Majescor Enters Into Non-Binding Agreement to Sell its 50% Interest in the Besakoa Graphite Property, Southern Madagascar

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is
pleased to report it has entered into a non-binding Letter Agreement with
Olympic Resources Ltd. ("Olympic") (TSX VENTURE:OLA) and Sunridge Gold Corp.
("Sunridge") (TSX VENTURE:SGC) whereby the Company and Sunridge agree to sell
their respective 50% interest in Daraina Exploration S.A.R.L. to Olympic.
Daraina S.A.R.L. is a Malagasy registered mining company which holds 100%
mineral rights to the Besakoa polymetallic and graphite property located in
southern Madagascar.


Under the terms of the Letter Agreement, Majescor and Sunridge agree to sell
their respective 50% interest in Daraina S.A.R.L. ("Daraina") and Olympic agrees
to purchase 100% of the shares of Daraina under the following conditions: (i)
Majescor, Sunridge and Olympic shall enter into a definitive two-year option
agreement; (ii) Upon signing of the definitive option agreement, Olympic shall
pay a total of $150,000, split $75,000 to Majescor and $75,000 to Sunridge;
(iii) Before the second year anniversary of signing the definitive option
agreement, Olympic must expend a minimum of $1,000,000 in exploration work on
the Besakoa property, including a firm year-1 commitment of $300,000; (iv) Upon
completion of the expenditures, Olympic may exercise its option to purchase 100%
of the shares of Daraina by delivering notice and paying a total of $1,250,000,
split $625,000 to Majescor and $625,000 to Sunridge, subject to the retention by
Majescor and Sunridge of a 2% net smelter returns royalty on the Besakoa
property, split 1% to Majescor and 1% to Sunridge. Upon successful conclusion of
due diligence, on direction of Olympic, the parties will seek to draft a
definitive agreement, subject to each Company's Board approval and to any
regulatory approvals that may be required.


Olympic was on site in Madagascar to conduct a technical site visit of the
Besakoa property the week of April 15, 2013 and will conduct further due
diligence to follow. 


About the Besakoa Property, southern Madagascar

The Besakoa polymetallic and graphite property is located in the
Atsimo-Andrefana region of South Central Madagascar. The property consists of a
block of 144 contiguous map-designated claims covering approximately 60 square
kilometres and can be accessed by road from the port city of Toliara.


Between 2008 and 2011, Sunridge completed approximately $2,000,000 worth of
exploration work on the project to assess the property for copper/zinc/gold
volcanogenic massive sulfide (VMS) targets. This work included airborne and
ground geophysical surveys (electromagnetics, magnetics, gravity and
audio-magneto-tellurics) soil geochemical surveys, geological and structural
mapping as well as a 5,000 m core drilling program. The results of this work
were generally disappointing in regards to base metal targets.


The Besakoa property is located on the same geological trend and approximately
25 km north of Energizer Resources' Green Giant Molo Graphite Project, which has
a recently reported National Instrument (NI) 43-101 compliant graphite mineral
resource estimate and Preliminary Economic Assessment. The graphite
mineralization at Besakoa occurs within a folded and highly metamorphosed
sequence of sedimentary rocks that trends north to north-northeast and dips
steeply to the east.


From preliminary surface mapping and rock sampling conducted by Sunridge at
Besakoa, these graphitic meta-sedimentary rocks are closely associated with
shallow airborne EM conductors. A total of four strong and shallow airborne EM
conductors are defined in the property; two are located in the west (west and
far west anomalies) and two in the east (East and far-east anomalies). These
shallow airborne EM conductors trends from 2.5 km up to 7.5 km along strike and
vary in widths from 100m in the east up to 800m in the west. 


The graphite mineralization at Besakoa occurs as disseminated flakes within the
highly metamorphosed (amphibolite up to granulite metamorphic grades)
sedimentary rocks.


About Majescor Resources Inc.

Majescor Resources Inc. (TSX VENTURE:MJX) is a junior explorer focusing on
emerging mineral districts. In addition to the Besakoa polymetallic and graphite
property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.),
Majescor's project portfolio includes the Mistassini uranium exploration project
in Quebec (under joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.).
In the Republic of Haiti, Majescor, through its 100%-held subsidiary Simact
Alliance Copper-Gold Inc., holds a majority interest SOMINE SA, a registered
Haitian corporation. SOMINE SA in turn holds 100% mineral rights to the Douvray
porphyry copper-gold project and the Faille B gold project located in the
Northeast mineral district of Haiti, near the port-city of Cap-Haitian. The
Douvray and Faille B projects are each covered by a five-year renewable Mining
Exploitation Permit awarded to SOMINE SA on December 21, 2012 and are
collectively covered by a Mining Convention executed with the State of Haiti on
May 5, 2005 and valid until March 9, 2020. On January 15, 2013, Majescor
published the first NI 43-101 compliant mineral Resource estimate for the
Douvray porphyry copper-gold project (Inferred Mineral Resource of 189.5 Mt
grading 0.30% Cu, 0.05 g/t Au, 1.12 g/t Ag and 23.05 g/t Mo at a base cut-off of
0.1% Cu). 


About Sunridge Gold Corp.

Sunridge Gold Corp. (TSX VENTURE:SGC) is a mineral exploration and development
company focused on the acquisition, exploration, discovery and development of
base and precious metal projects on the Asmara Project in Eritrea and
exploration properties in Madagascar. Sunridge currently has approximately 175
million shares outstanding. 


About Olympic Resources Ltd.

Olympic Resources Ltd. (TSX VENTURE:OLA) is a junior resource company engaged in
the exploration, development and acquisition of graphite, gold and precious
metal properties. Olympic is currently evaluating several prospective graphite
properties in Canada and other countries to acquire and explore. The company
also has an option to earn a 60% interest in the Dragon Lake gold property in
the Yukon and an agreement with Yukon Exploration Syndicate Inc. to acquire a
100% interest in the Ice, Max and Sun gold projects also located in the Yukon
within the Carmacks Caldera. 


Mr. C.Tucker Barrie, Ph.D., P.Geo. (Ontario), Vice-President Exploration and
Director of Majescor is the Qualified Person for Majescor and has reviewed and
approved the technical information contained in this press release. 


To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT
Alliance Copper Gold Inc., the Douvray Copper-Gold and the Faille vein-gold
projects 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Majescor Resources Inc.
Daniel Hachey
President & CEO
905.206.1604
613.241.7817 (FAX)
[e-mail]
www.majescor.com