TOP SMALL CAP NEWS - MAJESCOR, AZIMUT - MAJ, AZMMajescor and Azimut Sign Letter of Intent for the West Minto Uranium Property, Nunavik District, Quebec
MONTREAL, QUEBEC--(CCNMatthews - March 27, 2007) - Majescor Resources Inc. ("Majescor") (TSX VENTURE: MAJ.V) and Azimut Exploration Inc. ("Azimut") (TSX VENTURE: AZM.V) are pleased to announce the signing of a Letter of Intent regarding the West Minto Uranium property, located in the Nunavik District of Northern Quebec.
The West Minto property is located in west-central Nunavik, 150 km east-southeast of the coastal town and airport of Inukjuak on Hudson Bay. The property covers a strong regional-scale uranium anomaly in lake-bottom sediments extending over a cumulative length of 60 km. A sharply defined uranium geochemical anomaly with values in excess of 100 ppm U along an almost continuous 36-km long zone, constitutes the core axis of the project. The West Minto property lies along a major basement flexure marked by a magnetic signature which is well correlated with the uranium anomaly. The project area is characterized by late Archean intrusive rocks, as well as felsic volcanics and sedimentary rocks of probable Proterozoic age. The target type is a large tonnage, intrusion-related uranium deposit amenable to open pit mining.
Andre Audet, Chairman of Majescor states: "With the West Minto deal, our second uranium agreement with Azimut including South Rae (see Majescor press release dated January 31, 2007) and our fourth uranium project announcement this year, Majescor reaches a critical mass of uranium projects and establishes itself as a leading uranium explorer in northern Quebec. In addition to West Minto and South Rae, Majescor's Uranium exposure in Quebec now includes the Lac Mantouchiche uranium showing on our expanded Mistassini property (0.20% U3O8 over a core length of 4.50m; see Majescor press release dated March 5, 2007); as well as 14,700 hectares of prospective Precambrian terrain on our Lac Laparre property in the Otish Mountains (Santoy-Melkior earn-in), which is located 25 km northeast of Strateco's Matoush uranium prospect where one of the best reported drill intersections to date has been 2.13% U3O8 over a core length of 15.2 m (see Strateco press release dated February 20, 2007). Majescor also holds 3 million shares of Uranium World Energy, a private company, soon to be public, which has an 80% interest in De Beers Canada Exploration Inc. ("De Beers") Baker Lake Uranium project in the Thelon Basin area of Nunavut."
The West Minto Uranium property consists of two claim blocks totaling 918 map-designated cells ("CDCs") with a surface area of 416 km2. This includes 258 recently staked CDCs, for which confirmation is pending from the Quebec Ministry of Natural Resources and Wildlife.
Majescor can acquire a 50% interest in the property by spending $3.8 million in exploration over a 5-year period, including $500,000 in year-one. The Company can further increase its interest in the project to 65% upon delivery of a bankable feasibility study. A cash payment of $100,000 is due on signing, and $50,000 on the four subsequent anniversaries for a total of $300,000. Majescor will also issue 270,000 common shares on signing and an additional 270,000 common shares on the first anniversary of the agreement (subject to a 4 month hold period). This option agreement remains subject to the approval of the regulatory authorities.
In other news, Majescor has decided to increase the number of shares reserved for issuance under its stock option plan, subject to regulatory approval, from 4,793,848 options to 9,374,409 options, representing 10% of the outstanding shares as at February 28, 2007.
This press release was prepared by Marc-Andre Bernier, P. Geo., President and CEO of Majescor, who acts as the qualified person under NI 43-101.
Majescor Resources is a dynamic and well funded exploration company with uranium properties in Quebec's Otish mountains, two large uranium projects in the Nunavik region 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 the Northwest Territories, Nunavut, and Madagascar. Majescor has further diversified its property portfolio by recently acquiring gold and base metal properties in Quebec and Madagascar.
To find out more about Majescor Resources Inc. (TSX VENTURE: MAJ.V), visit our website at www.majescor.com.
The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release.
Contacts
Todd Opalick
Majescor Resources Inc.
Manager Investor Relations
todd@majescor.com
Marc-Andre Bernier
Majescor Resources Inc.
President and CEO
613-241-5333
613-241-8632 (FAX)
marc-andre@majescor.com
www.majescor.com