Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

March 23, 2006 09:00 ET

Majescor Updates its Baker Lake Uranium and Diamond Projects

MONTREAL, QUEBEC--(CCNMatthews - March 23, 2006) - Majescor Resources Inc. (TSX VENTURE:MAJ) is pleased to provide an update on its Baker Lake projects, Nunavut:

Diamonds (Majescor has an option to earn a 50% interest from De Beers)

Majescor has recently received complete results for the 2005 diamond exploration program from De Beers Canada, the operator of the project. Follow-up sampling in 2005 (235 samples collected over four previously defined kimberlitic indicator mineral anomalies) permitted the delineation and characterization of dispersal trains in most cases. At least one of the trains reveals high-interest garnet chemistry (G10 pyrope). A 1,660 line-km airborne horizontal gradiometer magnetic survey conducted in 2005 over an existing robust target area marked by moderate to high-interest mineral chemistry has resulted in the detection of 7 aeromagnetic anomalies. De Beers plans to follow up these anomalies through ground geophysics in June, in preparation for a late summer drilling campaign. Additional high-density sampling and glacial mapping are also planned for 2006.

Uranium (Majescor has an option to earn a 80% interest from De Beers)

Majescor has increased the number of permits retained for uranium rights from 13 to 19 following a review of historical assessment data. The permits can be divided in two groups. The northernmost block is directly located on the projected southwest-trending extension of the Kiggavik Trend, while the southernmost contains known uranium showings which appear to be closely associated with the Snowbird Tectonic Zone. A preliminary compilation of available data for the southern block shows that anomalous uranium values occur in bedrock, boulder float, glacial sediments and lake bottom/water samples across a vast swath of land trending NE-SW. Values upwards of 10.12% U3O8 have been reported. Most targets remain to be tested. Little archive data is available for the northern block which hosts the southwest extension of Kiggavik Trend. The Kiggavik Trend is home to Cogema's Kiggavik deposit, the most significant uranium resource in the Thelon basin containing an estimated 40 million pounds U3O8. The Kiggavik deposit is located less than 20 kilometers north of the property. Of great interest, in one of the few assessment reports available for the area, is a clear dispersal train of radioactive boulders lying on regolith. The source of the boulders is unknown.

The Baker Lake project is located some 50 km west of the town of Baker Lake, in the eastern Arctic area of Nunavut. It lies on the eastern margin of the Thelon Basin and it has the potential to support one or more unconformity-style uranium deposits. The Thelon Basin bears striking geological similarities to the prolific Athabasca Basin located 300 km to the southwest, in Saskatchewan. However, the Thelon Basin is relatively under-explored and it has not yet been systematically prospected using modern technologies as the bulk of the exploration was mostly reconnaissance work done in the uranium boom years of the 1970's and 1980's.

Majescor is considering a deep penetration, high-resolution electromagnetic and magnetic airborne geophysical survey over part of the property to detect conductors in basement rocks. Basement conductors are often related to fault structures; together, these features are often associated with world-class, high-grade, unconformity-type uranium deposits, the prime target for uranium mineralization in the Athabasca Basin.

Marc-André Bernier, President and CEO for Majescor stated, "Majescor recognizes that expanding its focus to include other minerals on its licenses, particularly in the context of rising world demand for all mineral commodities and record metal prices, can add considerable value to its projects and provide additional credits to support its core diamond exploration activities. Pursuing the Baker Lake project, with its potential to host both diamond and uranium deposits fits within this strategy."

This press release was prepared by Jacques Letendre, P.Geo, Principal Consultant and director of Majescor, acting as qualified person for the company under National Instrument 43-101.

About the Company:

Majescor is an exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar.

To find out more about Majescor Resources Inc. (TSX VENTURE:MAJ), visit our website at www.majescor.com

This press release is available on the Majescor IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Majescor Alternatively, investors are asked to e-mail all questions and correspondence to MAJ@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.

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