Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

February 17, 2009 16:03 ET

Majescor Closes Private Placement, Announces Additional Offering

MONTREAL, QUEBEC--(Marketwire - Feb. 17, 2009) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to announce the closing of the previously announced non-brokered private placement offering (the "Offering") of 2,000,000 units (the "Units) at a price of $0.10 each for gross proceeds of up to $200,000. Each Unit consists of one common share of the Company and one common share purchase warrant, which entitles the holder to acquire one additional common share of the Company at a price of $0.12 for a period of 24 months following the closing of the Offering. All securities issued in the Offering are subject to a four month hold period.

In total, management subscribed for 150,000 Units (7.5% of the Units offered under the Offering). This transaction will not have a significant affect on the control management exercises over the Company's voting securities. The Offering was approved by all of the Company's Directors.

The Company also wishes to announce its intention to proceed with a second non-brokered private placement (the "Second Offering") of 500,000 units (the "Second Offering Units") at a price of $0.10 each for gross proceeds of $50,000. Each Second Offering Unit consists of one common share of the Company and one common share purchase warrant which entitles the holder to acquire one additional common share of the Company at a price of $0.13 for a period of 24 months following the closing of the Second Offering. Directors and officers of the Company are expected to participate in the private placement for a total amount of approximately $25,000. All securities issued in the Second Offering will be subject to a four month hold period. Completion of the placement is subject to the approval of the TSX Venture Exchange.

The proceeds of the Offering and of the Second Offering will be used to fund the Company's general working capital.

Majescor is a junior explorer focusing on emerging mineral districts. Majescor's project portfolio includes two uranium exploration projects in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties include Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Santoy Resources Inc. and Otish Energy Inc.). In Nunavut, the Company holds 100% mineral rights to the Baker Lake uranium property. In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.) as well as 100% mineral rights to the Mirabelli gold and base metal property in Quebec.

On behalf of the Board of Directors of Majescor Resources Inc.,

Marc-Andre Bernier, President, CEO and Director

Forward-Looking Statements

This News Release includes certain "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. This news release also contains forward-looking statements regarding the Company's use of proceeds from the Offering. 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 Majescor Resources inc., 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.

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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