Matamec Receives a Payment of $8.5 M CAD from Toyotsu Rare Earth
MONTREAL, QUEBEC -- (Marketwire) -- 07/23/12 -- Matamec Explorations
Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) is
pleased to announce that the Company has received a payment of $8.5 M
CAD from Toyotsu Rare Earth Canada, Inc. ("TRECan") for the purchase
of the first 25% undivided interest in the Kipawa HREE Deposit (see
July 12, 2012 press release). The payment enables the ongoing
feasibility study on the Kipawa HREE Deposit to be accelerated with
the results expected in the second quarter of 2013.
"Matamec is the first rare earth exploration company to sign a JVA
with a reputable and experienced end-user company with a substantive
international rare earth network." says Andre Gauthier, the president
of Matamec. "It is also the only rare earth exploration company to
have received funds to accelerate and complete a feasibility study
and an environmental and social impact assessment study of a HREE
deposit. Having TRECan as a strategic partner and providing funds and
expertise further validates the possibility of a future Kipawa Mine.
It also shows that the project is, at the moment, one of the most
advanced and credible HREE projects in the market."
About Toyota Tsusho Corp. and TRECan
Established for more than 60 years, Toyota Tsusho Corp. ("TTC") is a
general trading company that develops business together with over 400
consolidated group companies in Japan and overseas, with customers
around the world, via a global network covering Japan and more than
60 other countries worldwide.
TRECan is a subsidiary of TTC especially created for the JVA for the
Kipawa HREE deposit.
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
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
"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."
Caroline Wilson (P.Geo.)
Director of Investor Relations
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