Majestic Gold Corp.

Majestic Gold Corp.

November 29, 2006 19:00 ET

Majestic Gold Receives Drilling Results From Song Jiaguo

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Majestic Gold Corp. ("Majestic") (TSX VENTURE:MJS) is pleased to announce drill results from the next five diamond drill holes of its nine-hole surface core drilling 2006 exploration program at the Song Jiaguo Project located in eastern Shandong Province, China. Majestic's program is designed to test high grade gold bearing structures adjacent to a broad zone of potentially bulk-mineable gold mineralization was the subject of an independent resource estimate, released on April 25, 2006. The 3,700 metre surface core drill program is now complete, while an additional 18-hole underground drill program is currently underway.

Highlights of the recent results include:

High Grade Targets:

Hole SJ06-29:

- Aggregate of intervals of 28 metres of 2.36 grams/tonne gold, including:

- 1 m of 6.91 grams/tonne gold; and

- 12 m of 1.64 grams/tonne gold, including

- 1 m of 7.88 grams/tonne gold; and

- 1.4 m of 6.02 grams/tonne gold; and

- 5 m of 2.65 grams/tonne gold, including

- 1 m of 9.18 grams/tonne gold

Hole SJ06-31:

- Aggregate of intervals of 7 metres of 4.67 grams/tonne gold including:

- 1 m of 13.02 grams/tonne gold; and

- 1 m of 4.80 grams/tonne gold

Hole SJ06-32:

- Aggregate of intervals of 32 metres of 2.83 grams/tonne gold including:

- 31 m of 2.87 grams/tonne gold, including

- 1 m of 21.00 grams/tonne gold; and

- 1 m of 30.24 grams/tonne gold

Hole SJ06-33:

- Aggregate of intervals of 3.8 metres of 2.52 grams/tonne gold including:

- 1 m of 4.27 grams/tonne gold

Hole SJ06-35:

- Aggregate of intervals of 7.0 metres of 9.02 grams/tonne gold, including:

- 2 m of 6.10 grams/tonne gold; and

- 2 m of 21.63 grams/tonne gold, including

- 1 m of 41.51 grams/tonne gold

Bulk Mineable Targets:

Hole SJ06-29:

- 56.0 m of 0.88 grams/tonne gold, and

- 13.0 m of 1.29 grams/tonne gold, within

- an aggregate of intervals of 130.4 m of 0.69 grams/tonne gold

Hole SJ06-31:

- 8.0 m of 0.87 grams/tonne gold, within

- an aggregate of intervals of 71.2 m of 0.68 grams/tonne gold

Hole SJ06-32:

- 73.0 m of 1.35 grams/tonne gold

Hole SJ06-33:

- 11.3 m of 0.66 grams/tonne gold

- an aggregate of intervals of 37.8 m of 0.55 grams/tonne gold

Hole SJ06-35:

- 54.0 m of 1.26 grams/tonne gold, within

- an aggregate of intervals of 61.0 m of 1.24 grams/tonne gold

Assay results for these five holes are compiled in the accompanying Table 1 (see appendix A or visit Hole SJ06-34 contained no significant intercepts.

These holes tested approximately 260 metres of strike length in the central portion of the mineralized zone that has been traced for approximately 600 metres. They were designed to assess the area between previously tested holes SJ06-27, 28 and 30 (results of which were announced on August 31, 2006) and another area where underground cross cut samples have been taken.

"These holes along with three previously reported and the underground channel sampling continue to demonstrate the strength and continuity of the gold system at Song Jiaguo," said John Zimmerman, Majestic's head of exploration. "The results support our belief that we can develop both a high grade underground mine and an open pit for the lower grade material."

Majestic has commenced a 1,200 metre underground drill program to further define the resource at Song Jiaguo. The program will consist of 18 drill holes to test additional targets and areas of insufficient data in the resource model announced in April of 2006. Channel sampling of the walls of Levels 1 and 2 is also being conducted at this time.

These results, combined with channel samples of Levels 3 and 4 along with the surface and underground drill results, will provide comprehensive data from approximately 600 metres of strike length and extending from surface to over 400 metres below. The mineralization is related to at least seven sub-parallel "high grade" northeast trending (045 degrees to 075 degrees), southeast dipping structures (45 degrees to 85 degrees).

At Song Jiagou Majestic's Chinese partner, Muping Mining, is currently producing 120 tonnes per day from four underground levels and local villagers were previously mining a similar amount from open pits and shallower underground workings. Majestic's future plans are to transfer the existing operations into the joint venture company and, once better controls on the high grade structures are established, increase the size and scope of the production.

All core from the 2006 drill program is logged, split, stored and shipped under the supervision of Neil Willoughby, P. Geo., Majestic's Qualified Person. Samples were stored in Majestic's local office and packaged and freighted directly, to SGS Tianjin Geochem Lab, China, for analysis. The samples were assayed using a standard six element ICP package and gold analysis was conducted by standard fire assay.

This news release was reviewed by Qualified Persons as defined by National Instrument 43-101, including Rod Husband, P. Geo., who has prepared the technical information contained herein.

On Behalf of the Board of Directors

Rod Husband, P.Geo., Director

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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