Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

May 23, 2012 08:00 ET

Majescor Intersects 0.232 % Cu Over 422.6 m at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti-Confirms Exploration Potential to Increase Tonnage Along Strike

MONTREAL, QUEBEC--(Marketwire - May 23, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report that drill Hole D-008 which targeted the southeast extension of the Douvray porphyry copper-gold prospect, Northeast Haiti, has intersected 0.232 % Cu over 422.60 m, the longest copper intercept on the SOMINE project to date. Hole D-008 (dip: -57°), which includes three significant sub-intercepts (Table 1), is located 520 m southeast of Hole D-005 (Dip: -90º), which in January yielded 0.60 % Cu over 212.80 m (see Majescor Press Release dated January 31, 2012). Hole D-008 results also confirm the presence of a wide zone of significant copper mineralization that extends vertically from surface to a depth approximately 250 m. Hole D-013, currently underway from the same platform (dip: -75º), is being drilled as an undercut hole to D-008 to test the continuity of the mineralization to depth. The extensions of the porphyry copper-precious metals system along strike to the southeast of hole D-008, including Dos Rada copper area, have yet to be drill tested. A map of the Douvray prospect area showing the location of the drill holes is available on the Company's website at www.majescor.com.

Table 1. Summary of best intercepts in Hole D-008
Hole Azimuth Dip From
(m)
To
(m)
Width
(m)
Cu
(%)
Ag
(g/t)
Au
(g/t)
D-008 070º -57º 17.00 439.60 422.60 0.232 0.42 0.03
including 54.50 144.50 90.00 0.310 0.51 0.03
including 236.20 287.95 51.75 0.384 0.66 0.08
including 313.45 423.10 109.65 0.300 0.60 0.04

Daniel Hachey, President & CEO of Majescor stated: "We are very pleased with the results from this latest hole at the Douvray porphyry copper-gold prospect which has extended the limits of the mineralisation defined by historical drilling by almost 300 m to the southeast. Hole D-008, once integrated in the resource estimate should demonstrate the exploration potential to increase tonnage at Douvray."

To date, the Company has completed 15 holes totalling 5,012 m out the planned 10,000 m core drilling program initiated on the SOMINE project in October 2011. The principal aim of the drilling is to replicate significant historical copper intercepts, expand tonnage, and provide sufficient additional data for a first National Instrument ("NI") compliant mineral resource estimate on the project this year, to be followed by a scoping study. In an effort to expedite the resource estimate process, a third Palo Verde Drilling Ltda core drilling rig has been mobilized to the project. This new, more powerful drill will allow Majescor to delineate the extensions of the mineralisation and test new targets to depths of over 600 m. The Company has also completed and released favourable preliminary metallurgical testing results with the best locked cycle tests yielded a recovery of 89.7 % from a concentrate grading 24.6 % Cu (see Majescor Press Release dated May 10, 2012).

Majescor also reports that the NI 43-101 mineral resource estimate of the Douvray prospect is progressing according to schedule under the leadership of GeoSim Services Inc. and Buscore Consulting Ltd, and in collaboration with Majescor. The resource estimate, currently planned for release in August, will incorporate historic and current drill holes up to and including D-008 as well as a recently completed Specific Gravity (SG) study. An updated mineral resource estimate which will include the remaining drill holes planned for this phase of drilling is expected to be completed in October and will form the basis of a first NI 43-101 compliant scoping study on the SOMINE project to start by year end.

SIMACT Alliance Copper Gold Inc. ("SACG"), Majescor 100%-held subsidiary, is the operator of the SOMINE exploration program, per its agreement with partner and project title holder, SOMINE SA.

Core sampling, analysis and quality control

Core samples from the SOMINE project are cut in half using a rock saw. The half samples are sent to AcmeLabs' sample preparation and expediting facility in the Dominican Republic (www.acmelab.com). All analytical work is performed at Acme's laboratory in Santiago, Chile. All samples are analyzed by Agua Regia digestion, 1DX2 ICP-MS method. Any samples registering >1 wt % Cu is reanalysed using a four-acid total digestion by ICP-ES (Code 8TD-Cu), and an sample returning a value of greater than 100 ppb gold is reanalysed using gold Fire Assay AA finish. AcmeLabs is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Quality control protocols in place by Majescor/SACG consist of the insertion of one blank, one reject duplicate and one of three different certified reference standard materials in every batch of 20 samples. Core recovery in the mineralized zones has been averaging greater than 90% to date.

About the SOMINE Project

The SOMINE project consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed between SOMINE SA and the State of Haiti on May 5, 2005 and valid until March 9, 2020. SOMINE SA has also carried-out systematic soil sampling and prospecting work over four Prospecting Permits encompassing four 100 km2 areas lying to the East, South and Southeast of the permit subject to the Mining Convention. SOMINE SA has requested the conversion of 3 of 4 prospecting licenses to exploration licences (50 km2 each) and has filed all technical and source documents in support of its application with the Haitian Bureau of Mines (BME).

About SIMACT Alliance Copper Gold Inc. and SOMINE SA

SIMACT Alliance Copper Gold Inc. ("SACG") is a 100%-held subsidiary of Majescor. SACG is the majority shareholder of SOMINE SA, a registered Haitian corporation holding 100% of the mineral rights to the SOMINE project. SOMINE SA has designated SACG as the Technical Operator of the SOMINE project exploration programme.

About Majescor Resources Inc.

Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. In addition to the SOMINE project, Majescor's project portfolio includes the Mistassini uranium exploration projects in Quebec (under Joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) the Besakoa gold and base metal property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.).

Dale Schultz M.Sc., P.Geo. (Manitoba and Saskatchewan), of Buscore Consulting Ltd (www.buscore.net) is the qualified person responsible for the technical data in this press release in compliance with National Instrument ("NI") 43-101. This press release has been reviewed by Marc-André Bernier, M.Sc., P.Geo. (Québec and Ontario), Director of Majescor and a qualified person under NI 43-101.

To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-gold Property as well as the Company's Mistassini uranium and Besakoa copper/gold properties, please visit our website at www.majescor.com.

Forward-Looking Statements

This News Release may contain or refer to "forward-looking statements" which reflect Management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. 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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