Majestic Gold Corp.

Published : January 27th, 2016

Majestic Gold Corp. Files Amended Technical Report

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Majestic Gold Corp. Files Amended Technical Report

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306 - 1688 152nd Street Surrey, British Columbia Canada, V4A 4N2 Telephone: 604-560-9060

Facsimile: 604-560-9062 Email: [email protected]


MAJESTIC GOLD CORP. FILES AMENDED TECHNICAL REPORT

Vancouver, British Columbia - January 21, 2016 - Majestic Gold Corp. ("Majestic" or the "Company") (TSX.V: MJS, FSE: A0BK1D) announces that it has filed an amended technical report titled "Independent Technical Report of Songjiagou Project, Shandong Province, The People's Republic of China" (the "Amended Report") dated January 19, 2016 by SRK Consulting China Ltd.


Changes in the Amended Report included the following:

  • Explanation to capping of High Grade samples at 40 g/t gold;

  • Reporting open-pit resources and underground resources by using different cut-off grades;

  • Excluding the depletion of historical underground mining in the resource statements and the PEA;

  • Including taxation in the economic analysis in the PEA;

  • Addition of a Qualified Person ("QP"), Peter Fairfield, BEng, FAusIMM, for mining aspects of the technical report as well as amending the certificates and consents of QP's to ensure that at least one qualified person is responsible for each section of the Amended Report;

  • Addition of cautionary language relating to the mineral resource estimate and results of the PEA;

  • The Amended Report includes an updated resource estimate of Indicated and Inferred Resources at Songjiagou, as follows:

    Open Pit

    Indicated

    Inferred

    (0.30 g/t Au) cutoff

    (0.30 g/t Au) cutoff

    28.6 MT @ 1.38 g/t Au

    35.3 MT @ 1.43 g/t Au

    Original Resource Estimate (in the report dated 08/20/2013) Global Resource


    Within Original Mining License

    Open Pit

    Indicated (MT)

    Inferred

    (0.30 g/t Au) cutoff

    (0.30 g/t Au) cutoff

    25.9 MT @ 1.42 g/t Au

    28.7 MT @ 1.35 g/t Au


    Open Pit

    Underground

    Indicated (MT)

    Inferred

    Inferred

    (0.30 g/t Au) cutoff

    (0.30 g/t Au) cutoff

    (0.80 g/t Au) cutoff

    26.6 MT @ 1.40 g/t Au

    23.4 MT @ 1.45 g/t Au

    5.6 MT @ 2.60 g/t Au

    Amended Resource Estimate (in the report amended 01/19/2016) Global Resource

    Within Original Mining License

    Open Pit

    Underground

    Indicated (MT)

    Inferred

    Inferred

    (0.30 g/t Au) cutoff

    (0.30 g/t Au) cutoff

    (0.80 g/t Au) cutoff

    24.1 MT @ 1.44 g/t Au

    18.0 MT @ 1.29 g/t Au

    4.9 MT @ 2.60 g/t Au


    *The resource estimate is categorized as Indicated and Inferred as defined by the CIM guidelines for resource reporting. Mineral resources do not demonstrate economic viability, and there is no certainty that these mineral resources will be converted into mineable reserves once economic considerations are applied.

    • The amended resource estimate accounted for depletion by previous underground mining of an amount of 443,555 tonnes at an average grade of 0.85 g/t gold;

    • The Amended Report designated Scenario 1 as a base-case for PEA of the Songjiagou operation. Scenario 1 allows for mining of only Indicated Resources, within the original mining license, at a rate of up to 7,400 tonnes per day. Results of the base-case analysis, using US$1,355 per ounce gold as the long term price are as follows:

      • Mining Inventory: 17.094MT @ 1.36 g/t gold

      • Stripping Ratio: 3.26:1 o Mining Recovery: 95% o Mining Dilution: 5%

      • Smelting Recovery: 93%

      • After-tax NPV @ 10% discount rate: US$335 Million

      • Sensitivity analysis for 20% reduction in the base-case average gold price (US$1,084 per ounce) results in an after-tax NPV of US$232 Million

*A PEA should not be considered to be a prefeasibility or feasibility study, as the economics and technical viability of the Project have not been demonstrated at this time. A PEA is preliminary in nature; it includes inferred mineral resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; there is no certainty that the preliminary assessment will be realized.

The Company will post updated versions of its corporate presentation and project summary to its website in the near future to match the Amended Report.


