Majescor Resources Inc.

Majescor Resources Inc.

March 05, 2007 08:30 ET

Majescor Acquires 100% of the Uranium Rights at Mistassini in the Otish Mountains, Quebec; Stakes Additional 21,000 Hectares Around its Lac Mantouchiche Uranium Showing

MONTREAL, QUEBEC--(CCNMatthews - March 5, 2007) - Majescor Resources Inc. ("Majescor") (TSX VENTURE:MAJ) is pleased to announce that it has entered into an agreement with its joint-venture partner Superior Diamonds Inc. ("Superior Diamonds") to acquire 100% of the uranium rights on the Mistassini property located in the Otish Mountains district of Quebec. Superior Diamonds will retain 100% of the diamonds rights on the property.

Subsequent to this agreement, the joint venture partners have moved to significantly augment their land holdings for uranium by staking an additional 21,000 hectares of ground around the Mistassini property. The Mistassini property is host to the Lac Mantouchiche uranium showing, an uranium occurrence in drill core grading 0.20% U3O8 over 4.50 metres discovered by Majescor and Superior in 2002 (Core Drill Hole MISF-02-08). The uranium occurrence in drill core has never been followed up on.

Majescor's Chairman, Andre Audet states: "To the best of our knowledge, our Mistassini property uranium showing is one of the most significant recent uranium intersections in drill core in the Otish Mountains outside of Strateco's Matoush property, where one of the best reported drill intersections to date has been 2.13% U3O8 over a core length of 15.2 metres (Strateco news release dated February 20, 2007). Majescor, through its extensive exploration experience in northern Quebec, its strategic land positioning, its established network of collaborators from both regional government and industry, and its recent option agreement with the Santoy-Melkior uranium Joint Venture at Lac Laparre is well positioned to capitalize on the unprecedented level of uranium interest in the Otish Mountains district. Uranium continues to be a sought-after commodity as is reflected by its current price of $US85 per pound U3O8, already an 18 % increase over its record 2006 closing price of $US72. International uranium supplies are limited and new deposits must be found to meet future world demand."

The terms of the Agreement, which is subject to regulatory approval, stipulate that in exchange for providing 100% rights for uranium to Majescor, Superior Diamonds will retain 100% diamonds rights and a 2% Yellow Cake Royalty for uranium. Majescor retains a 2% royalty for diamonds.

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 and well funded exploration company with uranium properties in Quebec's Otish mountains, a large uranium property in the Ungava region 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 the Northwest Territories, Nunavut, and Madagascar. Majescor has further diversified its property portfolio by recently acquiring 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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