Majescor Resources Inc.

TSX VENTURE : MJX


Majescor Resources Inc.

December 21, 2012 14:14 ET

Majescor's Haitian Partner SOMINE SA Awarded Mining Exploitation Permits for Douvray Porphyry Copper-Gold and Faille B Vein Gold projects, Northeast Haiti

MONTRÉAL, QUEBEC--(Marketwire - Dec. 21, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) and its wholly owned subsidiary SIMACT Alliance Copper-Gold Inc. ("SACG") are pleased to report that at a special ceremony held today in Port-au-Prince, the Director General of the Haitian Bureau of Mines and Energy (the "BME"), Mr. Ludner Remarais, Ing., awarded two (2) Mining Exploitation Permits to the Company's Haitian partner Société Minière du Nord-Est SA ("SOMINE SA"), represented by Mr. Michel Lamarre, Ing., President of SOMINE SA, and by Mr. Daniel Hachey, Director of SOMINE SA and President and CEO of Majescor and SACG:

  • One (1) 25 km2 Mining Exploitation Permit covering the Blondin-Douvray-Dos Rada porphyry copper system (the "Douvray Permit"), which contains the Douvray porphyry copper-gold prospect, currently the focus of a first National Instrument ("NI") 43-101 mineral resources estimate study; and
  • One (1) 20 km2 Mining Exploitation Permit covering the Faille B vein gold prospect and host shear structure (the "Faille B permit").

Douvray and Faille B are the first mineral development projects to reach the Mining Exploitation permitting stage since the enactment of Haiti's Mining Code in 1976.

The two adjoining permits are held within the limits of SOMINE SA's former 50 km2 SOMINE Research Permit, the mineral rights and obligations of which were assigned under a Mining Convention executed between SOMINE SA and the State of Haiti on May 5, 2005 and valid until March 9, 2020. The Research Permit expired on June 22, 2012. On June 21, 2012 SOMINE SA submitted two independent technical reports (non-NI 43-101 compliant) to the BME. The technical reports were filed pursuant to SOMINE SA's obligations under the Mining Convention and in support of its application to have the 50 km2 SOMINE Research Permit converted to two (2) Mining Exploitation Permits.

Under Haitian mining law, a Mining Exploitation Permit is valid for five (5) years and is renewable until the start of commercial mining at which time the permit shall be automatically converted to a Mining Concession (valid for 25 years; renewable). Under the terms of the Mining Convention, the granting of the Mining Exploitation Permits will allow Majescor and SOMINE SA to carry out all advanced mineral development work, including but not limited to geological, geotechnical, metallurgical, engineering and environmental studies and new drilling to define additional mineral reserves (non NI 43-101), required to bring the Douvray and Faille B projects to commercial production.

Additional details about the granting of the Douvray and Faille B Mining Exploitation Permits, together with the Company's mineral development strategy and project specific plans for 2013 will be made available through further press releases and will be posted on the Company's Website (www.majescor.com) starting in the new year.

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 Douvray and Faille B Mining Exploitation permits. SOMINE SA has designated Majescor/SACG as the Technical Operator of the Douvray porphyry copper-gold and Faille B vein gold project mineral development programmes.

About Majescor Resources Inc.

Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. In addition to the Douvray and Faille B projects, Majescor's project portfolio includes the Mistassini uranium exploration projects in Québec (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.).

This press release has been prepared by Marc-André Bernier, M.Sc., P.Geo. (Ontario and Québec), technical adviser and a Director of Majescor, and a qualified person under 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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