All technical information contained in this news release has been reviewed and approved by Stephen Kenwood, P. Geo., who is a director of the Company and a qualified person under the definitions established by NI 43-101.

About Majestic Gold

Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available at www.sedar.com and on the Company's website at www.majesticgold.com.

For further information, please contact:

Stephen Kenwood, P. Geo., President, CEO & Director Telephone: (604) 560-9060

Email: [email protected] Website: www.majesticgold.com

Cautionary Notes

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward- looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.


In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.


While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward-looking statements to conform these statements to actual results


Production Disclaimer

The Company's production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. The Company's production decision was made based on the open pit optimization resource model set out in the Preliminary Economic Assessment ("PEA"), which takes into account the relatively low mining costs negotiated by the Company. The pit optimization that was conducted in the preliminary assessment generated a production schedule summary at grade cut-off of 0.30 gram per tonne Au.


The PEA includes the inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will ever be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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Majestic Gold Corp.

DEVELOPMENT STAGE
CODE : MJS.V
ISIN : CA5609121077
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Majestic Gold is a gold exploration company based in Canada.

Majestic Gold holds various exploration projects in China.

Its main asset in development is SONG JIAGOU in China and its main exploration property is SAWAYAERDUN in China.

Majestic Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 41.1 millions as of today (US$ 32.8 millions, € 28.8 millions).

Its stock quote reached its highest recent level on March 14, 1997 at CA$ 2.00, and its lowest recent point on September 04, 2009 at CA$ 0.02.

Majestic Gold has 912 270 016 shares outstanding.

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Annual reports of Majestic Gold Corp.
2008 Annual report
Nominations of Majestic Gold Corp.
10/29/2013Appoints New Directors, Adopts Advance Notice Policy
3/12/2013Appoints New Chief Financial Officer and Director
12/23/2009Appoints Vice President Development and Exploration
12/22/2009Appoints New Director
9/19/2008APPOINTS DAN PISENTI TO BOARD OF DIRECTORS
11/1/2007 APPOINTS MINE GEOLOGIST & GENERAL MANAGER FOR SONG JIAGOU
Project news of Majestic Gold Corp.
1/20/2011(Song Jiagou)Wardrop Delivers Positive Preliminary Assessment for Songjia...
4/15/2010(Song Jiagou)Provides Update on Song Jiagou Property
9/5/2008(Song Jiagou)ANNOUNCES SIGNIFICANT TRENCH RESULTS AT SONG JIAGOU
1/10/2008(Sawayaerdun) ENGAGES FIRM FOR TECHNICAL REPORT AND BEGINS YEAR ROUND ACC...
1/3/2008(Sawayaerdun) ANNOUNCES HIGH GRADE SAMPLE AT SAWAYAERDUN
10/4/2007(Song Jiagou)Outlines 2007 Program For Song Jiaguo
Corporate news of Majestic Gold Corp.
1/29/2016Majestic Gold Corp. Reports 2015 Annual Results And Option G...
1/27/2016Majestic Gold Corp. Files Amended Technical Report
12/22/2015Majestic Gold Corp. Clarifies Disclosure Following Bcsc Revi...
8/28/2015Majestic Gold Corp. Reports 2015 Third Quarter Results
8/13/2015Shareholder Update
8/21/2013(Song Jiagou)Files NI43-101 Report on Updated Preliminary Economic Assess...
7/29/2013Completes Swap of Equity for Net Profits Interest
7/8/2013(Song Jiagou)SRK Delivers Updated Preliminary Economic Assessment for Son...
6/27/2013Announces Agreement to Swap Net Profits Interest for Equity ...
3/28/2013Contracts VantageWire for Marketing and Advertising Services
2/19/2013First Quarter Gold Production
2/1/2013Corporate Update
4/27/2011Provides Update on Mill Construction
4/23/2010Greatly Increases Resources at Its Songjiagou Project
2/25/2010 Announces Agreement to Acquire Remaining 40% of Muping Join...
1/27/2010Announces Resignation of Director and Establishes Board Comm...
11/15/2007 COMMENCES BULK SAMPLING PROGRAM AT SONG JIAGOU
10/18/2007Increases Ounces By 285% TO 1.2 MILLION OUNCES AT SONG JIAGO...
2/16/2007RELEASES UNDERGROUND DRILL RESULTS AT SONG JIAGOU
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