Matamec Intersects 0.73% TREO (40% HREO+Y2O3) Over 18.8 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC--(Marketwire - March 24, 2011) - Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) is pleased to announce that assay results have been received for a further seventeen DDH on its 2010-2011 diamond drilling program on the Kipawa HREE-Y-Zr deposit in western Quebec. All preliminary results for this campaign have now been received.

The drill program started on December 1, 2010 and ended on February 8, 2011 for a total of 3,332 meters drilled. Its main objective was to upgrade the resource, moving the majority of inferred resources into the indicated category.

Of the 42 DDH of the campaign, full results have been received for the first 13 holes (see the January 27^th and February 10^th press releases), and partial results have been received for a further 29 DDH, including this last batch of 17 DDH. Mineralized intervals for the best 8 holes of the latest batch are presented below (see Table 1 and Figure 1). All are well mineralized with both eudialyte and mosandrite.

Andre Gauthier, Matamec's president, comments that: "Overall, we've received much better grades than expected in the West Zone, which we're confident will increase our metal tonnage, and we've roughly maintained the grade and tonnage we had in the Central and East Zones. All that and indicated resources over the majority of the deposit makes for a very successful winter 2010-2011 campaign on the Kipawa deposit of the Zeus property."

Table 1

Interim REE Zones Assay Results, 0.1% Y2O3 cut-off

2010-2011 Kipawa HREO-Y-Zr Deposit Drill Program

Drill Hole	From (m)	To  (m)		Width *** (m)	ZrO2 (%)	LREO (%)	IREO (%)	HREO (%)	Y2O3 (%)	TREO (%)	% HREO +Y2O3 /TREO
KM108	10.6	13.1		2.5	0.814	0.590	0.068	0.115	0.258	1.030	36
KM108	31.3	34.5		3.2	1.351	0.371	0.043	0.074	0.166	0.654	37
KM112	28.63	33.62		4.99	>1.147	0.633	0.084	0.198	0.478	1.393	49
KM112	43.27	46.37		3.1	0.659	0.324	0.032	0.054	0.125	0.535	33
KM115	29.69	33.8		4.11	0.439	0.456	0.071	0.149	0.325	1.001	47
KM116	5.85	10		4.15	0.637	0.391	0.043	0.057	0.125	0.616	30
KM116	16.66	37.5		20.84	>1.110	0.289	0.034	0.057	0.122	0.502	36
KM118	30	46.05		16.05	>1.128	0.323	0.038	0.077	0.166	0.604	40
KM119	26.45	30.95		4.5	>1.351	0.292	0.043	0.086	0.204	0.624	46
KM119	57	60		3	>1.328	0.123	0.025	0.059	0.121	0.328	55
KM120	16.25	35		18.75	>0.897	0.394	0.046	0.088	0.201	0.729	40
KM121	11.8	24.95		13.15	>0.855	0.486	0.053	0.087	0.223	0.848	36
KM121	56.8	63.05		6.25	0.885	0.300	0.027	0.042	0.103	0.472	31

*	Light rare earths (LREO) = La2O3 to Nd2O3, Intermediate rare earths (IREO) =Sm2O3 to Gd2O3, Heavy rare earths (HREO) = Tb2O3 to Lu2O3.
**	TREO = LREO + IREO + HREO + Y2O3
***	All of Matamec's drill holes, in all three campaigns carried out at Zeus, are oriented at 39 degrees north and have a plunge between -60 and -70 degrees. This is within 10 degrees of perpendicular to the local dip of the mineralized syenite body. Widths provided in all of Matamec's tables are therefore thought to approximate true widths to within 3%.

The drilling results set out above are preliminary, as some of the REE and zirconium analyses exceeded the limits of the analytical methods (marked by a ">" in the table). Full results will be released when they become available.

Upon receipt of final 2010-2011 assay results, a new 43-101 resource estimate will be completed by SGS Geostat using the new data. Matamec's next drilling campaign on the Zeus property, set to begin in summer 2010, will aim to better define the extensions of the deposit.

QAQC procedures

Matamec maintains a quality control program conforming to the industry's best practices. The NQ core is split, with one half kept as a witness at our Val d'Or facilities. Samples are then submitted in batches of 25, each containing two known standards and one blank, to the ALS Chemex ("ALS") preparation facility in Val d'Or where the samples are reduced to pulps and couriered to ALS in Vancouver (B.C.) for analysis. The samples are dissolved using a lithium metaborate fusion before being analysed by ICP-MS methods on a 2 gram sample size, with overlimits handled either by ICP-MS on a dilute solution, in the case of rare earths, or by XRF, in the case of zirconium. The samples and core are managed in a secure location until delivered to ALS. ALS maintains ISO 17025 certification, the highest accreditation available for QA/QC.

About Matamec

Other than its focus on the development of the Kipawa deposit and exploration for other showings of rare earths-yttrium-zirconium-niobium-tantalum on its Zeus property, Matamec's exploration strategy is to discover gold deposits, base metals and platinum group, as well as rare metals.

For gold, the company explores in the prolific mining camp of Timmins, Ontario, of which the main target is the Matheson property.

In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, it is exploring for gold together with Northern Superior Resources Inc. on the Lesperance/Wachigabau property.

Figure 1 is available at the following address: http://media3.marketwire.com/docs/ccnmwebNreUpload1300912308753-MAT154-English-Fig1.pdf