Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

June 17, 2010 17:40 ET

Majescor Resources Inc.: Update on Transaction With SIMACT Alliance Copper Gold Inc.

MONTREAL, QUEBEC--(Marketwire - June 17, 2010) - Majescor Resources Inc. (TSX VENTURE:MJX)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) wishes to provide an update on its transaction with SIMACT Alliance Copper Gold Inc. ("SACG"). Although delays have been incurred, Majescor is pleased with the progress that has been recently made. Majescor and SACG are diligently working on finalizing the formal share purchase agreement and on satisfying the remaining conditions precedent to closing.

Some of the delays to complete the transaction with SACG and the underlying private offering have been caused, among other things, by the massive earthquake that struck Haïti in January 2010.

Majescor will issue press releases to update on the status of the transaction in due course. 

About Majescor Resources Inc.

Majescor is a junior explorer focusing on emerging mineral districts. Majescor currently holds a 10% interest in SACG. On January 27, 2010, the Company announced it was exercising its option to acquire all of the remaining issued and outstanding common shares of SACG (see press release dated January 27, 2010). Majescor's project portfolio also includes two uranium exploration projects in Quebec: Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Virginia Energy Resources Inc.) In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.)

About SIMACT Alliance Copper Gold Inc.

SIMACT Alliance Copper Gold Inc. ("SACG") is a Montreal-based private company headed by a group of Canadian financiers and Haitian-American developers. The alliance aims to promote sustainable mineral development initiatives in Haiti by creating synergies between the Canadian financial and mining communities and the North American Haitian Diaspora. 

On behalf of the Board of Directors of Majescor Resources Inc.:

Daniel F. Hachey Gary Economo
President, CEO and Director Manager, Corporate Communications

Forward-Looking Statements

This News Release includes certain "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. This news release also contains forward-looking statements regarding the Company's use of proceeds from the Offering. 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Units and underlying securities of Majescor have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and many not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.

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. 

Contact Information

  • Majescor Resources Inc.
    Daniel F. Hachey
    President, CEO and Director
    613-241-5333
    613-241-8632 (FAX)
    dan@majescor.com
    or
    Majescor Resources Inc.
    Gary Economo
    Manager, Corporate Communications
    613-241-5333
    613-241-8632 (FAX)
    garye@majescor.com
    www.majescor.com