Matamec: Flow through financing completed and 2002 work program planning underway
01/10/02 - MAT (CDNX), Val-d'Or (Quebec), January 10th, 2002 - The management of Matamec Explorations Inc. is pleased to announce the results of its financing by means of Prospectus and the anticipated work schedule on its Sakami property (James Bay) for the year 2002. At closing December 31st 2001, 788 " A " units and 4 " B " units had been subscribed at a unit price of $1,000.00, for a total financing of $792,000. Therefore, 2,364,000 Flow through common shares at a price of $0.2667 per share and 630,400 common shares at a price of $0.25 per share, were subscribed under the " A " units. As well, 16,000 common shares each accompanied by a warrant whereby the holder may acquire a common share at a price of $0.33 per share at any time up to June 6th 2003, were issued under the " B " units, which as a reminder, may be subscribed until June 30th, 2002. All shares issued in accordance with this Prospectus may be traded freely on the market following the reception of share certificates. With financing completed on December 31st , the total number of common shares issued by the company totalled 15,899,209.
Funds raised by the sale of Flow through shares under the " A " units and the financial assistance granted by the government under its support program to junior mining exploration companies, will allow Matamec to complete winter and summer exploration programs, which will be followed by a diamond drilling program in the fall of 2002.
WINTER 2002 PROGRAM
- Linecutting: " Peninsula " area - Kalmia showing **
" P.E.M. " area **
- Magnetic survey: " Peninsula area " **
" P.E.M. " area **
- I.P. survey: Kalmia showing area **
" P.E.M. " area **
- Diamond drilling: " Zones 25 and 26 " area *
J.R. showing **
Kalmia showing **
(P.E.M. = Mining Exploration Permit number 0001531)
SUMMER 2002 PROGRAM
- Prospecting, geological mapping, stripping and sampling in the
" Peninsula " and J.R. showing areas and in the north part of the property. *
FALL 2002 PROGRAM
- Diamond drilling: Program to be elaborated following a review of
results obtained from previous geological and geophysical surveys. *
*Work funded by means of 2001 Flow trough financing (FEC)
**Work funded with the financial assistance provided by Quebec's Ministry of Natural Resources
Exploration work completed in 2001 on the Sakami property has confirmed the extension at depth and to the south-west of showings 25 and 26 which, were only surface exposures.
Examples of drill intersections on Zone 25:
EX-10: 2.51 g/t Au over 54.45 metres (178.6 ft) at a vertical depth of 50 metres;
EX-13: 2.96 g/t Au over 8.25 metres (27.0 ft) at a vertical depth of 120 metres ;
EX-22: 6.40 g/t Au over 12.67 metres (41.5 ft), including 24.20 g/t Au over 2.59 metres (8.5 ft) at a vertical depth of 65 metres (probably a mixture of zones25 and 26).
Example of drill intersections on Zone 26:
EX-19 : 9.70 g/t Au over 11.80 metres (38.7 ft), including 28.70 g/t Au over 2.50 metres (8.2 ft) at a vertical depth of 50 metres.
(See Press Releases diffused on November 27, and December 12, 2001).
In addition to seeking out new gold showings on the property, upcoming 2002 exploration programs will also focus particular attention on the potential presence of both diamonds and emeralds on the Sakami property.
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The Canadian Venture Exchange (CDNX) does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact :
MATAMEC EXPLORATIONS INC.
Mr. Luc Lamarche, President
Tel. : (819) 824-2688
Fax : (819) 824-2608
E-mail : [email protected]
Web site : http://www.matamec.com
MATAMEC EXPLORATIONS INC
1576, Chemin Sullivan, bur. # 2
Val d'Or, Québec
J9P 1M3
Phone: (819) 824-2688
Fax: (819) 824-2608
[email protected]
http://www.matamec.com/
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