Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

March 13, 2012 08:00 ET

Majescor Reports 72 g/t Silver (2.3 oz/ton) Over 15 m in Supergene Oxide Zone and 0.43 % Cu and 17 g/t Ag Over 113 m in Sulphide Zone at Blondin Porphyry Copper-Gold Prospect, Northeast Haiti;...

...Second Drill rig on Site

MONTREAL, QUEBEC--(Marketwire - March 13, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report assay results for the first drill hole (B-001) at the Blondin porphyry copper-gold prospect, on its SOMINE porphyry copper-gold and vein gold-silver project in Northeast Haiti. Blondin is the second porphyry target on the SOMINE project which also includes the Douvray porphyry copper-gold prospect (see Majescor press release dated February 6, 2012).

Hole B-001 is located approximately 2 000 m to the Northwest of the Douvray prospect and it was drilled at an angle of -90° to a depth of 287 m. Hole B-001 returned the following intercepts:

Oxide zone: 72.4 g/t Ag and 0.05% Cu over 15.0 m (from 0 to 15.0 m);
Sulphide zone: 0.43% Cu, 0.02 g/t Au and 16.9 g/t Ag over 113 m (or 0.65% Cu equivalent* over 113 m) (from 173.0 to 286.0 m) including:
4.44% Cu and 6.2 g/t Ag over 1.5m (from 265.0 to 266.5 m);
and
0.44% Cu and 1.7 g/t Ag over 7.5 m (from 24 to 31.5 m);
0.27% Cu and 0.6 g/t Ag over 18.6 m (from 55.5 to 74.1 m).
* using Cu - US$3.00/lb; Au - US$1,200/lb; Ag - US$25.00/lb.

In addition to these results, both oxide and sulfide zones in hole B-001 host multiple anomalous tungsten assays (present value = ~$50/kg FeW) at >100 ppm (ICP analyses). Majescor has requested that the anomalous tungsten analyses be rechecked for their values using a separate analytical technique. High tungsten is also present in the supergene oxide zone at Douvray, and over limit assays will be rechecked there as well.

Daniel Hachey, President & CEO of Majescor commented that: "This first significant copper intercept in the sulphide zone at the Blondin prospect, together with the discovery of a new silver-enriched oxide cap, are very encouraging and complement the excellent results recently produced at Douvray. Having just closed a financing and adding a second drill on site to accelerate the 10,000 m core drilling program, the coming months should generate additional exciting results. We are very pleased with the progress made by our Haitian-Canadian exploration team and we are working hard to have all the elements in place for the delivery of a first NI 43-101 compliant resource estimate on the SOMINE project by year-end 2012."

Recent drilling at the Douvray porphyry copper prospect returned the following intercepts:

Hole D-001: 26.7 g/t Ag and 0.14 % Cu over 10.5 m in the supergene oxide zone and 0.50 % Cu, 1.47 g/t Ag, and 0.06 g/t Au over 231 m (or 0.56 % Cu equivalent* over 231 m) in the underlying primary sulphide zone (see Majescor press release dated December 13, 2011);

Hole D-002: 255 g/t Ag (7.4 oz/T), 0.35 % Cu, and 0.02 g/t Au over 13.5 m in the supergene oxide zone and 0.78% Cu, 0.10 g/t Au, and 2.82 g/t Ag over 295.1 m (or 0.87 % Cu equivalent* over 295.1 m) in the underlying primary sulphide zone (see Majescor Press release dated January 10, 2012);

Hole D-004: 277 g/t Ag (or 8.1 oz/T), 0.18 % Cu, and 0.04 g/t Au over 13.5 m in the supergene oxide zone (see Majescor press release dated February 1, 2012);

Hole D-005: 0.60% Cu, 0.08 g/t Au, 0.88 g/t Ag over 212.80 m in the primary sulphide zone at hole D-005 (see Majescor Press Release dated January 31, 2012);

Majescor is also pleased to report that a second Palo Verde Drilling Ltda drill rig is now on site at the SOMINE project and is presently collaring porphyry copper-gold targets along the southern side of the Douvray prospect. The arrival of the second drill coincides with the beginning of Phase 2 (6,500 m) of the SOMINE project core drilling program (total: 10,000 m). The aim of the drilling program is to delineate a first National Instrument (NI) 43-101 compliant resource estimate on the SOMINE project by year-end 2012.

Work is proceeding well on the SOMINE project now that the base camp is established at Roche-Plate and all Haitian and Canadian geologists and technicians have been fully integrated into the exploration program. The SOMINE project currently employs, in addition to Buscore Consulting staff, approximately 50 Haitians as geologists, technicians and various support staff, and another 50-100 Haitians as day laborers for drill moves and drill pad set-ups.

Northeast Haiti is active in terms of industry and economic development, with a recently completed campus for a new State University, and a large industrial park with port facilities under construction at Caracol, all within 20 km of the SOMINE project. The Haitian government is actively seeking foreign investment, and lists mining, ecotourism and agriculture as three significant growth areas. A recent meeting of the Haitian Government and the Club de Madrid (which includes ex-presidents of Latin American countries) in Port-au-Prince noted that developing a sustainable mining industry is an excellent way to build an economy and create employment for a developing country such as Haiti. Majescor and its Haitian partner SOMINE SA recognize this, and they are fostering this sentiment with the Haitian government.

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 G601 and 1D01 methods. Any samples registering >1 wt % Cu is reanalysed using a four-acid total digestion by ICP-ES (Code 8TD-Cu). 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.).

C. Tucker Barrie, Ph.D., P.Geo (Ontario) is the qualified person responsible for the technical data in this press release in compliance with National Instrument (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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