Matamec Explorations inc.

Matamec Explorations inc.

December 23, 2014 16:15 ET

Matamec Explorations Inc.: Restatement of Financial Statements

MONTRÉAL, QUÉBEC--(Marketwired - Dec. 23, 2014) - Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT) (OTCQX:MHREF) announce that following comments expressed by the Autorité des marchés financiers (« AMF ») as part of its inspection program of continuous reporting, it's financial statements for the year ended Decembre 31, 2013 ( including comparative figures for the year ended December 31, 2012) and its intermediate financial statements as at September 30, 2014 will be the object of a restatement relatively to the taking of participation of Toyotsu Rare Earth Canada Inc. (« TRECan ») in the Kipawa JV property.

The initial accounting treatment of the transaction which resulted in a gain on disposal of exploration and evaluation assets in the consolidated statements of operations will be reversed, the transaction will be presented as a farm-out contract. Consequently, the gains on disposal in the consolidated statements of operations will be reversed, the balance of the Kipawa JV property and the equity attributable to Matamec Explorations Inc.'s shareholders in the consolidated statements of financial position will be reduced.

The restated financial statements will be filed as soon as possible in 2015.

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