Matamec Explorations inc.
TSX VENTURE : MAT

Matamec Explorations inc.

April 16, 2009 15:00 ET

Matamec Issued Shares to Goldcorp Canada Ltd. and to Goldcorp Inc.

MONTREAL, QUEBEC--(Marketwire - April 16, 2009) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is pleased to announce that it is pursuing its option to acquire a 25% interest in the Matheson JV property in the Timmins mining camp, which is owned by Goldcorp Canada Ltd. and Goldcorp Inc. In accordance with this option, Matamec must spend $ 2,000,000 in exploration work before April 1st, 2011, of which $ 1,200,000 is to be spent before April 1st, 2010. To date, the Company, as operator of the project, has spent $ 831,000 mainly on a 5,352 metre drill program on the Mill Creek/Colbert Zone ("MCC").

Furthermore, Matamec must issue common shares of the Company with a total value of $ 122,000 to Goldcorp Canada Ltd. and Goldcorp Inc. The number of shares to be issued is based on the weighted average closing price of the Matamec common shares over the last twenty days of trading prior to the issuance of the shares. The option payment of $ 32,000 due March 31st 2009, has been paid by issuing 634,483 common shares of the Company: 323,586 to Goldcorp Canada Ltd. and 310,897 to Goldcorp Inc. In compliance with securities legislation and the policies of the TSX Venture Exchange, the securities issued under the offering are subject to a 4 month hold period expiring on August 2nd 2009.

If Matamec exercises the option and acquires its 25% interest, Goldcorp Canada Ltd. and Goldcorp Inc. have a right to "buy back" up to 10% of Matamec's interest by making certain payments to Matamec, incurring additional expenditures of a minimum amount of $ 6.3 million in two years with respect to the Properties, and completing a feasibility study at their own cost before the end of the third year on the Properties.

Since 2006, Matamec has been exploring the East part of the Timmins mining camp for gold focusing on properties that are under-explored, for example due to the thickness of the overburden, or only explored near-surface such as the Montclerg property. Considering that the Matheson JV property is located 1.7 kilometres east of the Hoyle Pond Mine shaft and that the mine stratigraphy extends eastward where the MCC Zone is located, Matamec believes that most deposits that are near-surface have probably been discovered in this area of the Timmins mining camp, however, the potential for the discovery of "blind deposits", similar to the Hoyle Pond deposit, is significant and we hold a key land position along strike from a producing mine in an area that is under-explored. A comprehension study is in progress, the main targets on the property are the following:

First target: The MCC Zone, extending over 400 metres in length, is situated 1.7 kilometres east of Hoyle Pond Mine. Their stratigraphy can be traced for more than 4 kilometres eastward. In the past, it has never been tested below 350 metres vertical. In 2008, Matamec tested it between surface and 350 metres with 11 drill holes. As well, 2 additional drill holes tested at depth between 350 and 650 metres vertical. The best results were 23.4 g/t Au over 0.30 metre between 496.1-496.4 metres and 2.36 g/t Au over 1.0 metre between 523-524 metres (MM08-12), and 2.81 g/t Au over 1.3 metres between 602.7-604 metres (MM08-13). These drill holes prove the continuity at depth of the mineralized and altered system of the North mafic volcanic unit, located between the Porcupine sediments and the ultramafic volcanic unit (see press releases of April 2nd , May 22nd , June 5th-19th, July 28th-30th and September 3rd-11th-23rd, 2008).

The possibility for discovering economic grade mineralization is based on the results obtained from drill holes MM08-12 and 13, and the elaboration of a first hypothesis based on the structural and geological interpretation. From the study of the dynamics of the Hoyle Pond Volcanic Belt as a whole, it is plausible that belt is split in four domains from west to east: Vogel/Owl Creek West, Owl Creek, Hoyle Pond and MCC. For each domain, different styles of mineralization and distinct break points seem to be associated, such as the no. 1 Diabase to the east of the Hoyle Pond Domain and the diabase dyke just west of the Mill Creek/Colbert property, with the development of right-slip vertical faults with movements up to 700 metres. Assuming that relative movement for each domain is similar, the MCC domain is anticipated to have dropped downwards between 600 and 800 metres relative to the Hoyle Pond domain. A 1,000 metre vertical drill hole should be drilled in order to verify at depth the presence of economic grade mineralization associated to the MCC Zone or a change in the type of gold mineralization.

Second and third targets: In the north part of the property, two additional gold corridors which have had limited exploration work done in the past, returned anomalous gold values in the basal till up to 100, 120, 220.1 et 581.3 g/t Au. Those targets should be covered by a deep-penetrating IP survey.

Other targets: Other targets outlined from the comprehension study presently underway.

The geological data in this press release was prepared by Aline Leclerc, geologist and Matamec's Vice-President Exploration, a Qualified Person as defined by NI 43-101.

About Matamec

Matamec is exploring for significant gold deposits in the Timmins mining camp in Ontario, of which the three main targets are the following: Matheson JV with Goldcorp Canada Ltd and Goldcorp Inc., Montclerg and 2W properties. In Quebec, the Company is exploring for precious and base metals, REE and rare metals and uranium on Lesperance/Wachigabau with Northern Superior Resources Inc., Sakami, Tansim, Valmont, Vulcain and Zeus.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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