News: April 30thVancouver, British Columbia, April 30, 2010 – Majestic Gold Corp. (TSX.V: MJS) is pleased to announce the appointment of Gurminder Sangha to its board of directors, and announces that Daniel Pisenti resigned from its board of directors as of April 14, 2010.
Dan Pisenti stepped down as director after assisting the Company in seeking out well-qualified directors with years of experience in financing and mining. Rod Husband, President and CEO stated, “We appreciate the service rendered by Dan over the past years and his desire for the success of the Company.”
Mr. Sangha is an independent business advisor to the mining industry. For over nine years, Mr. Sangha has focused on significant international exploration, development, and mining ventures, and all aspects of their structuring and finance. His previous positions include: Business Development Manager at Scotia McLeod.; Commercial Banking Manager, Scotiabank; and Business Advisor to Norsemont Mining Inc., a Toronto Stock Exchange listed copper company. During his tenure at Norsemont, he helped grow the company from a market capitalization of $1 million to $100 million in less than two years. Mr. Sangha holds a Bachelor of Commerce degree. “We are looking forward to working with Gurminder and building Majestic Gold. His fundraising experience will contribute significant value to the Company, and will help increase shareholder value,” stated Rod Husband, president and CEO of Majestic Gold.
The Company board of directors now has five members: Rod Husband, Shao Hui Chen, Rudy Brauer, Mike Hibbitts, and Gurm Sangha.
Majestic Gold Corp. is an advanced stage gold exploration and development company with a very advanced gold deposit in the prolific gold region of Songjiagou in eastern Shandong Province (which contains 2.7 million ounces in a 43-101 compliant resource).
They've also updated their webpage (Spalsh page):Majestic Gold Corp. is a Vancouver-based; TSX Venture Exchange andFrankfurt Exchange listed gold exploration and development company witha very advanced gold deposit in Shandong province of China. On April23, 2010, the company released an updated NI 43-101- compliant,indicated and inferred gold resource estimate on its Song Jiagouproperty. At present, Majestic Gold Corp. is aggressively pursuing apre-feasibility study. A recently announced agreement will increaseMajestic's effective ownership from 54 to 94 % and has allowed theproperty to commence production at an initial rate of 1,400 tpd. With acontract that fixes operating costs and allows use of land andequipment, Majestic anticipates to have a positive cash flow, within amatter of months.Presentation, Slide 15 (which used to show old resource estimate):Existing NI 43-101 Resource Estimate (2.7 M ounces)
And info on Song Jiagou resource Estimate (which is something closer to what I would have expected to see in the PR language):The revised National Instrument 43-101 Resource Estimate represents inexcess of 138% increase in the tonnage and a 112% increase incontained gold in the Indicated category and a 15% increase in tonnagein the Inferred category but a228% increase in Contained ounces.
In 2006, Wardrop Engineering Inc. (Wardrop) prepared a National Instrument 43-101 (NI 43- 101)compliant, resource estimate of the Song Jiagou deposit. On the basis of additional data collectedduring 2006, Wardrop prepared an updated estimate in late 2007. The current report updates the2007 Song Jiagou estimate and takes into account assay results from surface core drilling andtrenching that were carried out since 2007, as well as depletion from surface mining since the time ofthe last estimate. Depletion attributable to underground mining during the same interval has beennegligible.
Gold resources were estimated using Gemcom 6.2 software and gold grades were interpolated intothe block model by three methods: ordinary kriging, inverse distance squared (ID2) and nearestneighbour (NN). In all three methods, percent models (percent of a block within the geologicalsolid) were used. ID2 and NN were used as checks on the credibility of ordinary kriging.
Table 1: Song Jiagou Revised Resource Estimate at 0.4 g/t Cut-Off
| Calculation Method | Category | Tonnes (t) | Ounces (oz) | Grade (g/t) |
| Kriging | Indicated | 24,929,869 | 1,002,694 | 1.251 |
| Kriging | Inferred | 28,133,107 | 1,703,174 | 1.883 |
| | | | | |
| Inverse Distance 2 | Indicated | 23,665,831 | 973,919 | 1.280 |
| Inverse Distance 2 | Inferred | 26,089,673 | 1,477,970 | 1.762 |
| | | | | |
| Nearest Neighbour | Indicated | 21,408,861 | 1,053,804 | 1.531 |
| Nearest Neighbour | Inferred | 24,190,043 | 1,889,879 | 2.430 |
The revised resource estimate wasproduced in accordance with National Instrument 43-101 and the CanadianInstitute of Mining, Metallurgy and Petroleum standards on mineralresources and mineral reserves definitions and guidelines by anindependent third party, Wardrop Engineering Inc, Greg Z. Mosher,P.Geo. The data used was collected by Majestic in its 2004, 2005, 2006and 2007 exploration programs in addition to data collected by jointventure partner Shandong Yantai Muping Gold Mine ("Muping Mining") andtotaled 20,957,882 gold assays.