Matamec Explorations Inc.

Matamec Explorations Inc.

June 26, 2012 10:39 ET

Matamec and Toyota Tsusho Corp Agree to Extend the Period for Execution of the Joint Venture Agreement for the Kipawa Deposit to July 11, 2012

MONTREAL, QUEBEC--(Marketwire - June 26, 2012) - Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) announces that negotiators for Toyota Tsusho Corp. ("TTC") and the Company have submitted a final draft version of a Joint Venture Agreement ("JVA") regarding the Kipawa Deposit for internal approval on or before July 11, 2012.

TTC and Matamec have agreed to extend the Intermediate Period of their Memorandum of Understanding ("MOU"), executed December 7, 2011, to July 11, 2012 solely for the execution of the JVA. Internal approval by the management of each of TTC and Matamec is still required in order to execute the Joint Venture Agreement on or before July 11, 2012.

TTC and Matamec has executed an amendment to their MOU, whereby the MOU became binding on the parties as of February 28, 2012, and since then, Matamec has received $1.5M CAD from TTC. With this payment, the parties agreed that they would have until June 27, 2012 to a execute a JVA, upon execution of which TTC will provide up to $16M CAD for a feasibility study on the Kipawa Deposit and acquire a 49% interest in the Kipawa Deposit.

About Matamec

Matamec Explorations Inc is a junior mining exploration company whose main focus is in developing the Kipawa deposit and exploring more than 35km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.

The company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Matheson JV property located along strike and in close proximity to the Hoyle Pond Mine in the prolific mining camp of Timmins, Ontario.

In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, it is exploring for gold together with Northern Superior Resources Inc. on the Lesperance/Wachigabau property.

"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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