebec and Madagascar.

To find out more about Majescor Resources Inc. (TSX VENTURE:MAJ), visit our website at

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

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