Majescor Resources Inc.

Majescor Resources Inc.

November 11, 2008 10:42 ET

Majescor Reports on Uranium Exploration at South Rae, Quebec-Corporate Update

MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2008) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MAJ) is pleased to report on the latest uranium exploration results at its South Rae property, Nunavik, northern Quebec (under option from Azimut Exploration Inc.) ("Azimut"). Based on recently received final geochemical data from a lake bottom sediment survey conducted in 2007, at least four multi-kilometre uranium anomalies are defined within the main South Rae property block. All four anomalies fall along the trend of the prospective "Central uranium corridor" identified in 2007. The Central uranium corridor extends in a north-northwest direction along the eastern half of the main property block for a distance of at least 37 km and is up to 4 km wide, as determined from an updated geological compilation of the property which, in addition to the new geochemical data, includes results from close to 1,000 line-km of ground radiometric prospecting carried out in 2008. A map showing the location of the Central uranium corridor is available on the Company's website at

According to contractor Services Geoscientifiques IOS ("IOS") who carried out the geochemical survey, the main South Rae property block has yielded some of the most anomalous lake bottom sediment uranium assay results recorded to date in the Ungava Bay region, with a total of 119 samples (19.7%) out of 603 returning assay values in excess of 100 ppm U; an average value of 71.2 ppm U; and a maximum of 903 ppm U (0.11% U3O8).

The Central uranium corridor hosts numerous uranium-bearing outcrop zones with grab sample assays of up to 0.65% U3O8, two of which are at least 6 km long by up to 400 m wide: the Qairajutait Zone, located at the north end of the corridor, and the Tunulic Zone, located 21 km to the south (see Majescor Press Release dated August 8, 2008). The mineralization encountered in the Qairajutait and Tunulic zones is generally confined to pegmatites and pegmatitic granite dykes intruding biotite gneisses and migmatites, an environment that appears to be similar to that of the uranium mineralization at the Cirrus Zone at Azimut's North Rae property. Three shallow inclined core drill holes (totalling 147 m) were completed at the Qairajutait zone in August 2008. The drill program was designed to start testing the continuity of the surface mineralization within the first 50 m from the surface. Drill core assay results are pending as well as results from additional reconnaissance outcrop and boulder sampling carried-out across the property during the summer of 2008.

The South Rae property is comprised of 2,477 map-designated claims with a total surface area of 1,141 km2. Majescor and Azimut are targeting Rossing-type, large tonnage, intrusion-related uranium deposits amenable to open pit mining. Majescor can acquire up to a 65% interest in the South Rae property from Azimut by fulfilling its option agreement.

The lake bottom sediment samples were first prepared by IOS and then submitted to Activation Laboratories in Ancaster Ontario, where they were analysed for 59 elements using ICP-MS (aqua regia leach) and for 34 elements using Neutron Activation analysis.

In other news, the Company wishes to announce that the special meeting to solicit the approval of shareholders for the consolidation of the Company's common shares scheduled for November 17 has been postponed to December 1. The consolidation is subject to regulatory approval.

Majescor also wishes to announce that Marc Carbonneau, Chief Financial Officer ("CFO"), has left the Company on October 31 to pursue other interests. The Board of Directors would like to thank Mr. Carbonneau and wish him all the best in his new endeavours. The Board has appointed Khadija Abounaim to the position of CFO, effective November 3rd, 2008. Ms. Abounaim has been the Company's Controller for over 4 years.

Finally, the Company announces that, subject to regulatory approval, it will extend for a one year period the expiry date of 1,153,846 common share purchase warrants (the "Warrants") scheduled to expire on December 4, 2008. The Warrants were issued pursuant to a private placement with SODEMEX-II in December 2006 for gross proceeds of $150,000. A total of 1,153,846 Warrants were issued as part of the private placement, all of which remain to be exercised. Each Warrant entitles the holder thereof the right to purchase one common share of Majescor at a price of $0.20 and will expire on December 4, 2009.

This press release was approved by Marc-Andre Bernier, Majescor's President and CEO, acting as the "Qualified Person" for the Company under National Instrument 43-101.

Majescor is a dedicated uranium explorer focusing on emerging uranium districts. Majescor's project portfolio includes four uranium exploration projects in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties include South Rae and West Minto (under option from Azimut); Mistassini (100%-owned; under option to Strateco Resources Inc.); and Lac Laparre (100%-owned; under option to Santoy Resources Inc. and Otish Energy Inc.). In Nunavut, the Company holds 100% mineral rights to the Baker Lake uranium property.

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. Forward-looking statements are subject to significant risks and uncertainties, and other factors which may cause actual results, performance or achievements to differ materially from expected results, performance or achievements. 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. Majescor Resources inc. expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release.

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