Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

July 26, 2012 08:00 ET

Majescor Intersects 0.25% Cu, 0.72 g/t Ag, 0.03 g/t Au and 9.21 ppm Mo over 294 m in Hole D-012 at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti-Files Application...

...for Two Mining Exploitation Permits

MONTREAL, QUEBEC--(Marketwire - July 26, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report that drill hole D-012 which targeted the southeast portion of the Douvray porphyry copper-gold prospect, Northeast Haiti, has intersected 0.25% Cu, 0.72 g/t Ag, 0.03 g/t Au and 9.21 ppm Mo over 294 m (Table 1). Hole D-012, drilled at 070°(Dip = -85°E) to a depth of 302 m aimed to duplicate the results of historical hole ONU-008 drilled by the United Nations Development Program (UNDP) in 1976 as part of its initial assessment of the Douvray prospect. Hole D-012 is located on section, 190 m to the East of drill hole D-008 which recently returned 0.232 % Cu over 422.60 m, the longest copper intercept on the SOMINE project to date (see Majescor Press Release dated May 23, 2012). In addition, chalcopyrite mineralization was intersected in drill holes D-010 (Dip = -90°) and D-013 (Dip = -75° E) drilled from the same platform as D-008 (Dip = -60° E). Samples for these holes have been submitted to Acme Labs analytical services in the Dominican Republic and complete assay results are pending. The mineralization encountered within these four holes conforms to the geometry noted on adjacent cross sections with the stronger copper mineralization (chalcopyrite/bornite) occurring within the mafic volcanic rocks i to a central porphyritic intrusion. A map showing the location of the drill holes at Douvray is available at the Company's WEB site at www.majescor.com

Majescor is also pleased to report that on June 21, 2012, SIMACT Alliance Copper-Gold Inc. ("SACG"), a wholly-owned affiliate of the company and Haitian partner SOMINE SA, holder of the SOMINE project Research Permit, submitted two independent technical reports (non-National Instrument (NI) 43-101 compliant) authored by Montréal-based engineering firm AECOM Inc. to the Haitian Bureau of Mines and Energy ("BME") in Port-au-Prince. The first report is on the Faille B gold prospect and the second is on the Douvray porphyry copper-gold prospect. The technical reports were filed pursuant to SOMINE SA's obligations under the Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020, and in support of SOMINE SA's application to have the 50 km2 SOMINE Research Permit converted to: one (1) 25 km2 Mining Exploitation Permit covering the Blondin-Douvray-Dos Rada porphyry copper system which contains the Douvray porphyry copper-gold prospect; and one (1) 20 km2 Mining Exploitation Permit covering the Faille B vein gold prospect and host shear structure. The SOMINE Research Permit expired on June 22, 2012. Under the terms of the Mining Convention (Article 17), and conditional upon SOMINE SA honouring other provisions set-out in the Mining Convention, upon receiving the two technical reports, the BME has thirty (30) days to issue the two Mining Exploitation Permits. Under Haitian mining law, a Mining Exploitation Permit is valid for five (5) years and is renewable until the start of commercial mining at which time the permit shall be converted to a Mining Concession (valid for 25 years; renewable).

Daniel Hachey, President & CEO of Majescor stated: "The results from Hole D-012 are consistent with previously released drill results and they continue to demonstrate continuity in widths, depth and grade of the copper and precious metal mineralisation at Douvray, key elements for building volume and tonnage. To date, we have completed 17 holes (6,029.80 m) at Douvray. Our team of consultants, GeoSim Services Inc. and Buscore Consulting Ltd, are currently going through the final verifications on our first NI 43-101 compliant resource estimate at Douvray, slated for release shortly. This first resource estimate will focus on copper exclusively and it will incorporate some historic and all current drill holes up to and including D-008. We are planning an updated resource estimate which will include the remaining nine (9) drill holes at Douvray for release in October of this year. This revised estimate will form the basis of a first NI 43-101 compliant Preliminary Economic Assessment on the SOMINE project to start by year end."

