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Press release from CNW Group

Major Drilling announces closing of the over-allotment option in connection with its public offering of common shares

Tuesday, October 25, 2011

Major Drilling announces closing of the over-allotment option in connection with its public offering of common shares08:45 EDT Tuesday, October 25, 2011/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/MONCTON, NB, Oct. 25, 2011 /CNW/ - Major Drilling Group International Inc. ("Major Drilling" or the "Corporation") (TSX: MDI) is pleased to announce that it has closed the full amount of the over-allotment option (the "Over-Allotment") granted to the syndicate of underwriters led by TD Securities Inc. and including Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Beacon Securities Limited., Jennings Capital Inc. and Salman Partners Inc. (the "Underwriters").  Pursuant to the Over-Allotment, the Underwriters elected to purchase an additional 885,000 common shares of the Corporation at a price of $11.90 per common share, for aggregate proceeds of $10,531,500. The Over-Allotment option was granted to the Underwriters in connection with a previously announced offering of subscription receipts of the Corporation which were exchanged for common shares on the closing of the acquisition of Bradley Group Limited on September 30, 2011.About Major DrillingBased in Moncton, New Brunswick, Major Drilling is one of the world's largest metals and minerals contract drilling service companies. To support its customers' mining operations, mineral exploration and environmental activities, Major Drilling maintains operations in Canada, the United States, South and Central America, Australia, Asia and Africa.All dollar values are quoted in Canadian dollars.THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF MAJOR DRILLING, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE SECURITIES REFERRED TO IN THIS NEWS RELEASE WERE ONLY OFFERED IN CERTAIN PROVINCES OF CANADA BY MEANS OF PROSPECTUS.  SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REFERRED TO IN THIS NEWS RELEASE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION THEREFROM.For further information: Denis Larocque, Chief Financial Officer  Tel: (506) 857-8636 Fax: (506) 857-9211 ir@majordrilling.com