Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.
Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC

Strateco Resources Inc.

November 27, 2008 09:30 ET

Majescor and Strateco Plan a Winter Exploration Program and Sign a Definitive Option Agreement for the Mistassini Uranium Property, Otish Mountains, Quebec

MONTREAL, QUEBEC--(Marketwire - Nov. 27, 2008) - Majescor Resources Inc. ("Majescor") (TSX VENTURE:MAJ) and Strateco Resources Inc. ("Strateco") (TSX:RSC) (OTCBB:SRSIF) (FRANKFURT:RF9) are pleased to report that they have executed a definitive option agreement (the "Agreement") for Majescor's Mistassini uranium property (the "Property"). The Property is host to the Lac Mantouchiche uranium showing where Majescor drilled an 18.5-metre intersection grading 0.215% U3O8 near-surface in hole MIST-07-03 (see Majescor's press release dated May 29th, 2008).

Strateco is currently planning an exploration program for the Property with the aim of outlining the strike and dip extensions of the Lac Mantouchiche uranium prospect by core drilling. As a precursor to the drilling campaign, Strateco plans to complete a 1,000 line-kilometre helicopter-borne geophysical survey over the Property before the end of 2008. The objective of the survey is to collect horizontal gradient magnetic and frequency domain electromagnetic data which will be used to resolve any faults/fractures which may be controlling structures for uranium mineralization both in the area of the Lac Mantouchiche showing and elsewhere on the Property.

A final Option and Joint Venture Agreement between Majescor and Strateco was executed last week. Under the terms of the Agreement, which is subject to regulatory approval, Strateco can earn a 60% interest in Majescor's uranium rights on the Property by incurring $1.3 million in exploration expenditures over three years, including a firm $500,000 commitment in Year 1.

The Property, for the purpose of the Agreement, is comprised of 171 map-designated claims with a total surface area of 91.15 km2. During the option period, Strateco will be the sole operator for all uranium exploration and will have full and exclusive access to the Property. Northern Superior Resources Inc., which holds 100% of the rights for diamonds and 50.5% of the rights for all mineral substances other than diamonds and uranium, is entitled to a 2.0% Yellow Cake Royalty on the Property.

This press release has been approved by Jean-Pierre Lachance, P.Geo., Executive Vice President of Strateco Resources Inc., and Marc-Andre Bernier, P.Geo., President and CEO of Majescor Resources Inc., both qualified persons as defined by National Instrument 43-101.

This press release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia and Quebec, and in the 10-KSB annual report filed with the US Securities and Exchange Commission.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • STRATECO RESOURCES INC.
    Guy Hebert
    President and Chief Executive Officer
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)
    ghebert@bbhgm.com
    or
    STRATECO RESOURCES INC.
    Jean-Pierre Lachance
    Executive Vice President
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)
    jplachance@bbhgm.com
    or
    STRATECO RESOURCES INC.
    Audrey Vezina Angus
    Investor Relations
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)
    avezina@bbhgm.com
    www.stratecoinc.com
    or
    MAJESCOR RESOURCES INC.
    Marc-Andre Bernier
    President and Chief Executive Officer
    613-241-5333
    613-241-8632 (FAX)
    marc-andre@majescor.com
    or
    MAJESCOR RESOURCES INC.
    Maureen Doherty
    Manager Corporate Communications
    613-241-5333
    613-241-8632 (FAX)
    maureen@majescor.com
    www.majescor.com