Matamec Explorations Inc. Matamecis Presently Negotiatingthe Reimbursementof Two Unsecured Debentures

Published in House and Home on Friday, April 3rd 2009 at 10:02 GMT, Last Modified on 2009-04-03 10:04:13 by Market Wire
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MONTREAL, QUEBEC--(Marketwire - April 3, 2009) - Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) announces that it is presently negotiating with the Lender the reimbursement of two unsecured debentures, one issued on March 21st 2007 ($ 400,000, refinanced in 2008 for $ 444,000), the other issued on March 31st 2008 ($ 675,000). Both are at an annual interest rate of 9% and mature on March 21st and March 31st 2009 respectively, and of 14% after maturity. These debentures were initially issued for the acquisition of uranium properties in Quebec and the Matheson-Colbert gold property in the Timmins Mining Camp. On March 31st 2009, the principal and interests amounted to $1,222,427.

On March 31st 2009, core Matamec's properties are either located in the Timmins Mining Camp (Matheson, Montclerg, Walker and Wilkie townships):

1- Gold (Matheson township): 50% interest and operator of the Matheson-Colbert property, which includes the extension at depth of the western part of the MCC Zone. This zone can be traced along strike for up 4 kilometres to the east onto, a) Matamec's 50% option agreement in the Matheson-Explorers property (by spending $ 675,000 before April 1st 2011) and b) Matamec's 25 % option agreement on the Matheson JV property with Goldcorp Canada Inc. (by spending $ 500,000 before April 1st 2011, of which $ 375,000 must be spent before April 1st 2010). Also, 50% option agreement on the Matheson-Pelangio property, situated north of the MCC Zone (by spending $ 250,000 before March 9th 2012).

2- Gold (Montclerg-Walker-Wilkie townships): 51% interest and operator of the Montclerg property, which includes more than 2 km along strike of the Montclerg Zone and more than 1 km along strike of the Canamax Zone. In addition, 50% interest and operator of the 2W property.

Or located in the Province of Quebec:

1- Gold; Uranium (Superior province - James Bay area): 100% interest in the Sakami property, where Matamec drilling and exploration campaigns discovered (1) in the La Pointe sector, the 25 Zone with values up to 2.95 g/t Au over 43.0 metres (MAT-EX-10), and the 26 Zone with values up to 12.55 g/t Au over 12.55 metres (MAT-EX-19), and (2) north of the La Pointe sector, 5 other gold showings. Mineralization at the Sakami property is located at the contact of the La Grande and Opinaca geological sub-provinces, on the northern flank of a regional fold; note that the Eleonore gold deposit is located on the southern flank of that same fold.

2- Gold; Copper-Gold; Kimberlite (Superior province - Desmaraisville area): 50% interest in the Lesperance-Wachigabau property after Nothern Superior Resources inc. has spent $ 500,000 in exploration work before January 15th 2012. Drilling values on the property include up to 5.39 g/t Au over 2.4 metres and 10.12 g/t Au over 1 metres (90-LP-C-07), and 2.62% Cu-14 g/t Ag-3.14 g/t Au over 3.25 metres (82-LP-A-17).

3- Gold; Copper-Gold; Lead-Zinc-Silver-Gold (Appalachian province - Gaspe area): 100% interest in the Valmont property, where drilling discovered, (1) the Cromar Zone, more than 300 metres long along strike, with values up to 0.28 oz/t Au over 0.40 metres (V-1985-3), (2) the extension at depth of the old Candego mine with values up to 5% Cu-0.16 oz/t Au over 0.60 metres (V-1988-4) and (3) the lateral extension of the old Candego mine with values up to 10% Pb-2.5% Zn-11 oz/t Ag-0.10 oz/t Au over 0.30 metres (V-1988-2).

4- Copper-Nickel-(Platinoids-Gold) (Grenville province - La Verendrye area): 100% interest in the Vulcain property, which includes the big Lac Gale Mag anomaly, a strong positive anomaly more than 10 kilometres wide and extending up to 25 kilometres when the external branches are considered.

5- Zirconium-Yttrium-REE; Uranium; Gold (Grenville province - Temiscamingue area): 100% interest in the Zeus property, which includes the Sheffield Zone with historical resources of 2.27 Mt @ 0.15% Y2O3- 1.05% ZrO2; REE grades are presently being evaluated on the Zone. Also note that gold values up to 8.6 and 100 g/t Au were discovered in tills gathered in the area (as Aurizon Mines Ltd. outlined in their press release dated February 26 2007).

6- Uranium; Lithium; Tantalum (Superior province - Temiscamingue area): 100% interest in the Tansim property where Matamec found values up to 0.09 % U on the Rivard and Gauthier showings. Also, values up to 4.61% Li were recognized in the Viau showing and values up to 0.2% Ta2O5 are found in 4 complex pegmatites.

7- Uranium (Superior province - Kuujjuak area): Matamec holds two royalties in the Uranium North property and 875,618 common shares of Rukwa Uranium Ltd., a private company.

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.

"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."