Matamec Explorations inc.

Matamec Explorations inc.

October 21, 2005 09:49 ET

Matamec Completes Acquisition for 100% Interest in Four Properties with Nickel-Copper, Uranium and Gold Potential

MONTREAL, QUEBEC--(CCNMatthews - Oct. 21, 2005) - Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) announces that it has reached an agreement by which it will acquire 100% interest in the following four properties: Vulcain (nickel-copper-cobalt), Zeus and Tansim (uranium-rare metals), and Valmont (gold).

Nickel-Copper-Cobalt Property located in the Southwestern Grenville Geological Province.

As reported in Press Release, March 29, 2005, regarding the nickel-copper resource calculation on the Vulcain property, the main objective of any work performed on this property is to increase the quality and the quantity of these resources. As such, the main geophysical targets identified since 2004 will be tested to verify the presence of other mineralized zones near surface.

Uranium Properties in the Temiscamingue and James Bay Area.

The Zeus and Tansim properties are located in the Temiscamingue region, Quebec. Uranium mineralization has been recognized on the Zeus property with a channel sample returning 0.21 % U3O8 over 7 metres. A grab sample from an area located two kilometres south of the Tansim property, also returned 5.8 % Ta2O5 and 0.83 % U3O8.

Also of interest is the fact that the Sakami property, 100% owned and located in the James Bay area, is Matamec's third uranium project. Independent sources have expressed the hypothesis that the Apple uraniferous formation could prolong itself over more than 5 kilometres in the southern part of the Sakami property which is already recognized for its gold potential within the basic volcanic rocks (La Grande) and the silicified sediments (Opinaca).

Gold Property near a Devonian Age Intrusion in the Gaspe Area, Quebec

The potential of a gold epithermal deposit on the Valmont property is related, to the presence of indurated, silicified and\or dolomitizated rocks, to intrusions recognized by trenches and diamond drilling and to several occurrences of gold mineralization that returned up to 10 g/t Au.

According to the terms of these acquisitions described in Press Release, October 1, 2003 and also in line with the polymineral strategy of Matamec, the Board of Directors of Matamec voted to exercise its option to acquire 100% interest in these four properties by issuing 700,000 common shares, of which 466,667 shares will be issued in favour of Andre Gauthier, current President of Matamec and 233,333 shares in favour of Mistassini Minerals Resources, of which Andre Gauthier and Aline Leclerc are currently directors and officers.

Contact Information

  • Matamec Explorations Inc.
    Andre Gauthier
    (514) 448-2161
    Matamec Explorations Inc.
    Aline Leclerc
    V-P Exploration
    (819) 738-7134