Ivanhoe’s Kipushi zinc mine in the DRC officially reopens
The restart marked exactly a century since the mine first went into production.
MONTREAL, QUEBEC–(Marketwire – Sept. 13, 2011) – Majescor Resources Inc. (“Majescor” or the “Company“) (TSX VENTURE:MJX), its 100%-owned affiliate company SIMACT Alliance Copper-Gold Inc. (“SACG”) and their Haitian partner SOMINE SA are pleased to report new significant results from the ongoing exploration program at the SOMINE Cu-Au project in northeast Haiti, together with the signing of a drill contract for a first round of 3,500 m focussing on the Douvray-Blondin porphyry copper-gold deposits, and on nearby targets. The drill contract has been awarded to Palo Verde Drilling Ltda. of Guatemala City, Guatemala. A man-portable drill with capabilities to 325 m depth is presently in transit from the Dominican Republic to the SOMINE project in NE Haiti. Majescor anticipates that drilling will commence on or before September 30.
Ongoing exploration work on the SOMINE project has focused on soil geochemical surveys, and on the re-interpretation of induced polarization (IP) geophysical surveys conducted by the United Nations Development Program (UNDP) in the 1970s and 1980s. In the Douvray porphyry copper-gold area, over 1,300 soil samples have been collected and analyzed with a portable Niton™ X-ray fluorescence analyser. Initial interpretation indicates a 1.0 km x 0.35 km soil anomaly with > 0.1 wt.% Cu, and averaging greater than 0.2 wt.% Cu (see Figures 1 and 2 with this press release). Given that the oxide zone extends up to 20 m depth in many of the historical drill holes in this area, Majescor and SOMINE SA are now evaluating the potential for a copper oxide resource. Further soil samples will be taken over the historical Blondin porphyry copper deposit and over the Dos Radas and Mathelière copper prospects.
The UNDP IP survey covers the southern two-thirds of the SOMINE project. The data show IP chargeability anomalies coincident with the Douvray and Blondin porphyry deposits, and that extend for several kilometers along strike to the South-Southeast and North-Northwest away from these prospects. The data are being digitized and will undergo two- and three- dimensional inversions, and compared to geological cross-sections and three dimensional models for the drilled parts of the two porphyry deposits. Majescor management and geophysical consultant Marc Boivin of Québec-city based MBGeosultions are particularly encouraged by the coincidence of IP anomalies and copper showings at surface.
In Other News:
In accordance with the Company’s compensation policy, stock option plan, and subject to the approval of TSX Venture Exchange, the Board of Directors granted 950,000 stock options to its officers and directors. Each stock option entitles the holder to subscribe for one common share of Majescor at a price of $0.25 per share for a five-year period expiring September 9, 2016.
About the SOMINE Project
The SOMINE project consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. SACG has also carried-out systematic soil sampling and prospecting work over four Prospecting Permits encompassing four 100 km2 areas lying to the East, South and Southeast of the permit subject to the Mining Convention. SOMINE SA has requested the conversion of the Prospecting Permits into Research Permits (50 km2each) and has filed all technical and source documents in support of its application with the Haitian Bureau des Mines et Energie.
About SIMACT Alliance Copper Gold Inc. and SOMINE SA
SIMACT Alliance Copper Gold Inc. (“SACG”) is a 100%-held subsidiary of Majescor. SACG is the majority shareholder of SOMINE SA, a registered Haitian corporation holding 100% of the mineral rights to the SOMINE project. SOMINE SA has designated SACG as the Technical Operator of the SOMINE project exploration programme.
About Majescor Resources Inc.
Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. In addition to the SOMINE project, Majescor’s project portfolio includes the Mistassini uranium exploration projects in Quebec (under Joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) and the Besakoa gold and base metal property in Madagascar (100%-owned; under option to Sunridge Gold Corp.).
This press release as been prepared by C. Tucker Barrie, Ph.D., P. Geo., Vice-President, Exploration for Majescor who is a qualified person under National Instrument 43-101.
To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-gold Property as well as the Company’s Mistassini uranium and Besakoa copper/gold properties, please visit our website at www.majescor.com.
Forward-Looking Statements
This News Release may contain or refer to “forward-looking statements” which reflect Management’s expectations regarding the Company’s future growth, results of operations, performance and business prospects and opportunities. These statements reflect Management’s current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management’s expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
