Matamec Explorations inc.

Matamec Explorations inc.

March 29, 2005 10:22 ET

Matamec: High Nickel-Copper Grades on Vulcain




MARCH 29, 2005 - 10:22 ET

Matamec: High Nickel-Copper Grades on Vulcain

MONTREAL, QUEBEC--(CCNMatthews - March 29, 2005) - Matamec Explorations
Inc. ("Matamec") (TSX VENTURE:MAT) announces the significant results
from four new vertical drill holes on the nickel-copper Vulcain
property, situated 165 km southwest of Val d'Or, easily accessible by a
network of forestry roads and distant of 46 km from provincial route 117.

The target of the four present drill holes is to validate and improve
the quantity and quality of the inferred resources calculated in 2002 by
Geostat Systems International from past drill holes. The best
intersections returned the following assays:

Drill from - to Width Ni Cu Co Ni equivalent
hole (i)
(m) (m) % % % %
(in the drill
hole's axis)
RZ-05-10 26.30 - 29.26 2.96 1.93 4.09 0.13 2.78
RZ-05-11 21.45 - 32.25 10.80 1.25 1.77 0.09 1.62
and 40.80 - 41.50 0.70 1.18 1.12 0.08 1.43
RZ-05-12 35.00 - 36.30 1.30 0.89 1.93 0.07 1.30
RZ-05-14 6.40 - 21.10 14.70 1.01 1.24 0.07 1.27

(i) Ni equivalent is equal to: Ni + 0.208 Cu

Drill holes RZ-05-10 and RZ-05-11 were drilled in the southern open pit
and the RZ-05-12 in the northern open pit. As for drill hole RZ-05-14,
it was drilled in the northern extension of the southern open pit. The
drill hole RZ-05-13 was planned but was not drilled.

Each of the four drill holes has one or several types of mineralization,
that is magmatic breccia with sulphidic matrix, massive sulphide veins,
sulphide veinlets in all directions or finely disseminated sulphides
over core lengths reaching up to 47 metres.

The Vulcain property contains several ultramafic intrusions that have
seen little to no exploration. In total, 19 new targets have been
identified on this property of approximately 90 km2 by means of an
AeroTEM type helicopter-borne geophysical survey. The present
exploration campaign consists in drilling a first geophysical EM anomaly
approximately 700 metres long and centered on the Renzy Lake ultramafic
intrusion. Other geophysical anomalies are identified within this same

As reported in the press release dated November 15th, 2004, the Vulcain
property contains the Renzy nickel-copper deposit mined by open-pit
between 1969 and 1972. Approximately 716,000 short tons were extracted
of the 1,012,000 short tons of diluted reserves, indicated by drilling
at grades of 0.72%Cu and 0.70% Ni. Therefore, there should remain
approximately 300,000 short tons of ore in continuity of the old
workings to be extracted on the site. Additional reserves of the
possible category were estimated at 980,600 short tons in equivalent
grade for Ni-Cu. These reserves were calculated by Black & Riddell
(Metals, Petroleum & Hydraulic Resources Consulting Ltd of Toronto) for
Renzy Mines Ltd in 1968, based on recommendations from the Association
of Professional Engineers of Ontario.

In 2002, Geostat Systems International Inc. was appointed to carry out
the resource calculations of the remaining ore. They obtained a
resource of 259,400 metric tonnes at 0.87% Ni and 0.94% Cu with a cutoff
grade of 0.5% Ni-equivalent. In accordance with the requirements of
National Instrument 43-101, this resource calculation was limited to the
evaluation of the remaining presumed resources located in proximity to
the northern and southern pits previously mined, and excluded several
mineralized zones identified by Black & Riddell within the Renzy Lake
intrusion. These resources are located between surface and an average
depth of 50 m.

As for quality control, the exploration program was conducted under the
supervision of Aline Leclerc, vice-president of exploration , qualified
person according to Canadian standard 43-101and has a vast experience in
the mining industry. The assayed samples, taken as core halves whose
length varies from 0.30 to 1.50 metres were shipped and analyzed at ALS
Chemex Chimitec of Val d'Or. The samples were assayed for nickel,
copper, cobalt and silver by multi-acid digestion and for gold, platinum
and palladium by fire-assay according to industry standards.

Presently, the international demand is sustained for most metals in
consideration of the consumption of the emerging countries such as
China. According to experts, the prospects for several years are
excellent. For example, the price per pound for nickel is currently
around US$7.00/lb and that of copper is approximately US$1.50/lb.
Considering the results of our drilling, the metal value for nickel and
copper in situ can reach more than US$430/tonne.


Contact Information

    Matamec Explorations Inc.
    Andre Godbout, Eng.
    (418) 831-2977
    Matamec Explorations Inc.
    Aline Leclerc
    V-P Exploration
    (819) 738-7134
    Matamec Explorations Inc.
    Andre Gauthier
    V-P Administration
    (514) 448-2161