Majescor Enters Into Non-Binding Agreement to Sell its 50% Interest in the Besakoa Graphite Property, Southern Madagascar
Published : April 30, 2013
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Keywords :   Canada | Copper | Eritrea | Gold | Growth | Haiti | Madagascar | Market | Report | Uranium | Zinc |

MONTREAL, QUEBEC--(Marketwired - April 30, 2013) -

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 LAW

Majescor Resources Inc. ("Majescor" or the "Company") (News - Market indicators) is pleased to report it has entered into a non-binding Letter Agreement with Olympic Resources Ltd. ("Olympic") (TSX VENTURE:OLA) and Sunridge Gold Corp. ("Sunridge") (TSX VENTURE:SGC) whereby the Company and Sunridge agree to sell their respective 50% interest in Daraina Exploration S.A.R.L. to Olympic. Daraina S.A.R.L. is a Malagasy registered mining company which holds 100% mineral rights to the Besakoa polymetallic and graphite property located in southern Madagascar.

Under the terms of the Letter Agreement, Majescor and Sunridge agree to sell their respective 50% interest in Daraina S.A.R.L. ("Daraina") and Olympic agrees to purchase 100% of the shares of Daraina under the following conditions: (i) Majescor, Sunridge and Olympic shall enter into a definitive two-year option agreement; (ii) Upon signing of the definitive option agreement, Olympic shall pay a total of $150,000, split $75,000 to Majescor and $75,000 to Sunridge; (iii) Before the second year anniversary of signing the definitive option agreement, Olympic must expend a minimum of $1,000,000 in exploration work on the Besakoa property, including a firm year-1 commitment of $300,000; (iv) Upon completion of the expenditures, Olympic may exercise its option to purchase 100% of the shares of Daraina by delivering notice and paying a total of $1,250,000, split $625,000 to Majescor and $625,000 to Sunridge, subject to the retention by Majescor and Sunridge of a 2% net smelter returns royalty on the Besakoa property, split 1% to Majescor and 1% to Sunridge. Upon successful conclusion of due diligence, on direction of Olympic, the parties will seek to draft a definitive agreement, subject to each Company's Board approval and to any regulatory approvals that may be required.

Olympic was on site in Madagascar to conduct a technical site visit of the Besakoa property the week of April 15, 2013 and will conduct further due diligence to follow.

About the Besakoa Property, southern Madagascar

The Besakoa polymetallic and graphite property is located in the Atsimo-Andrefana region of South Central Madagascar. The property consists of a block of 144 contiguous map-designated claims covering approximately 60 square kilometres and can be accessed by road from the port city of Toliara.

Between 2008 and 2011, Sunridge completed approximately $2,000,000 worth of exploration work on the project to assess the property for copper/zinc/gold volcanogenic massive sulfide (VMS) targets. This work included airborne and ground geophysical surveys (electromagnetics, magnetics, gravity and audio-magneto-tellurics) soil geochemical surveys, geological and structural mapping as well as a 5,000 m core drilling program. The results of this work were generally disappointing in regards to base metal targets.

The Besakoa property is located on the same geological trend and approximately 25 km north of Energizer Resources' Green Giant Molo Graphite Project, which has a recently reported National Instrument (NI) 43-101 compliant graphite mineral resource estimate and Preliminary Economic Assessment. The graphite mineralization at Besakoa occurs within a folded and highly metamorphosed sequence of sedimentary rocks that trends north to north-northeast and dips steeply to the east.

From preliminary surface mapping and rock sampling conducted by Sunridge at Besakoa, these graphitic meta-sedimentary rocks are closely associated with shallow airborne EM conductors. A total of four strong and shallow airborne EM conductors are defined in the property; two are located in the west (west and far west anomalies) and two in the east (East and far-east anomalies). These shallow airborne EM conductors trends from 2.5 km up to 7.5 km along strike and vary in widths from 100m in the east up to 800m in the west.

The graphite mineralization at Besakoa occurs as disseminated flakes within the highly metamorphosed (amphibolite up to granulite metamorphic grades) sedimentary rocks.

About Majescor Resources Inc.

