Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

June 19, 2008 08:30 ET

Majescor Acquires De Beers' Interest in the Baker Lake Property, Thelon Basin-Property Hosts Numerous Untested Historical Uranium Occurrences

MONTREAL, QUEBEC--(Marketwire - June 19, 2008) - Majescor Resources Inc. (TSX VENTURE:MAJ) ("Majescor" or "the Company") announces that it acquired the remaining mineral rights from De Beers Canada Inc ("De Beers") for the Baker Lake property, located in the Thelon Basin area of Nunavut. Majescor now holds 100% of the mineral rights on the property. The Baker Lake property lies 30 km to the South of the Kiggavik group of uranium deposits held predominantly by Areva Resources Canada Inc. The property's geological setting is considered favorable to host Kiggavik-style uranium deposits associated with fault zones in off-basin basement rocks.

The Baker Lake property hosts 12 historical uranium showings in bedrock, ranging from grab sample assays as high as 14.07% U3O8 and chip sample sections of up to 0.13% U3O8 over 6.71 m:

- FC-08 Occurrence: fractures within the Christopher Island Fm; grab samples from one fracture ranged from 4.4% U3O8 to 10.0 % U3O8

- JB/79 Showing: fractures within the Christopher Island Fm. andesite; 0.13% U3O8 in chip sample over 6.71 m

- JJ/78 Showing: fractures within the Christopher Island Fm. andesite; grab samples taken from the shear zones range between 0.352% U3O8 and 0.405% U3O8

- WHO Occurrence: fractures within the Christopher Island Fm or Archean gneiss

- Longspur Pluton contact aureole; 0.177 % U3O8 fracture within gneissic granite

- Grizzly Occurrence: fractures within Archean gneisses; grab samples up to 14.07 % U3O8

Majescor is committed to moving the Baker Lake uranium project forward. To this effect, the Company has undertaken a comprehensive review and analysis of previous exploration results on the property. The Company has retained the services of consultant MB Geosolutions of Quebec-city to reprocess radiometric, magnetic and electromagnetic data from a proprietary 5,992 line-km airborne geophysical survey of selected parts of the property conducted in 2006, and to prioritize targets for ground follow-up. A preliminary analysis of the geophysical survey results carried out in 2007 had identified close to 400 discrete point-source uranium anomalies and linear uranium highs. A focused ground exploration program is in the planning stage for the fall of 2008. This program will aim to start investigating a number of both the "high priority" airborne geophysical targets outlined by MB Geosolutions, and of the numerous mineralized bedrock, boulder and soil geochemistry targets listed in a NI 43-101 compliant report completed on the uranium property in 2007.

The Baker Lake property comprises of 109 mineral claims staked for uranium as well as 23 mineral claims staked for diamonds, for a combined total surface area of 1,032 km2.

The terms of the Acquisition Agreement, which is subject to Board and regulatory approvals, stipulate that De Beers shall assign and transfer all mineral claims and mineral rights forming the Baker Lake property and property area of interest to Majescor, such that after the transfer, Majescor shall be the 100% owner of the mineral claims and mineral rights. In consideration for the acquisition of the mineral claims and mineral rights, Majescor will issue common shares to De Beers with an aggregate value of $50,000 within 30 days of the execution of the Acquisition Agreement. Prior to this Acquisition Agreement, Majescor held 80% of the uranium rights and was earning 50% of the rights for diamonds.

Majescor is a dedicated uranium explorer focusing on emerging uranium districts. In addition to the Baker Lake property, Majescor's project portfolio includes four uranium exploration projects in Quebec: South Rae and West Minto (under option from Azimut Exploration Inc.); Mistassini (100%-owned; under option to Strateco Resources inc); and Lac Laparre (100%-owned; under option to Santoy Resources Inc. and Otish Energy Inc.). All four Quebec projects will undergo systematic ground exploration in 2008 with the aim of testing high-priority geophysical, geochemical and/or prospecting targets outlined in 2007.

This press release was approved by Jacques Letendre, P.Geo, Director of Majescor, acting as the "Qualified Person" for the Company under National Instrument 43-101.

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

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