Majescor Resources Inc.

Majescor Resources Inc.

October 12, 2006 08:30 ET

Majescor Completes Surface Sampling of the Besakoa Gold/Base Metal Prospect in Madagascar-Core Drilling to Commence in November

MONTREAL, QUEBEC--(CCNMatthews - Oct. 12, 2006) - Majescor Resources Inc. ("Majescor") (TSX VENTURE:MAJ) is pleased to announce that ground surveying work has commenced on the Besakoa polymetallic prospect in southern Madagascar, in preparation for a first phase of core drilling planned for November. The reconnaissance surveying program completed to date includes the collection 53 surface rock samples for gold and base metal analysis. The samples have been submitted to ALS-Chemex laboratories in Johannesburg, South Africa. Final analytical results are expected shortly.

The Besakoa prospect is a historical copper-zinc-silver-gold occurrence with compositional similarities to the Bisha polymetallic deposit in Eritrea held by Nevsun Resources Ltd. The Besakoa property holds a series of sulphide occurrences which have never been fully investigated. The property was last explored over 40 years ago. A map showing the location of Majescor's properties in Madagascar is available on the Company's Website at: .

In an effort to advance its exploration development strategy, Majescor is also pleased to announce that it has retained the services of Dr. C. Tucker Barrie, P. Geo., as senior technical advisor to the Company's for its Madagascar gold and base metal projects, including the design and supervision of the Besakoa property exploration program. Dr. Barrie is a prominent Canadian expert on the geology and geochemistry of volcanogenic massive sulphide ("VMS") and Ni-Cu-PGE magmatic sulphide deposits, and has extensive geological experience on the Bisha VMS deposit in Eritrea. He has authored or co-authored over 80 scientific papers, maps and abstracts on these and related topics.

Majescor has also retained the services of the Malagasy firm Societe GLW Conseil, based in Antananarivo, to conduct an environmental impact study ahead of the proposed core drill program at Besakoa.

The acquisition of four new gold and base metal properties in Madagascar, in addition to the current Daraina project, where recent surface results returned grades of up to 87g/t gold and 75 g/t silver (Majescor August 17, 2006 press release), is a key element in Majescor's strategy to investigate alternative mineral development opportunities in areas of the world where it is actively seeking diamonds. It also reflects Majescor's strong belief in the vast untapped mineral potential of Madagascar, a country that hosts numerous historical precious and base metal occurrences, many of which have never been evaluated using modern exploration methodologies.

This press release was prepared by Pascal Marchand, P. Geo., project geologist, who is the "Qualified Person" as defined under National Instrument NI 43-101.

Majescor 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 acquired gold and base metal properties in Quebec and Madagascar.

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

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