Majescor Resources Inc.

Majescor Resources Inc.

July 12, 2010 09:00 ET

Majescor Announces: Sunridge Gold Starts Exploration Program at Besakoa Gold-Copper-Zinc Project, Madagascar

MONTREAL, QUEBEC--(Marketwire - July 12, 2010) - Majescor Resources Inc. ("Majescor" or "the Company") (TSX VENTURE:MJX) is pleased to announce that an initial exploration program has recently started by Sunridge Gold Corporation ("Sunridge") at the Besakoa gold-copper-zinc volcanogenic-massive-sulphide (VMS) Project in south central Madagascar. The current work program at Besakoa property is expected to take 2-3 months and will focus on several high priority geophysical anomalies that coincide with the VMS-type surface gossan showings. The Besakoa covers approximately 60 square kilometers in south-central Madagascar and can be accessed by road from the port city of Toliara. This property is in a similar geological environment as the Company's Asmara Project in Eritrea where Sunridge has had great success discovering large VMS deposits over the past five years. 


Sunridge can earn an initial 50% interest in the Besakoa property by spending US$2,000,000 by September 2011and issuing 500,000 Sunridge shares to the owners Majescor Resources Inc. ("Majescor"; MJX/TSX.V). Upon acquiring a 50% interest in the Property, Sunridge will then have the right to acquire an additional 25% (total 75%) by spending an additional $2,500,000 by the end of the third year and by issuing Majescor an additional 500,000 common shares of Sunridge.

Upon acquiring a 75% interest in the Property, Sunridge will have a one-year period in which to elect to acquire the remaining 25% interest in the Property at the fair value determined at that time by an independent valuation or as agreed between the parties in cash or, at the election of Sunridge, in the equivalent value of Sunridge common shares subject to regulatory approval.


This island nation is a new up and coming mining jurisdiction in Africa. It has a great deal of geological diversity and is mostly under-explored. The democratic government has recently been re-elected and is strongly supportive of business and foreign investment. The mining laws are stable and comprehensible. There are at least two very large new mining projects underway in the country; Sherritt is building a US$3 billion+ nickel-cobalt laterite mine on the west coast of Madagascar and Rio Tinto is reported to be planning to spend over US$1 billion to develop a titanium sands project on the east coast. Alcan is also apparently looking to develop a large bauxite deposit on the island.

About Sunridge:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. 

Sunridge has approximately 76 million shares outstanding and approximately $5 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. 

About Majescor Resources Inc:

Majescor is a junior explorer focusing on emerging mineral districts. Majescor currently holds a 10% interest in SIMACT Alliance Copper-Gold Inc. ("SACG"). On January 27, 2010, the Company announced it was exercising its option to acquire all of the remaining issued and outstanding common shares of SACG (see press release dated January 27, 2010). SACG holds title to 68.7% of all the issued and outstanding shares of SOMINE SA, a company incorporated under the laws of the Republic of Haiti. SOMINE SA's principal asset is its 100%-owned SOMINE copper-gold Property, located in the North-East mineral district of Haiti. Majescor's project portfolio also includes two uranium exploration projects in Quebec: Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Virginia Energy Resources Inc.) In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.)

The above press release is an excerpt of Sunridge Gold Corporation's press release dated July 8, 2010.

Forward-Looking Statements

This News Release may contain or refer to "forward-looking statements" which reflect Management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.While the Company anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements, except in accordance with applicable securities laws. Accordingly, readers are advised not to place undue reliance on forward-looking information.

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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