Matador Exploration Inc.
TSX VENTURE : MXN

Matador Exploration Inc.

November 01, 2005 11:07 ET

Matador Explorations Inc.: Geochemical Sampling Program Underway at the Mount Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2005) - Matador Explorations Inc. (TSX VENTURE:MXN) along with Redemption Joint Venture partners Focus Minerals Ltd (ASX:FML) are pleased to announce the initiation of MMI (Mobile Metal Ion) geochemical sampling at The Mount Project near Widgiemooltha, 35 km SSW of Kambalda in Western Australia.

The Mount Project covers 1025 ha, and is located within the Norseman-Wiluna greenstone belt on the eastern margin of the Widgiemooltha Dome, a prolific nickel and gold producing area. Gold mineralization at the Mount is hosted in a strongly folded north-northwest trending sequence of mafic and ultramafic rocks, and comprises at least 12 lodes, which are near vertical, sub-parallel shears, commonly altered with tourmaline, biotite and carbonates.

This extensive MMI sampling program will extend and infill previous geochemical sampling which comprised wide spaced pedogenic soil, and limited MMI sampling. The pedogenic soil sampling program detected broad gold anomalies north and northeast of the current resource area, and the localized MMI sampling identified gold-nickel anomalies coincident with EM conductors. The results from this MMI sampling program will delineate the size of the mineralized area and help focus RC and diamond drilling along strike from the current resource area.

In conjunction with the expanded RC and diamond drilling the joint venture partners will update the quality of the geological model, review the proposed mining methods and advance the project to a pre-feasibility level.

The Mount currently hosts a 43-101 compliant inferred gold resource of 2,090,000 tonnes grading 5.5g/t Au for 369,570 contained ounces, and has a past production history of 12,180 ounces gold from small scale underground and open pit operations. For more information, please refer to MXN's announcement of the resource estimate on June 22, 2005, as well as the detailed 43-101 compliant technical report that was filed by MXN on SEDAR on July 18, 2005.

MXN maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc. P.Geol., Vice President of Exploration, who is the Qualified Person as defined by NI 43-101.

Committee Bay Resources Ltd. ("CBR") and Matador Exploration Inc. have scheduled their respective special shareholder meetings for November 18, 2005 to approve a business combination (press release July 12) by way of a statutory plan of arrangement.

This business combination of Committee Bay and Matador will create a company poised to take advantage of the near term production capability of the Coolgardie Project while advancing its prospects in Northern Canada and Western Australia through exploration of two greenstone belts with world class gold potential.

On behalf of the Board

MATADOR EXPLORATION INC.

John Williamson, P.Geol., President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Matador Exploration Inc.
    Bernie Kennedy
    Investor Relations Manager
    (604) 331-2269 or Toll Free: 1-888-331-2269
    www.matadorex.com