Majescor Resources Inc. (News - Market indicators) is a junior explorer focusing on emerging mineral districts. In addition to the Besakoa polymetallic and graphite property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.), Majescor's project portfolio includes the Mistassini uranium exploration project in Quebec (under joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.). In the Republic of Haiti, Majescor, through its 100%-held subsidiary Simact Alliance Copper-Gold Inc., holds a majority interest SOMINE SA, a registered Haitian corporation. SOMINE SA in turn holds 100% mineral rights to the Douvray porphyry copper-gold project and the Faille B gold project located in the Northeast mineral district of Haiti, near the port-city of Cap-Haitian. The Douvray and Faille B projects are each covered by a five-year renewable Mining Exploitation Permit awarded to SOMINE SA on December 21, 2012 and are collectively covered by a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. On January 15, 2013, Majescor published the first NI 43-101 compliant mineral Resource estimate for the Douvray porphyry copper-gold project (Inferred Mineral Resource of 189.5 Mt grading 0.30% Cu, 0.05 g/t Au, 1.12 g/t Ag and 23.05 g/t Mo at a base cut-off of 0.1% Cu).

About Sunridge Gold Corp.

Sunridge Gold Corp. (TSX VENTURE:SGC) is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 175 million shares outstanding.

About Olympic Resources Ltd.

Olympic Resources Ltd. (TSX VENTURE:OLA) is a junior resource company engaged in the exploration, development and acquisition of graphite, gold and precious metal properties. Olympic is currently evaluating several prospective graphite properties in Canada and other countries to acquire and explore. The company also has an option to earn a 60% interest in the Dragon Lake gold property in the Yukon and an agreement with Yukon Exploration Syndicate Inc. to acquire a 100% interest in the Ice, Max and Sun gold projects also located in the Yukon within the Carmacks Caldera.

Mr. C.Tucker Barrie, Ph.D., P.Geo. (Ontario), Vice-President Exploration and Director of Majescor is the Qualified Person for Majescor and has reviewed and approved the technical information contained in this press release.

To find out more about Majescor Resources Inc. (News - Market indicators), SIMACT Alliance Copper Gold Inc., the Douvray Copper-Gold and the Faille vein-gold projects 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.

Majescor Resources Inc.
Daniel Hachey
President & CEO
905.206.1604
613.241.7817 (FAX)
dan@majescor.com
www.majescor.com
Data and Statistics for these countries : Canada | Eritrea | Haiti | Madagascar | All
Gold and Silver Prices for these countries : Canada | Eritrea | Haiti | Madagascar | All

Majescor Resources Inc

EXPLORATION STAGE
CODE : MJX.V
ISIN : CA7609603021
CUSIP : 760960104
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Majescor Res. is a gold and cobalt exploration company based in Canada.

Majescor Res. holds various exploration projects in Madagascar.

Its main exploration properties are MISTASSINI, LAC LAPARRE, BAKER LAKE and MIRABELLI in Canada, DARAINA, ANTSAKABARY, ANALALAVA, ANKARAMY and BESAKOA in Madagascar and HAITI in Haiti.

Majescor Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 2.2 millions as of today (US$ 1.8 millions, € 1.5 millions).

Its stock quote reached its highest recent level on December 21, 2001 at CA$ 9.00, and its lowest recent point on February 19, 2016 at CA$ 0.02.

Majescor Res. has 31 300 000 shares outstanding.

