Madagascar

BESAKOA, DARAINA, ANKARAMY & ANALALAVA

100%-owned

Operator : Sunridge Gold Corp.
Development Stage : Reconnaissance to targeted exploration (Year 3)
Target : Besakoa: Bisha-type, greenstone belt-hosted, VMS deposit; Daraina: mesothermal/epithermal shear zone-hosted gold deposit in basement rocks (Daraina); Analalava: layered intrusive-type nickel-copper-PGE deposit; Ankaramy: Sedex-type lead and zinc deposit.
Significant Results : The Besakoa property is host to Madagascar’s principal VMS occurrence. Core drilling of the main Besakoa prospect by Majescor in 2007 intersected up to 21.5 m of 0.7% copper, 0.5 g/t gold, 1.1% zinc and 21.4 g/t silver. At Daraina reconnaissance outcrop sampling by Majescor retuned grades of up to 81.7 g/t gold and 21 g/t silver.

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In April 2008, Majescor announced it had entered into a letter of intent with Sunridge Gold Corp. (“Sunridge”), an experienced Africa-focussed gold and base metal explorer, whereby Sunridge can acquire up to a 100% interest in four gold and base properties held by Majescor in Madagascar. Majescor acquired the land package under option to Sunridge from a local Malagasy mining company in 2006.

The principal asset of the property package is the Besakoa license located in the Atsimo-Andrefana region of South Central Madagascar. The Besakoa property holds a series of historical sulphide occurrences including the “Main” Besakao polymetallic prospect, Madagascar’s principal volcanogenic massive sulphide (“VMS”) occurrence. The property consists of a block of 144 CDCs covering 56 km2.

In January of 2007, Majescor completed a first core drilling program on the main Besakoa prospect. The purpose of the drilling was to confirm and upgrade geological data derived from historical core drilling dating back to the 1950s. Eight holes were drilled and core was recovered to a maximum depth of 78 metres. Iron oxide and/or copper-zinc-bearing sulphides were observed in all eight drill holes drilled, with intersections grading of up to 21.5 m of 0.7% copper, 0.5 g/t gold, 1.1% zinc and 21.4 g/t silver.

The Besakoa property area is considered to be an extension of the same basement rocks of the East African Arabian-Nubian shield which hosts Sunridge’s Asmara and Nevsun’s Bisha VMS deposits in Eritrea. Majescor and Sunridge believe that the Besakoa property area may represent a new emerging Neoproterozoic VMS district as there are numerous gossan outcrops on property and surrounding area which appear to be oxidized remnants of underlying VMS style mineralization.

The Besakoa property area last underwent systematic exploration during the 1950’s. Since Majescor acquire the property in 2006, the area has seen resurgence in exploration activity. In August of 2007, Uranium Star Corp. (“Uranium Star”) announced it had acquired a 75% interest in the Three Horses property located immediately to the South of the Besakoa property. Exploration work on the Three Horses property began in the fall. Uranium Star reported finding several gossanous boulder occurrences, believed to overlie massive sulphide mineralization, on the property. A helicopter-borne EM-magnetometer survey was also completed. Uranium Star intends to drill the Three Horses Property in 2008.

Majescor and Sunridge are committed to moving the Besakoa property forward in 2008. To this effect, the partners have planned a focused ground exploration program for the summer 2008 field season. This program will include reconnaissance and systematic prospecting and mapping, ground geophysical surveying and soil geochemical sampling.

The gold and base metal property package also includes the Daraina license located in the Sava district of northern Madagascar. The Daraina property covers a series of shear zone hosted epithermal/mesothermal gold mineralized veins and is the site of much artisanal gold mining. There are numerous copper anomalies, both in stream sediments and in bedrock, outlined during regional geochemical surveying by the Service Géologique de Madagascar in the early 1970’s. In 2006, Majescor announced the results of a reconnaissance surface sampling program conducted on the property. Anomalous grades reaching 81.7 g/t gold and 21 g/t silver were obtained in surface grab samples. The property comprises a single block of 848 CDCs with a surface area of 331 km².

ANTSAKABARY

100%-owned

Operator : Majescor
Development Stage : Anomaly provenance determination (Year-2)
Target : Kimberlite-hosted diamond deposit amenable to open-pit mining.
Significant Results : Kimberlite indicator minerals (“KIM”) anomalies were identified by previous bulk stream sediment sampling in the Antsakabary area.

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The Antsakabary property consists of a block of 2,192 CDCs covering a total surface area of 856 km². The property, located in the Sofia district of northern Madagascar, was staked by Majescor in February 2007.

The Antsakabary property straddles the Betsimisaraka suture, a major Archaean/ Palaeoproterozoic structural zone which marks the closure of the Mozambique ocean as Gondwana formed. The suture zone has been interpreted to extend all the way north to India.

In November 2007, Majescor completed a first phase bulk stream sediment sampling program for KIM on the property. A total of 26, 100-litre stream sediment samples (screened to – 1 mm) were collected and forwarded to a South African laboratory facility for KIM recovery and analysis. Final results are pending.