Gold Mineralization Up To 53 metres On Matheson JV Gold Property

Matamec Explorations Inc. ("Matamec") is pleased to announce the assays from drill holes MM08-01, MM08-02 and MM08-03 on Target A of the Mill Creek/Colbert Zone (“MCC Zone”), Matheson JV gold property. For these 3 drill holes, assays reported in the table below are higher than 1 g/t Au. At this time, Matamec has completed 11 drill holes on Target A for a total of 3,595 metres of drilling (figure 1). Gold mineralization intersections in the North Mafic Volcanic target includes 1.08gpt/6.55 metres (MM08-01, figure 2), 1.02 gpt/ 53.55 metres (MM08-02, figure 2) and 0.38 gpt/35.95 metres (MM08-03, figure 2). A number of samples will be re-assayed by a Pulp & Metallic assay. Some of the samples to be re-assayed are reported to contain visible gold and returning assay values of <0.03 g/t Au while others suggest “Nugget Effect” in the preliminary assaying. The re-assay results will be released as soon as they are available. The current drill program of 5,000-7,500 metres of NQ drilling is targeting two areas in the MCC Zone. Target A will test mineralization between surface and 350 metres vertical depth where historic values have been encountered but has been inadequately drilled and large gaps remain unexplored above the 350 metre depth. Target B will test for deep mineralization from 350 to 650 metres below surface. The most significant mineralization to date has been intersected on the east side of the property at 325 metre vertical depth with high grade mineralization (29.42 g/t Au over 1.74 metres and 24.48 g/t Au over 1.1 metres, press release dated January 07, 2008) occurring near the east boundary at approximately 325 metres vertically. The abundance of intersections above 350 metres suggests that the North Mafic Volcanics are part of a mineralized system that continues to depth and has potential for significant new mineralized horizons. Target A of the drilling program (11 drill holes) is testing the previously defined mineralized horizon above the 350 metre level to identify the potential for plunging high grade shoots that will assist in further refining Target B between 350 metres and 650 metres. The present results are consistent with historic drilling with gold mineralization occurring in the North Mafic Volcanics and particularly in the Grey Zone altered mafic volcanics near the north Sediment/Mafic volcanic thrust contact as well as altered mafic volcanics adjacent to the underlying ultramafic volcanics. Target B of the drilling program (a minimum of 2 drill holes) is testing the MCC mineralization that is untested below 350 metres. Goldcorp Canada is actively exploring the Hoyle Pond mine, located 1.7 km west of the property, to a depth of 2,000 metres vertically. Matamec Explorations Inc. maintains a quality control program conforming to industry best practices in the sampling and analysis of drill core. The NQ core is split and submitted in batches containing a known standard, blank and a pulp duplicate to the Actlabs preparation facility in Timmins where the samples are reduced to pulps and couriered to Actlabs in Ancaster, Ontario for analysis. The samples are analysed by fire assay methods on a 50 gram sample size with a gravimetric finish. The samples and core are managed in a secure location until delivered to Actlabs. Actlabs maintains ISO 17025 certification, the highest accreditation available for QA/QC. Other assays results are expected to be received by mid August and will be released as they are available. The geological data of this Press Release was prepared by Bill MacRae, VP Exploration (Ontario) for Matamec and a Qualified Person as defined by NI 43-101.