Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

November 10, 2006 16:00 ET

Majescor Closes $700,000 Private Placement With MineralFields Group

OTTAWA, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Majescor Resources(TSX VENTURE:MAJ) is pleased to announce that it has closed a private placement of flow-through shares with the MineralFields Group of Toronto for total proceeds of $700,000 (the "Offering").

In total, Majescor issued 4,375,000 flow-through common shares at a price of $0.16 per share. In connection with the Offering, Majescor paid a finder's fee of $42,000 (6% of the proceeds) and issued 306,250 non-transferable warrants to Limited Market Dealer, each warrant entitling the holder to purchase one common share of Majescor at a price of $0.16 per share until November 10, 2008. The securities issued pursuant to the Offering are subject to a four month hold period expiring on March 10th, 2007.

Majescor Resources is an aggressive exploration company with the largest portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar. Majescor has also recently acquired new gold and base metal properties in Quebec and Madagascar.

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

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assents under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Groups is available at www.mineralfields.com

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

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