Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

October 01, 2013 14:32 ET

Majescor Announces Sale of 1% Royalty on Brauna Diamond Project

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 1, 2013) -

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Majescor Resources Inc. ("Majescor" or the "Corporation") (TSX VENTURE:MJX) announces the signing on September 30, 2013 of an Option Agreement with the joint venture partners (the "Purchasers") of the Brauna diamond property (the "Property") located in the State of Bahia, Brazil, to purchase the Corporation's 1% Gross Sales Royalty (the "Royalty") on the Property. Majescor had been granted the Royalty on the Property pursuant to a share purchase agreement executed on March 1, 2007 between Majescor and Vaaldiam Resources Ltd., the former owner of the Property (See Majescor Press Release dated February 15, 2007 at www.majescor.com).

Under the Option Agreement, Majescor hereby grants the Purchasers until March 31, 2014 the sole and exclusive irrevocable right and option (the "Option") to acquire the Royalty, in accordance with the following terms: (a) In order to acquire a 0.25% interest in the Royalty, the Purchasers shall pay $125,000 to Majescor on the effective date of the Option Agreement, upon which payment the Purchasers shall have acquired a 0.25% interest in the Royalty; (b) In order to acquire an additional 0.25% interest in the Royalty, the Purchasers shall pay an additional $125,000 to Majescor on or before December 31, 2013, unless otherwise extended by the parties under the Option Agreement, upon which payment the Purchasers shall have acquired a 0.50% interest in the Royalty; (c) Upon the Purchasers having completed the purchases above and having respected other terms and conditions outlined in the Option Agreement, in order to acquire the remaining 0.50% interest in the Royalty, the Purchasers shall pay an additional $250,000 to Majescor on or before March 31, 2014, upon which payment the Purchasers shall become the beneficial and legal owner of 100% of all of Majescor's right, title and interest in, to and under the Royalty. The Option may be exercised partially or in full, and, if exercised only partially, the Purchasers shall, for greater certainty, remain the legal and beneficial owners of any interest in the Royalty acquired pursuant to payments made in accordance with the provisions of the Option Agreement.

About Majescor Resources Inc.

Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. Majescor's portfolio of exploration projects includes: The Besakoa gold, base metal and graphite property in southern Madagascar (50%-50% joint venture with Sunridge Gold Corp.; on April 30 2013, Majescor entered into a non-binding Letter Agreement with Olympic Resources Ltd. ("Olympic") and Sunridge Gold Corp. ("Sunridge") whereby the Company and Sunridge agree to sell their respective 50% interest in Daraina Exploration SARL to Olympic); The Mistassini uranium exploration project in Quebec (under joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.). In the Republic of Haiti, Majescor, through its 100%-held subsidiary SIMACT Alliance Copper-Gold Inc., holds a majority interest SOMINE SA, a registered Haitian Company. SOMINE SA in turn holds 100% mineral rights to the Douvray porphyry copper-gold project and the Faille B gold project located in the Northeast mineral district of Haiti, near the port-city of Cap-Haitian. The Douvray and Faille B projects are each covered by a five-year renewable Mining Exploitation Permit awarded to SOMINE SA on December 21, 2012 and are collectively covered by a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. On January 15, 2013, Majescor published the first NI 43-101 compliant mineral Resource estimate for the Douvray porphyry copper-gold project (Inferred Mineral Resource of 189.5 Mt grading 0.30% Cu, 0.05 g/t Au, 1.12 g/t Ag and 23.05 g/t Mo at a base cut-off of 0.1% Cu).

On Behalf of Majescor Resources Inc.,

"Marc-André Bernier", M.Sc. P.Geo. (Québec and Ontario)

President & Interim CEO

To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-gold project as well as the Company's Mistassini uranium and Besakoa copper/gold properties, please visit our website at www.majescor.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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