Mr. Hachey continued: "Our partner SOMINE SA's recent application for two Mining Exploitation Permits in replacement of the original 50 km2 Research Permit also marks an important milestone in the 17-year history of the SOMINE project. SOMINE is the first mineral exploration project in Haiti to reach the mining permitting stage since the enactment of the current Haitian mining code in 1976. The BME's decision is expected shortly".

Table 1. Summary of best intercepts in Holes D-012
Hole Azimuth Dip From
(m)
To
(m)
Width
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(ppm)
D-012 070º -85º 8.00 302.00 294.00 0.25 0.03 0.72 9.21
Including 39.20 89.45 50.25 0.38 0.06 0.77 14.87
151.50 172.50 21.00 0.24 0.03 0.70 7.54
198.00 226.50 28.50 0.30 0.01 0.76 9.19

Drill hole D-012, along with results from previously released drill intersections and historic drilling at Douvray are shown in a new three-dimensional ("3D") model of the Douvray prospect available at www.corebox.net. Sectional view of the drilling can also be seen within the CoreBox® WEB application. (Section ID = 00652). The Corebox® model highlights the extent of copper gold and silver mineralization underneath the ridge forming the topographic high that is over 200 m above the alluvial plane. Geological 3D modelling of the Douvray copper mineralization using Gemcom's Surpac™ resource modelling software (under license to CanMineX Enterprises Ltd.) displays features of a "typical" porphyry copper deposit with a steep walled cylindrical central core comprised mostly of felsic porphyritic intrusive rock surrounded by mafic volcanic rocks. The mineralization occurs as disseminations or stockwork veins that appear to be concentrated in two steep strongly mineralized chutes on opposite sides of the central porphyritic core and with higher copper grades occurring within the mafic volcanic rocks closest to the core. Significant mineralization also occurs above the core giving an overall northwest/southeast trending anticlinal geometry to the copper mineralization.

Through the Corebox® Google Earth® plug-in, it can also be seen that the Douvray prospect is located at a horizontal distance of 11.68 km southeast of a deep water port under construction at the Caracol industrial park (www.ute.gouv.ht/caracol/index.php/).

As of July 23, the Company has completed 28 drill holes totalling 7,668 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 and apply NI 43-101 QA/QC standards, expand tonnage of the known copper mineralization, and provide sufficient additional data so a first NI 43-101 compliant mineral resource estimate can be completed on the Douvray prospect this year. This first NI 43-101 compliant mineral resource estimate will be followed by a Preliminary Economic Assessment.

SIMACT Alliance Copper Gold Inc. ("SACG"), a 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 Acme Labs' 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 sample registering >1 wt % Cu is re-analysed using a four-acid total digestion by ICP-ES (Code 8TD-Cu), and any sample returning a value of greater than 100 ppb gold is re-analysed using gold Fire Assay AA finish. Acme Labs 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. The Research Permit expired on June 22, 2012. On June 21, 2012 SOMINE SA filed two independent technical reports (non-National Instrument (NI) 43-101 compliant) to the BME in Port-au-Prince. The technical reports were filed pursuant to SOMINE SA's obligations under the Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020, and in support of SOMINE SA's application to have the 50 km2 SOMINE Research Permit converted to: one (1) 25 km2 Mining Exploitation Permit covering the Blondin-Douvray-Dos Rada porphyry copper system which contains the Douvray porphyry copper-gold prospect; and one (1) 20 km2 Mining Exploitation Permit covering the Faille B vein gold-copper prospect and host shear structure. Under the terms of the Mining Convention (Article 17), and conditional upon SOMINE SA honouring other provisions set-out in the Mining Convention, upon receiving the two technical reports, the BME has thirty (30) days to issue the two Mining Exploitation Permits. Under Haitian mining law, a Mining Exploitation Permit is valid for five (5) years and is renewable until the start of commercial mining at which time the permit shall be converted to a Mining Lease (valid for 25 years; renewable).

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 Permits to Research Permits (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 C. Tucker Barrie, Ph.D., P.Geo. (Ontario), Vice President Exploration, a 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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