Matamec Explorations inc.

Matamec Explorations inc.

February 19, 2007 08:30 ET

Matamec and Explorers Option Large Gold Property East of Hoyle Pond Mine from Goldcorp and Kinross

MONTREAL, QUEBEC--(CCNMatthews - Feb. 19, 2007) - Matamec Explorations Inc. (TSX VENTURE:MAT) ("Matamec") announces that it has signed a non-binding letter of intent with Goldcorp Canada Ltd. ("Goldcorp"), manager of the Porcupine Joint Venture (the "PJV", a joint venture between Goldcorp Canada Ltd. and Kinross Gold Corporation ("Kinross)) to acquire a fifty percent (50%) ownership interest in certain PJV exploration properties located in Matheson township. The PJV property covers approximately 2,480 hectares or 155 units which added to the 73 Explorers claims and the 2 Matamec - Explorers (Anglo-Colbert) claims forms an approximate 3,700 hectare property, referred to as Matheson Joint Venture ("Property"). The Property is located mainly in Matheson Township (See figure 1), approximately 3 kilometres east of the Hoyle Pond mine. Since 1985, this mine has produced approximately 2.2 millions ounces of gold at an average grade of 13.5 g/t Au.

Under the terms of the option, Matamec and Explorers can collectively acquire a 50 % interest in the PJV claims by completing $2 million of exploration work over a three-year period, including committed expenditures of $500,000 in the first year, and optional expenditures of $700,000 in the second year and $800,000 in the third year. Once this condition is fulfilled, the PJV will have a 60-day period to exercise the right to acquire an additional participation of 10% from Matamec and Explorers respectively, thus increasing the PJV participation to 70 % by making a $350,000 cash payment, incurring exploration work totalling $ 6.3 millions within 2 years and by completing a feasibility study before the end of the third year.

Furthermore, Matamec will pay to PJV $ 25,000 upon execution of a formal agreement and will issue 187,500 common shares and 750,000 warrants valid for 12 months at a price of $0.25. Anniversary payments of $32,000, $40,000 and $50,000 in common shares of Matamec will be made over the three years of the option agreement. During the 3-year option period and as long as Matamec and Explorers hold a participation of at least 50 %, Matamec will be the operator.

The agreement also provides that Matamec must complete its commitments to Explorers and Colbert Drilling and Exploration Co according to the letters of intent which it signed with these companies in July, 2006.

A recent compilation of the previous work on these properties indicated that several samples from previous drill holes contained values higher than 1 g/t Au and in several cases higher than 20 g/t Au. This compilation has helped identify several mineralized corridors (See figure 2), among which is the South corridor which lies along the same general trend of the Bell Creek, Owl Creek and Hoyle Pond mines. The Matheson Joint Venture partners will now have the possibility to investigate the gold-bearing potential of these various corridors over a distance of more than 20 kilometres.

With access to the consolidated land package, it will now be possible to verify, by drilling, different targets previously identified on the South corridor. More than 3,000 metres of drillings is forecast in 2007. Among others, the Mill Creek zone is targeted to verify the continuation of the gold-bearing mineralization at depth. Near-surface mineralization was previously identified by more than 30 drill holes drilled within 250 vertical metres of surface.

On another corridors located to the north of the Property and covered with a thicker layer of overburden, there are significant gold values that were previously recognized near surface. This target will be covered by a deep-penetrating IP survey, potentially followed by diamond drilling.

The geologic data of this press release was prepared by Aline Leclerc, geologist and Exploration vice-president of Matamec.

For more information on the Matamec commitments, it is necessary to refer to the July 19th, 2006 press release of the company.

In addition to the approval of the regulatory authorities, the Matamec and Explorers boards of directors, as well as Senior Management of Goldcorp, and its PJV partner, Kinross, will have to approve the formal agreement.

About Matamec

Matamec is a mining exploration company whose strategy is exploring for significant gold and uranium deposits in Ontario and in Quebec. For gold, it has mainly targeted the East Timmins mining camp where certain properties have not been fully investigated on surface and/or at depth. In particular, it may acquire interests in the Matheson and Montclerg properties. Furthermore, it has 7 exploration projects in Quebec, and 3 of them for gold, uranium and rare metals.

Two figures are available on CCNMatthews' Web Site at the following addresses:

Figure 1:

Figure 2:

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

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