For
8:00am Release
April 2, 2008
MAJ: TSX-Venture
Majescor Options Madagascar Gold and
Base Metal Properties to Sunridge Gold Corp.
Majescor Resources Inc. (MAJ: TSX-V) ("Majescor"
or "the Company") is pleased to announce that
it has entered into a Letter of Intent with Sunridge Gold Corp.
(SGC: TSX-V) ("Sunridge") by which
Sunridge can acquire up to a 100% interest in four gold and base metal
properties held by Majescor in Madagascar. The land package under option to
Sunridge includes the Besakoa property, host to Madagascar's main volcanogenic
massive sulphide ("VMS") copper-zinc-gold-silver prospect. Majescor
drilled the main Besakoa VMS occurrence in 2007 returning 21.5m
of 0.7% Cu, 0.5 g/t Au, 1.1% Zn
and 21.4 g/t Ag. Additional information on Majescor's
Madagascar properties is available on the Company's Website at www.majescor.com/poly-besakoa.htm.
Marc-Andre
Bernier, President and CEO states:"The agreement with Sunridge Gold
Corp., anestabl ished Africa-focused explorer, will ensure the timely development
of our Madagascar gold and base metals properties. Majescor is now in a
position to focus extensively on Quebec and on advancing its four active
uranium exploration projects".
The
Letter of Intent
Sunridge
has completed a 30-day legal and technical due diligence period, has paid
$25,000 and given notice to Majescor that it will proceed with a definitive
option agreement to acquire up to a 100% interest in the Company's four
Madagascar properties: Besakoa, Daraina, Analalava and Ankaramy (the "Properties").
Sunridge can acquire an initial 50% in the Properties by spending $2 million
over a 2-year period and issuing Majescor 500,000 common shares as follows:
|
|
Work expenditures
|
Common shares of Sunridge
|
|
Year 1
|
$ 500,000
|
200,000
|
|
Year 2
|
$ 1,500,000
|
300,000
|
|
TOTAL
|
$ 2,000,000
|
500,000
|
Upon
acquiring a 50% interest in the Properties, Sunridge will then have the right
to acquire an additional 25% (total 75%) by spending an additional $2.5 million
by the end of the third year and by issuing Majescor an additional 500,000
common shares of Sunridge.
Upon
acquiring a 75% interest in the Properties, Sunridge will have a one-year
period in which to elect to acquire the remaining 25% interest in the
Properties at the fair value determined at that time by an independent
valuation or as agreed between the parties in cash or, at the election of
Sunridge, in the equivalent value of Sunridge common shares. Sunridge will be
the operator of the exploration activities on the Properties. The transaction
remains subject to regulatory approvals.
This press
release was approved by Jacques Letendre, P.Geo, Director of Majescor, acting
as the"Qualified Person" for the Company under National Instrument
43-101.
Majescor Resources is a dynamic and well
funded exploration company with uranium properties in Quebec's Otish Mountains,
two large uranium projects under option in the Nunavik district of northern
Quebec, as well as a significant uranium interest in the Thelon Basin of
Nunavut through its ownership position in Uranium World Energy. In addition to
uranium, Majescor has the largest portfolio of diamond properties in Quebec, as
well as diamond projects in Nunavut and in Madagascar. Majescor has further
diversified its property portfolio by taking an option on a gold and base metal
property in Quebec.
For further information, please call:
The
TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy
or accuracy of this release.