Matamec Intersects 0.89% TREO Over 21.5 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC--(Marketwire - Feb. 24, 2011) -Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) is pleased to announce that assay results have been received for a further eight DDH on its 2010-2011 diamond drilling program on the Kipawa HREE-Y-Zr deposit in western Quebec.

This drill program started on December 1^st 2010 and ended on February 8^th 2011 for a total of 3,332 meters drilled. Its main objective was the improvement of resource quality, moving the majority of inferred resources into the indicated category.

Of the 42 DDH of the campaign, full results have been received for the first 13 holes (see the January 27^thand February 10^th press releases), and partial results have yet to be received for a further 17 DDH (KM107 to KM123). Mineralized intervals for the latest batch of eight holes are presented below (see Table 1 and Figure 1). All are mineralized with both eudialyte and Mosandrite.

Andre Gauthier, Matamec's president, comments that: "The Kipawa high grade zone is still going strong up to hole KM102. The Central zone is slightly less enriched, almost by definition, but Kipawa's strengths remain in effect there, namely its significant heavy rare earth enrichment and the ease with which we're getting high recuperation rates in our ongoing lab tests."

Table 1

Interim REE Zones Assay Results, 0.1% Y₂O₃ cut-off

2010-2011 Kipawa HREO-Y-Zr Deposit Drill Program

Drill Hole	From (m)	To (m)	Width *** (m)	ZrO₂(%)	LREO (%)	IREO (%)	HREO (%)	Y₂O₃(%)	TREO (%)	% HREO +Y₂O₃/TREO
KM95	2.1	6.85	4.75	>1.034	0.778	0.089	0.141	0.336	1.343	36
KM95	15.1	26.3	11.2	>1.000	0.312	0.031	0.047	0.102	0.493	30
KM96	See February 17^th press release
KM97	26.05	32.35	6.3	>0.911	0.305	0.033	0.056	0.118	0.512	34
KM98	See February 17^th press release
KM99	3.7	7.5	3.8	>1.105	0.295	0.037	0.083	0.179	0.594	44
	13.2	19.05	5.85	0.461	0.344	0.036	0.056	0.140	0.576	34
	39.06	47	7.94	>0.817	0.208	0.028	0.053	0.119	0.407	42
KM100	29.4	50.93	21.53	>0.764	0.539	0.052	0.084	0.217	0.892	34
KM101	28.3	35.52	7.22	0.698	>0.906	0.073	0.104	0.240	1.324	<26
	38.2	42.05	3.85	>1.263	0.422	0.049	0.080	0.189	0.740	36
	51.58	58.1	6.52	>0.723	0.829	0.079	0.122	0.253	1.283	29
KM102	See February 17^th press release
KM103	26.57	30.15	3.58	>0.855	>1.512	>0.126	0.146	0.339	2.123	<23
KM103	33.03	38.75	5.72	0.661	0.345	0.032	0.046	0.103	0.527	28
KM104	27.15	29.9	2.75	>0.724	0.488	0.044	0.068	0.144	0.744	28
KM105	20.25	28.25	8	>0.806	0.410	0.045	0.070	0.162	0.688	34
KM106 à KM123	Not yet received
* Light rare earths (LREO) = La₂O₃ to Nd₂O₃, Intermediate rare earths (IREO) =Sm₂O₃ to Gd₂O₃, Heavy rare earths (HREO) = Tb₂O₃ to Lu₂O₃. TREO = LREO + IREO + HREO + Y₂O₃* All of Matamec's drill holes, in all three campaigns carried out at Zeus, are oriented at 39 degrees north and have a plunge between -60 and -70 degrees. This is within 10 degrees of perpendicular to the local dip of the mineralized syenite body. Widths provided in all of Matamec's tables are therefore thought to approximate true widths to within 3%.

The drilling results set out above are preliminary, as some of the REE and zirconium analyses exceeded the limits of the analytical methods (marked by a ">" in the table). Full results will be released when they become available.

Upon receipt of final 2010-2011 assay results, a new 43-101 resource estimate will be completed by SGS Geostat using the new data. Matamec's next drilling campaign on the Zeus property, set to begin in spring 2010, will aim to better define the extensions of the deposit.

QAQC procedures

Matamec maintains a quality control program conforming to the industry's best practices. The NQ core is split, with one half kept as a witness at our Val d'Or facilities. Samples are then submitted in batches of 25, each containing two known standards and one blank, to the ALS Chemex ("ALS") preparation facility in Val d'Or where the samples are reduced to pulps and couriered to ALS in Vancouver (B.C.) for analysis. The samples are dissolved using a lithium metaborate fusion before being analysed by ICP-MS methods on a 2 gram sample size, with overlimits handled either by ICP-MS on a dilute solution, in the case of rare earths, or by XRF, in the case of zirconium. The samples and core are managed in a secure location until delivered to ALS. ALS maintains ISO 17025 certification, the highest accreditation available for QA/QC.

Aline Leclerc, geologist (OGQ) and Matamec's Vice-President Exploration, is Matamec's Qualified Person for this press release write up.

About Matamec

Other than its focus on the development of the Kipawa deposit and exploration for other showings of rare earths-yttrium-zirconium-niobium-tantalum on its Zeus property, Matamec's exploration strategy is to discover gold deposits, base metals and platinum group, as well as rare metals.

For gold, the company explores in the prolific mining camp of Timmins, Ontario, of which the main target is the Matheson property.

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.

To view the Kipawa map associated with this release: [ http://media3.marketwire.com/docs/MAT149_English_Fig1.pdf ]

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Matamec Intersects 0.89% TREO Over 21.5 Metres on its Kipawa HREO-Y-Zr Deposit