Majescor Provides Default Status Report

MONTREAL, QUEBEC–(Marketwired – Jul 18, 2013) –

Majescor Resources Inc.(”
Majescor” or the ”
Company“)
(TSX VENTURE:MJX), is providing this bi-weekly
default status report (the “Default Status Report”) in accordance
with Policy Statement 12-203 respecting Cease Trade Orders for
Continuous Disclosure Defaults (“Policy Statement 12 203″). On June
28 and July 4, 2013, the Company announced (the “Default
Announcement”) that, for the reasons disclosed in the Default
Announcement, the filing of the Company’s annual financial
statements, accompanying management’s discussion and analysis and
related CEO and CFO certifications for the financial year ended
February 28, 2013 (collectively, the “2013 Annual Financial
Statements”) would not be completed by the prescribed deadline set
by the Canadian securities legislation, being June 28, 2013.

As a result of this delay in filing the 2013 Annual Financial
statements, the Company’s principal regulator, the Autorité
des Marchés Financiers (the “AMF”), granted a Management Cease
Trade Order (the “MCTO”) to the Company. The MCTO restricts all
trading in securities of the Company, whether direct or indirect,
by the Chief Executive Officer, the Chief Financial Officer and the
directors of the Company until such time as the 2013 Annual
Financial Statements have been filed by the Company. The MCTO does
not affect the ability of shareholders who are not subject to the
MCTO of the Company to trade their securities.

The Company’s board of directors and its management confirm once
again that they are working expeditiously with the Company’s
auditors to meet the Company’s obligations relating to the filing
of the 2013 Annual Financial Statements and the Company continues
to expect to file the 2013 Annual Financial Statements on or before
July 26, 2013.

Pursuant to the provisions of the alternative information
guidelines specified by Policy Statement 12-203, the Company
reports that since the Default Announcement, except as stated in
this Default Status Report, there have not been any material
changes to the information contained therein; nor any failure by
the Company to fulfil its intentions as stated therein with respect
to satisfying the provisions of the alternative information
guidelines, and there are no additional defaults subsequent to the
disclosure therein, other than the delay in filing the 2013 Annual
Financial Statements. Further, there are no additional material
information respecting the Company and its affairs that have not
been generally disclosed and there are no insolvency proceedings
against the Company as of the date of this Default Status
Report.

Until the 2013 Annual Financial Statements have been filed, the
Company intends to continue to satisfy the provisions of the
alternative information guidelines under Policy Statement 12-203 by
issuing bi-weekly default status reports in the form of further
press releases, which will also be filed on SEDAR.

About Majescor Resources
Inc.

Majescor Resources Inc. is a junior explorer focusing on
emerging mineral districts. Majescor’s portfolio of exploration
projects includes the Besakoa gold, base metal and graphite
property in Madagascar (50%-50% joint venture with Sunridge Gold
Corp.; On April 30 2013, Majescor entered into a non-binding Letter
Agreement with Olympic Resources Ltd. (“Olympic”) and Sunridge Gold
Corp. (“Sunridge”) whereby the Company and Sunridge agree to sell
their respective 50% interest in Daraina Exploration S.A.R.L. to
Olympic) and 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 Company. 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).

To find out more about Majescor Resources Inc. (TSX
VENTURE:MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-
gold project 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.