Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

August 15, 2006 09:00 ET

Majescor and Forest Gate Commence New Exploration Program Designed to Fast-Track Results at Portage, Quebec

MONTREAL, QUEBEC--(CCNMatthews - Aug. 15, 2006) - Majescor Resources Inc.("Majescor")(TSX VENTURE:MAJ) and joint venture partner Forest Gate Resources Inc. (TSX VENTURE:FGT) report that exploration work has begun on the Portage property located in the Otish Mountains region of northern Quebec, immediately adjacent to the diamondiferous Renard kimberlite cluster currently being bulk-sampled by Ashton Mining of Canada.

The 2006 Portage exploration program focuses on several highly prospective areas identified as a result of new compilation work undertaken this spring and recently received mineralogical data from the 2005 till sampling program. It will involve prospecting, mapping, and till and soil geochemistry sampling. The budget for the field program, which is expected to take approximately six weeks to complete, has been set at $600,000.
The 2006 program incorporates new exploration approaches designed to fast-track the advancement of the project. Previous campaigns on Portage centered principally on till sampling for indicator minerals for which laboratory analytical turn-around times reached 6 to 9 months. One approach deemed to have the potential to yield new discoveries more quickly is prospecting for kimberlite float at the head of the dispersal trains of kimberlitic indicator minerals identified through last year's till sampling survey.

In addition, soil geochemistry will be used to evaluate and classify priority areas located outside the main dispersal trains. Should the soil geochemistry provide anomalous results, a larger glacial sediment sample collected at the same time will be submitted for indicator mineral analysis in order to develop targets for the next campaign. The geochemical sampling program has been designed by Mr. Yves Caron, an independent consulting geologist retained by Forest Gate. Mr. Caron worked ten years with SOQUEM, the majority of which was spent on the Renard kimberlite cluster. His recent M.Sc. dissertation is entitled "Geochemistry of the Secondary Environments of the Renard Kimberlites".

Final results have also been received and compiled for the 1,090 till samples collected in 2005. Kimberlite indicator mineral counts upwards of 50 grains have been reported. The mineral chemistry of the indicators is in keeping with that of previous campaigns, with a high proportion of chrome-rich subcalcic garnet and diamond-inclusion field chromite indicating an elevated diamond potential for the source rocks at Portage.

In other news, Majescor received TSX approval on August 11, 2006 for the re-pricing of previously granted stock options at a price of $0.15. Shareholders approval was received at the Annual General Meeting held July 13, 2006.

This press release was prepared by Jacques Letendre, P.Geo, Principal Consultant and director of Majescor, acting as qualified person for the company under National Instrument 43-101.

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.

To find out more about Majescor Resources Inc. (TSX-V: 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 http://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.

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