August 31, 2006 at 15:47 PM EDT
Majescor Closes $1,562,000 Non-Brokered Private Placement

Majescor Resources (TSX VENTURE: MAJ) is pleased to announce that it has closed the previously announced non-brokered private placement (the "Offering"). The demand for the Offering was significantly over subscribed and Majescor's Management welcomes the interest and participation from new and strategic investors.

In total, Majescor issued 12,017,310 units for gross proceeds of $1,562,250.30. Each unit consists of one common share in the capital of the corporation priced at $0.13 and one share purchase warrant. Each warrant entitles the holder thereof to acquire one additional common share in the capital of the corporation at a price of $0.20 per share until August 31, 2008. In connection with the Offering, Majescor paid finders' fees totaling $81,000. Also, insiders of Majescor and their associates subscribed to the Offering for approximately $75,000.

The securities issued are subject to a four month hold period expiring on January 1st, 2007. The Offering is subject to the final approval of the TSX Venture Exchange.

The gross proceeds of this offering will be used for working capital purposes and to advance Majescor's international projects. Proceeds from this offering will notably be used to fund Majescor's 40% portion of the 100-tonne mini-bulk sample on the Brauna diamond project in Brazil and to fast-track the fall drilling program on Majescor's recently acquired Besakoa property in Madagascar. The Besakoa polymetallic prospect is a historical copper-zinc-silver-gold occurrence with compositional similarities to the Bisha polymetallic deposit held by Nevsun Resources in Eritrea.

Majescor Resources is an aggressive exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar where Majescor has also recently acquired new gold and base metal properties.

To find out more about Majescor Resources Inc. (TSX-V: MAJ), visit our website at www.majescor.com.

This press release is available on the Majescor IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Majescor. Alternatively, investors are asked to e-mail all questions and correspondence to MAJ@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.



The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release.


Contacts:
Majescor Resources
Todd Opalick
Manager Investor Relations
(613) 241-5333
(613) 241-8632 (FAX)
todd@majescor.com

Majescor Resources
Marc-Andre Bernier
President and CEO
(613) 241-5333
(613) 241-8632 (FAX)
marc-andre@majescor.com
www.majescor.com

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here