Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

August 21, 2012 08:00 ET

Majescor intersects 145 m of 0.38% Cu, 0.71 g/t Ag, 0.14 g/t Au and 10.92 ppm Mo in hole D-014 at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti

Completes Five Drill Holes at Faille B Gold Prospect

MONTREAL, QUEBEC--(Marketwire - Aug. 21, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report that drill hole D-014 which targeted the northwest portion of the Douvray porphyry copper-gold prospect, Northeast Haiti, has intersected 145 m grading 0.38% Cu, 0.71 g/t Ag, 0.14 g/t Au and 10.92 ppm Mo (from 15.5 m to 160.5 m), including 56 m of 0.71 % Cu, 1.24 g/t Ag, 0.21 g/t Au and 15.64 ppm Mo (from 15.5 m to 71.50 m; Table 1). Hole D-014 (Azimuth: 070°; Dip = -70°E; Depth: 236 m) tested the eastern extension of the West mineralisation zone. It was drilled off the same platform as hole D-005 (Dip:-90°; Depth: 391 m) which in January returned 0.60% Cu, 0.08 g/t Au, 0.88 g/t Ag over 212.80 m, the highest grade copper intersection over 200 m to date on the SOMINE project (see Majescor Press Release dated January 31, 2012). Historical hole KD-20 drilled by KWG Resources Inc. in 1997 (Azimuth: 300°; Dip:-70°; Depth: 332 m) was also collared off the same platform. Hole KD-20 had intersected 156.0 m of 0.42% Cu, 0.79 g/t Ag and 0.04 g/t Au (from 20.0 m to 176.0 m*). A map showing the location of the drill holes at Douvray is available at the Company's WEB site at www.majescor.com. Drill hole D-014, along with results from previously released drill intersections and historic drilling at Douvray can be seen 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 = 00824).

The Douvray copper prospect core drilling program which ended on July 19, 2012, comprised of 15 holes totalling 5,534.6 m. Analytical results for holes D-010, D-013, D-015, D-016 and D-017 are pending. The results from all 15 holes will form the basis of the Company's first National Instrument (NI) 43-101 compliant resource estimate at Douvray to be released this fall.

Faille B gold prospect drilling program

Majescor is also pleased to report that on July 27, 2012, the Company completed a small targeted core drilling programme (5 holes; total 639.50 m) at the Faille B vein gold prospect. The drilling focussed on the "Central Zone" of the Faille B prospect. It was designed to start the twinning of historical drill holes and commence the data validation process in preparation for a first NI 43-101 compliant resource estimate. Drilling at Faille B is scheduled to resume upon the award by the Haitian Bureau of Mines and Energy ("BME") of the Faille B Mining Exploitation Permit to Majescor's Haitian partner and title-holder SOMINE SA.

The Faille B gold prospect is located 1.8 km to the south of the Douvray copper-gold prospect, and along trend with recent gold discoveries in the Dominican Republic between 45 km to 86 km the Southeast. The quartz vein and shear hosted gold prospect was discovered by the United Nations Development Programme ("UNDP") in 1983 and was drill tested by the UNDP between September 1985 and May 1987 (the UNDP also excavated >15 trenches across the strike of the quartz-gold vein system). A total of 31 drill holes (3,186 m) tested the Faille B shear hosted structure over a strike length of 1.8 km utilizing a hole spacing of between 60 m to 250 m. Subsequent drill holes were positioned in intermediate locations to test lateral and vertical continuity and to confirm gold grade data for the purpose of developing an inferred resource estimate for the "Central Zone". The drilling and trenching revealed that the Faille B gold-bearing structure is exposed at surface for ~300 m along a NW strike, and up to 100 m across strike, and is open along strike and to depth. In Late 2009, Majescor/SACG and SOMINE SA completed nine (9) additional core drill holes (total: 935 m) at Faille B. The drilling was designed to test the western extension of the gold mineralization outlined previously by the UNDP. Drill hole FB-09-09 returned a significant intersection of 77 g/t Au uncut over 10.5 m (see Majescor Press Release dated August 18, 2011).

Table 1. Summary of best intercepts in Holes D-014
HoleAzimuthDipFrom (m)To (m)Width (m)Cu (%)Au (g/t)Ag (g/t)Mo (ppm)
D-014070 Degrees-70 Degrees15.50160.50145.000.380.140.719.21
Including 15.5071.5056.000.710.211.2415.64
15.5027.5012.001.980.843.265.98
* Source: Valls, R., 2004. Technical report of the geology and mineral resources of the Douvray - Blondin - Faille B copper and gold Prospects in Haiti. Technical report prepared for Ste-Geneviève Resources Ltd., 447 p. (available at www.sedar.com)

The Corebox® 3D model and sectional views of the Douvray prospect (www.corebox.net) highlight 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/).

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.

In other news

Majescor announces that, on August 14, 2012, in accordance with the Company's compensation policy and stock option plan, the Board of Directors granted to one Officer 500,000 stock options for a five-year period at $0.15. Each stock option entitles the holder to subscribe for one common share of Majescor.

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-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 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 Concession (valid for 25 years; renewable). The award by the BME of the two Mining Exploitation Permits to Majescor/SACG partner and title-holder SOMINE SA is pending.

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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