majescor resources inc (MJXFF) Snapshot

Majescor Resources, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended August 31, 2012. For the quarter, the company reported net loss for the period attributable to equity holders of the parent company of CAD 1,481,394 or CAD 0.02 per basic and diluted share against CAD 838,855 or CAD 0.02 per basic and diluted share for the same period last year. Net cash used in operating activities was CAD 1,242,410 against CAD 784,212 for the same period last year. Purchase of property and equipment was CAD 13,886 against CAD 13,049 for the same period last year. For the six months, the company reported net loss for the period attributable to equity holders of the parent company of CAD 3,194,656 or CAD 0.04 per basic and diluted share against CAD 1,108,928 or CAD 0.02 per basic and diluted share for the same period last year. Net cash used in operating activities was CAD 2,946,009 against CAD 1,111,168 for the same period last year. Purchase of property and equipment was CAD 122,865 against CAD 13,049 for the same period last year.

Majescor Resources, Inc. provided the results of the final two drill holes at the Douvray porphyry copper-gold prospect, Northeast Haiti: Hole D-017 (Azimuth 070 degrees; Dip: -60 degrees; Depth: 401 m) which targeted the East Limb of the Douvray prospect has intersected 388.5 m grading 0.26% Cu, 0.38 g/t Ag, 0.01 g/t Au and 15.07 ppm Mo (from 12.50 m to 401.00 m) (Table 1) including: 278.28 m grading 0.30% Cu, 0.46 g/t Ag; 0.02 g/t Au and 17.58 ppm Mo (from 122.72 m to 401.00 m); Hole D-013 (Azimuth 070 degrees; Dip:-75 degrees; Depth: 499 m), which also targeted the East limb and was designed as an undercut to Hole D-008 has intersected 154.55 m grading 0.26% Cu, 0.61 g/t Ag, 0.03 g/t Au and 11.33 ppm Mo (from 230.20 m to 384.75 m) (Table 1), including: 46.05 m grading 0.41% Cu, 0.96 g/t Ag; 0.04 g/t Au and 10.41 ppm Mo (from 277.95 m to 324.00 m). The company also wishes to provide an update on the permitting process for the Douvray copper-gold prospect and for the Faille B gold prospect. On June 21, 2012, Majescor/SIMACT Alliance Copper Gold Inc., and Haitian partner and SOMINE project titleholder SOMINE SA filed two independent technical reports (non-National Instrument 43-101 compliant) to the Haitian Bureau of Mines and Energy in Port-au-Prince. The technical reports were filed pursuant to SOMINE SA's obligations under the Mining Convention and in support of SOMINE SA's application to have the 50 km2 SOMINE Research Permit which expired on June 22, 2012 converted to: one (1) 25 km2 Mining Exploitation Permit covering the Blondin-Douvray-Dos Rada porphyry copper system which contains the Douvray porphyry copper-gold prospect; and one (1) 20 km2 Mining Exploitation Permit covering the Faille B vein gold-copper prospect and host shear structure.

Majescor Resources Inc. reported that its drill hole FB-012 which targeted the historical Central Zone of the Faille B vein gold prospect, Northeast Haiti, has intersected 17.5 m grading 2.59 g/t Au, 0.95 g/t Ag and 0.14% Cu (from 58.0 m to 75.5 m). Hole FB-012 also contains a series of significant sub-intercepts including 3.9 m grading 8.96 g/t Au, 1.50 g/t Ag and 0.22% Cu. Hole FB-012 is the second of five shallow drill holes (total: 639.50 m) recently completed at Faille B. The principal objectives of the core drilling program were to begin replicating key historical holes within the Central Zone in preparation for a first National Instrument (NI) 43-101 compliant resource estimate for Faille B; to map trace element geochemical signatures across the entire length of the core; and to start the step-out drilling process in order to test the down-hole continuity of the gold mineralisation. Final drill assay results for holes FB-010, FB-011, FB-013 and FB-014, including five over-limit Au assays, are pending.