Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

July 07, 2009 08:30 ET

Majescor and SACG Report a 10 km-long Copper-Mineralized Corridor on the SOMINE Property in Haiti

MONTREAL, QUEBEC--(Marketwire - July 7, 2009) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) and partner SIMACT Alliance Copper Gold Inc. ("SACG") are pleased to report the preliminary results from a comprehensive program of systematic ground prospecting and historical data compilation currently underway at the SOMINE copper-gold property in north-east Haiti. A 10 km long by up to 3.8 km wide copper-bearing corridor has been defined on the SOMINE property based on historical regional stream sediment, soil and rock geochemistry data. The northwest-trending mineralized corridor holds the historical Blondin and Douvray copper-gold prospects, the historical Faille-B gold prospect along with a series of recently-discovered copper showings in the south-east extension of Douvray, in an area known as Dos Rada.

Systematic prospecting carried-out by SACG over the SOMINE property in 2008 has confirmed the historical stream sediment, soil and rock data and outlined 123 new copper showings in outcrop, all situated within the 10 km-long corridor. A total of 111 grab-samples collected from the mineralized outcrops assayed above 1.0% Cu to a maximum of 18.6% Cu; 31 samples assayed from 10 to 142 g/t Ag; and 5 samples registered between 1.00 and 6.99 g/t Au. The work confirmed the south-eastern extension of copper mineralization from the Blondin-Douvray prospects into the volcanic rocks of the Dos Rada area. Subsequent ground work focusing on the south-east extension, including the cutting of 69 km of survey lines spaced 100 m apart and systematic prospecting, soil and rock sampling, resulted in the discovery of 12 new mineralized showings on the survey grid at Dos Rada.

Majescor and SACG are also expecting new airborne geophysical data from a proprietary survey recently flown across the SOMINE property. This new data will be integrated into the project database and it will aid in the selection of new prospective sectors of the property for follow-up investigation. The database for the SOMINE property also includes a series of high-priority copper-gold targets generated by computer-aided predictive modeling technologies. Several of these targets have yet to be ground-checked.

The SOMINE property lies within a highly prospective volcanic arc environment of Mesozoic-Cenozoic age, host to numerous epithermal gold and porphyry copper occurrences in Haiti, as well as the World-Class Pueblo Viejo gold deposit in the adjacent Dominican Republic. A map showing the location of the 10 km-long prospective corridor on the SOMINE property is available on the Company's website at www.majescor.com

Marc-Andre Bernier, President and CEO of Majescor states: "Exploration work carried-out on the SOMINE property from 1974 through to 2007 focused almost exclusively on the three historical copper-gold prospects outlined by international development agencies. The bulk of the 10 km-long prospective corridor, as evidenced by the series of new copper showings outlined by our partner SACG, remains untested. Majescor and SACG have devised a comprehensive and aggressive exploration program for 2009 designed to re-assess the copper and gold potential of the entire SOMINE property, to test new high-priority targets within the 10 km-long prospective corridor and to make new significant copper and gold discoveries. Our goal remains to prove the economic ore potential of the property and of the broader under-explored Massif-du-Nord complex."

SOMINE property

SIMACT Alliance Copper Gold Inc holds title to 68.7% of all the issued and outstanding shares of SOMINE SA, a company incorporated under the laws of the Republic of Haiti. SOMINE in turn, has 100% title to the SOMINE property.

The SOMINE property consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. SACG 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. SACG has requested the conversion of the Prospecting Permits into Research Permits (50 km2 each) and has filed all technical and source documents in support of its application with the Haitian Bureau of Mines and Energy.

Regional data assessment

Between 1972 and 1978, the United Nations, as part of their economic development program ("UNDP"), carried out regional geological surveys throughout north-eastern Haiti. In 1974, the UNDP completed a stream sediment survey covering 1,000 km2 of the Massif-du-Nord complex. The 10-km long mineralized corridor recently outlined on the SOMINE property corresponds to a broad NW-trending stream sediment anomaly in the UNDP regional dataset comprised of 1,077 samples, with copper values ranking above the 90th percentile (108 ppm) and a maximum of 1,300 ppm Cu. Zinc concentrations in stream sediments within the corridor range from 75 to 140 ppm (source: UNDP report, July 1978). Follow-up soil sampling, prospecting and core drilling by the UNDP led to the discovery of the Blondin and Douvray porphyry-type copper prospects. Additional ground exploration work within the SOMINE property area by the UNDP Revolving Fund from 1983-1987 led to the discovery of the Faille-B gold prospect near Grand-Bassin. The full UNDP soil geochemistry dataset for the SOMINE property shows zones of significant copper anomalies (200 to over 1,000 ppm Cu) within the 10 km-long mineralized corridor, extending south-eastward from the Blondin copper prospect to past the Faille-B gold prospect.

In 2006, the historical data from the SOMINE property area was analysed using predictive computer modeling technologies and a series of high-priority copper-gold targets were generated within the limits of the property. Follow-up work carried-out by SACG in 2007 led to the discovery of a new copper showing, with five grab samples returning values of 7.46, 6.21, 9.51, 0.10 and 6.69% Cu, respectively (see Diagnos Inc. press release dated February 29, 2008).

Grab samples collected from outcrop by SACG during the 2008 exploration program were submitted for preliminary sample processing to the Haiti Bureau of Mines and Energy laboratories in Port-au-Prince. Representative minus 200 mesh size fractions from the samples were then sent to Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, where they were analyzed for Cu, and Ag using atomic absorption spectroscopy (AAT-7 and AAT-8 analytical packages) and for Au by fire assay with a gravimetric finish (FA-geo and FA-grav analytical packages).

The 2009 SOMINE property exploration program will also include core drilling of at least one of the historical prospects.

Terms of the Agreement

Majescor currently holds 10% of SACG's issued and outstanding common shares while SACG's and its Principals hold approximately 2,000,000 common shares of Majescor. Under the terms of the Agreement with SACG, the Company has the option to acquire the remaining 90% of SACG's issued and outstanding common shares upon Majescor's completion of $600,000 in exploration work and other related expenses on the SOMINE property within eight months following the execution of the Agreement and the issuance of 10,000,000 common shares of Majescor to all current SACG shareholders on a proportionate basis, within 12 months of the execution of the Agreement. Additional details of the Agreement with SACG and its principal shareholders are provided in the Company's press release dated April 23, 2009.

In other news, Majescor announces that subject to regulatory approval, it has increased the number of options which may be granted under its incentive stock option plan ("the Plan") by 811,800, for a new total of 1,749,417 common shares which may now be issued under the company's Plan, being 10% of the issued and outstanding common shares of the Company.

About SACG

SIMACT Alliance Copper Gold Inc. 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.

About Majescor

Majescor is a junior explorer focusing on emerging mineral districts. Majescor's project portfolio includes two uranium exploration projects in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties include Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Santoy Resources Inc.). In Nunavut, the Company holds 100% mineral rights to the Baker Lake uranium property. In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.), as well as 100% mineral rights to the Mirabelli gold and base metal property in Quebec. Recently, Majescor signed an agreement with SIMACT Alliance Copper Gold Inc. and its principal shareholders whereby the Company has acquired a 10% interest in SACG, as well an option to acquire the remaining 90% interest in the SOMINE copper-gold property in north-east Haiti.

This press release as been prepared by Marc-Andre Bernier, P.Geo, Director of Majescor, acting as the "Qualified Person" for the Company under National Instrument 43-101.

To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc. and the SOMINE copper-gold property, 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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