Matamec Explorations inc.

Matamec Explorations inc.

February 19, 2008 12:45 ET

Matamec Begins A New Drilling Program on its Vulcain Nickel-Copper Property

MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2008) - Matamec Explorations Inc. (TSX VENTURE:MAT) ("Matamec") announces that it is beginning a new drilling program on its Vulcain nickel-copper property (see attached figure). Boreholes of approximately 50 to 100 meters will be tested to intercept near surface targets.

Considering the worldwide demand for nickel and copper and the potential value of the Vulcain property, Matamec has decided to pursue exploration work on this core asset. Indeed, the last update of mineral resources realized on the mineralized zones of the previous Renzy Lake open pit mine (dated November 26th, 2007) had estimated the indicated mineral resource at 92,000 tonnes averaging 0.65 % copper and 0.63 % nickel, for 1.32 million pounds of copper and 1.28 million pounds of nickel metal, while the inferred mineral resources had estimated at 513,000 tonnes averaging 0.75 % copper and 0.64 % nickel, for 8.48 million pounds of copper and 7.24 million pounds of nickel metal. These mineral resources are contained in mineralization that occurs from the surface to a vertical depth of 70 meters (see Matamec press release dated September 26th, 2007 and December 11th, 2007).

In relation to this revision of mineral resources, a re-interpretation of all of the geophysical surveys completed from 1956 to 2005 was made in order to better define geophysical and geological targets. Subsequently, 155 kilometers of line cutting was followed by a ground-based induced polarization survey. This survey, currently in progress, has already enabled Matamec to determine the location of several drilling targets. Drilling work on the property began on February 15th of this year.

The exploration program in progress has four main objectives:

- Increase known mineral resources within a 500-meters perimeter around the old Renzy Lake mine;

- Determine the dimension of the mineralized zones partially identified as the Alba South zone, located one kilometer east of the known Renzy Lake mineralization;

- Verify the presence of mineralized zones in new sectors of the property, such as the Hourglass Lake sector situated approximately 2 kilometers South of Renzy Lake;

- Estimate the possible enrichment in Platinum Group Elements in nickel-copper disseminated sulphides similar to those identified in boreholes 2005-10, 19 and 20.

The geological data in this press release was prepared by Aline Leclerc, geologist and Matamec's Vice-President Exploration, a Qualified Person as defined by NI 43-101.

Matamec also announces that exploration work is in progress on the Montclerg, Tansim, Valmont and Zeus properties. The results of these activities will be announced as soon as they become available.

About Matamec

Matamec is a mining exploration company which is exploring for significant gold deposits in Ontario, and uranium and base metals deposits in Quebec. For gold, it has mainly targeted the East Timmins mining camp, in particular properties that are underexplored or have only been explored near-surface. Matamec's numerous uranium and base metals properties are located throughout the province of Quebec.

A map of Vulcain Property is available at the following adress:

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

Contact Information

  • Matamec Explorations Inc.
    Andre Gauthier
    Matamec Explorations Inc.
    Michael D'Amico
    Investor Relations