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Financings of Majescor Resources Inc
9/9/2013Announces the Closing of its Non-Brokered Private Placement
8/8/2013Announces Re-Pricing of its Private Placement Offering Previ...
7/30/2013Announces Private Placement Under Temporary Relief Measures
6/25/2013Announces a Non-Brokered Private Placement
5/17/2013Announces the Closing of a Non-Brokered Private Placement
1/22/2013Announces the Closing of the 1st Tranche of a Non-Brokered P...
6/14/2011Announces Extension of Warrants
Nominations of Majescor Resources Inc
7/3/2013Announces the Resignation of a Director
2/11/2010Appoints Daniel F. Hachey as President and CEO /Daniel F. Ha...
Project news of Majescor Resources Inc
4/30/2013(Besakoa)Enters Into Non-Binding Agreement to Sell its 50% Interest i...
6/2/2011(Mistassini)and Strateco Execute Joint Venture Agreement on the Mistassi...
11/27/2008(Mistassini) Plan a Winter Exploration Program and Sign a Definitive Opt...
8/8/2008(South Rae)Outlines Two Significant Uranium-bearing Outcrop Zones
8/5/2008(Baker Lake)Outlines High-Priority Uranium Targets at Baker Lake...
6/19/2008(Baker Lake)acquires De Beers' interest in the Baker Lake property, Thel...
5/29/2008(Mistassini)Lac Mantouchiche Uranium Drill Intersection Improves to 0.21...
4/2/2008(Antsakabary) Options Madagascar Gold and Base Metal Properties to Sunrid...
2/21/2008(Mistassini)STRATECO EXERCISES ITS RIGHT TO OPTION 60% OF MAJESCOR'S URA...
5/17/2007(Otish (mistassini) - Majescor)reviewing strategic options on its 100%-owned Portage diamon...
Corporate news of Majescor Resources Inc
6/17/2016June 15, 2016 Majescor Enters into an Option Agreement for t...
5/26/2016May 25, 2016 MAJESCOR OPTIONS MONTAGNE B LITHIUM PROPERTIES,...
5/16/2016May 12, 2016 MAJESCOR ANNOUNCES THE CLOSING OF A NON-BROKERE...
4/18/2016April 18, 2016 MAJESCOR ANNOUNCES A $500,000 NON-BROKERED PR...
1/19/2016January 19, 2016 CORRECTION ON MAJESCOR SELLS REMAINING INTE...
1/19/2016Correction: On Majescor Sells Remaining Interest in Diamond ...
12/23/2015December 23, 2015 MAJESCOR SELLS REMAINING INTEREST IN DIAMO...
12/23/2015Majescor Sells Remaining Interest in Diamond Royalty, Announ...
10/6/2015October 06, 2015 MAJESCOR ANNOUNCES THE APPOINTMENT OF NEW D...
9/24/2015September 23, 2015 MAJESCOR ACQUIRES 172 CLAIMS USING DIAGNO...
9/24/2015September 22, 2015 Majescor Announces Share Purchase Warrant...
9/18/2015September 18, 2015 MAJESCOR ANNOUNCES SHARES FOR DEBT SETTLE...
9/2/2015September 02, 2015 MAJESCOR SIGNS DEFINITIVE AGREEMENT FOR S...
4/13/2015Mining in Haiti on hold amid uncertainty and opposition
3/3/2015March 02, 2015 MAJESCOR SIGNS BINDING LETTER OF INTENT FOR S...
3/2/2015(Haiti)Signs Binding Letter of Intent for Sale of Haitian Assets
2/12/2015February 12, 2015 TERMINATION OF PROPOSED TRANSACTION WITH A...
2/12/2015IIROC Trading Resumption - MJX
1/23/2015January 23, 2015 MAJESCOR RESOURCES INC. PROVIDES UPDATE ON ...
12/22/2014December 22, 2014 MAJESCOR RESOURCES INC. PROVIDES UPDATE RE...
11/27/2014November 27, 2014 MAJESCOR RESOURCES INC. ANNOUNCES LETTER O...
11/21/2014IIROC Trading Halt - MJX
10/22/2014October 22, 2014 MAJESCOR HELD ITS ANNUAL AND SPECIAL MEETIN...
10/22/2014Majescor Held its Annual and Special Meeting of Shareholders...
10/21/2014October 21, 2014 MAJESCOR REPORTS CONTRUCTION LICENSE AWARDE...
10/21/2014Majescor Reports Contruction License Awarded to Lipari Miner...
4/3/2014Majescor Seeks Opportunities to Diversify Into New Industrie...
10/18/2013.: Resolutions Approved at the Shareholder's Annual and Spe...
10/1/2013Announces Sale of 1% Royalty on Brauna Diamond Project
9/16/2013Board and Management Changes
1/15/2013Reports Inferred Mineral Resource Estimate of 190 Mt Grading...
10/23/2012Reports 35.65 m of 3.23 g/t Au in Hole FB-010; 4.50 m of 9.9...
10/16/2012Announces $2.4 Million Non-Brokered Financing
10/9/2012Intersects 388.5 m of 0.26% Cu, 0.38 g/t Ag, 0.01 g/t Au and...
9/20/2012Intersects 17.5 m of 2.59 g/t Au, 0.95 g/t Ag and 0.14% Cu i...
9/6/2012Intersects 276.4 m of 0.35% Cu, 1.34 g/t Ag, 0,05 g/t Au and...
7/5/2011(Haiti)reases Its Position in Haitian Subsidiary
5/24/2011and SOMINE Contract Buscore Consulting to Manage the SOMINE ...
4/26/2011Appointment of Dr. Tucker Barrie as VP, Exploration
11/5/2009& SACG Start Drilling at the SOMINE.../Majescor et SACG enta...
10/6/2009and SACG discover a new copper-gold showing .../Majescor et ...
12/2/2008Share Consolidation Approved
8/1/2008New Website / Nouveau site Web
2/27/2008and Azimut Outline 392 High-Priority Uranium Targets at Sout...
1/8/2008 Receive Additional Encouraging Uranium Assays from ...
8/8/2007 Partners with Shield Mining to Fast-Track Development of th...
7/5/2007to Receive 1 million Diamonds North Resources shares ...
5/31/2007 Prepares to Drill "Lac Mantouchiche" Uranium
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