Matamec Explorations inc.

Matamec Explorations inc.

May 21, 2009 08:30 ET

Matamec Completed a Drill Hole on its Matheson-Pelangio Property Reissuing Stock Options to Two Directors

MONTREAL, QUEBEC--(Marketwire - May 21, 2009) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is pleased to announce that it has completed a 162 metres drill-hole on its Matheson-Pelangio gold property (

This hole follows-up an IP anomaly which returned 2.65 g/t Au on 1 metre in a historic hole set 100 metres to the west ( This IP anomaly is itself situated along the southern part of the northern gold corridors which are the focus of Matamec's gold exploration effort in the East Timmins Mining Camp. These corridors were outlined during the geological, geophysical, alteration and gold content compilations, in rock as well as in till.

Hole 2009MAT-01 met the same brecchiated quartz veining with pyrite which returned gold values in the old hole, meeting it the expected position along the hole (from the 80 to the 81 metres mark). In addition, a similar horizon was encountered 56 metres below the first one. Host rocks are sedimentary in nature, consisting primarily of broad intercalations of finely bedded argillite and massive to slightly bedded greywackes. Iron and limonite alteration is common in the upper, ground-water impacted section of the hole, while the lower section shows carbonatization with occasional sericitization. Samples have been split and will be sent to the laboratory this week.

This property has been only slightly drilled in the past (two historic holes) and other targets exist within its limits.

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.

Reiussing stock options to two directors

After the maturity dates of stock options expired September 28th, 2008, and April, 18th, 2009, the Board of Directors took into consideration the fact that, in many past instances, Aline Leclerc, Vice-President Exploration, and Andre Gauthier, President, have had opportunities to sell their stock options and didn't for financing purposes. Based on this fact, the Board has agreed to grant, at the same exercise price, 200,000 stock options at $0.11 each and 200,000 stock options at $0.16 each to Aline Leclerc, and 18,200 stock options at $0.11 each and 200,000 stock options at $0.16 each to Andre Gauthier, for a period of five years as of the last Company Board meeting. These options, as well as the terms and conditions of their exercise, are governed by the Company's Stock Option Plan.

About Matamec

Matamec is exploring for significant gold deposits in the Timmins mining camp in Ontario, of which the three main targets are the following: Matheson JV with Goldcorp Canada Ltd and Goldcorp Inc., Montclerg and 2W properties. In Quebec, the Company is exploring for precious and base metals, REE and rare metals and uranium on Lesperance/Wachigabau with Northern Superior Resources Inc., Sakami, Tansim, Valmont, Vulcain and Zeus.

"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."

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