Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

October 31, 2005 16:00 ET

Majescor Arranges $1.3 Million Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Oct. 31, 2005) - Majescor Resources Inc. (TSX VENTURE:MAJ) that it has arranged a brokered private placement with a syndicate of Agents led by Canaccord Capital Corporation and including Dundee Securities Corporation to raise up to $1.3 million.

The private placement will comprise up to 10 million flow-through shares at a price of $0.13 per flow-through share. The agent will be paid a cash fee equal to 7.5 percent of the gross proceeds raised in the offering. The agent will also receive agent warrants entitling it to purchase that number of non flow-through common shares which is equal to 10.0 percent of the offering at an exercise price of $0.15 for a period of two years.

The Agents have also been granted an over allotment option for an additional 5,000,000 flow-through shares. The offering is expected to close on or about November 22, 2005.

The flow-through shares and the agent warrants will be subject to a hold period of four months plus one day from the closing date. The gross proceeds from the sale of the flow-through shares shall be used for diamond exploration on the company's Canadian projects.

About the Company:

Majescor is an exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar through its wholly owned subsidiary Tropic Diamonds.

To find out more about Majescor Resources Inc. (TSX VENTURE:MAJ), visit our website at www.majescor.com

This press release is available on the Majescor IR HUB for investor commentary, feedback and questions. Investors are asked to visit www.agoracom.com/IR/Majescor. Alternatively, investors are asked to e-mail all questions and correspondence to MAJ@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.

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

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