Matamec Explorations inc.

Matamec Explorations inc.

July 14, 2005 10:27 ET

Matamec Explorations Inc.: New Members on the Board of Directors

MONTREAL, QUEBEC--(CCNMatthews - July 14, 2005) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) announces changes on its Board of Directors. At its last meeting, the Board accepted the resignations of Sirs. Andre Godbout and Paul-A. Girard as well as Mrs. Dominique Moreau. Mr Godbout also resigned as President of Matamec. We wish to thank them for their important contribution during the past few years.

The company announces the nominations of Sirs Patrick Bradley and Laval St-Gelais to its Board of Directors. Well known in the mining industry, Mr. Bradley is president of Societe d'exploration miniere Vior Inc., whereas Mr. St-Gelais, C.A., is a business administrator. Their expertise will be beneficial for the future development of Matamec. Following these changes, the Board of Directors is now comprised of five directors, of which two are officers: Andre Gauthier, the new president and Aline Leclerc, vice-president Exploration, and three independent directors: Raynald Vezina, Patrick Bradley and Laval St-Gelais.

Matamec is a mining exploration company which has a polymineral exploration strategy. It intends to continue its exploration activities, counting on the intrinsic value of their property holdings, mostly held 100% by the company.

Since 2003, the Sakami and Vulcain properties were the focus of significant surface exploration work. The former, situated in James Bay, covers a 35 km long segment along the thrust between the two geological sub-provinces of Opinaca and La Grande. Several gold showings were identified on a portion of the Sakami property and the northern 25 kilometers have seen little to no exploration work.

As for the nickel-copper Vulcain property, it covers approximately 100 square kilometers and includes several mafic/ultramafic rock intrusions of which the largest is over 3 kilometers long by 700 metres wide. Several mineralized zones have been discovered and several sectors of the property still have seen little to no exploration work.

Furthermore, Matamec announces that it also intends to issue 89,260 common shares at a price of $ 0.10 per share, subject to the regulatory approval for the payment of accrued interest in the amount of $ 8,926.03 on a convertible debenture of $ 150,000 issued January 15th, 2004. These securities will be subject to a four month hold period from their date of issue.

Contact Information

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