VAL D'OR, QUEBEC--Following the webfin.com financial forum affair a hearing took place on May 1, 2002 at the "Commission des valeurs mobilieres du Quebec (C.V.M.Q)". The Commissioners present at this hearing judged that Matamec had satisfied the requirements of the Law by carrying out it's corporative update, diffused by way of press release on last  March 26, 2002 (French version and April 1 for the English version). The file is now closed at the C.V.M.Q. and no blame or sanction is imposed to Matamec in this cause. In the case of Mr. Luc Lamarche, an hearing will be held on May 7 in order to answer the allegations which relate to him.

DRILLING

The drilling campaign initiated last March on the Sakami property has temporarily been stopped for the springtime break-up period. Until now, only part of the proposed drilling has been carried out, i.e.: 1 682 meters on the zones 25 and 26, and 1 239 meters over geophysical targets .  To complete this drilling campaign, 1 300 meters will be drilled around the end of May, after the break up.  The results of the geophysical surveys carried out during this last winter as well as those of the recent drilling are 
currently being compiled and studied.  The results will be presented by way of a press release, soon.

Following the rest of the proposed drilling in May and June, Matamec plans to carry out an exploration and a geogical mapping campaing on the Northern sector of the property, considered favorable for the discovery of other mineral-bearing showings.

APPOINTMENT 

Matamec Explorations Inc. announces the appointment of Mr Jean Lavallee, mining engineer and geologist, on the board of directors of the Company.  Mr Lavallee has been active as mining engineer, 
geologist or director in the field of exploration and mining in Canada and abroad, without interruption during more than 40 years,for several mining companies such as: Louvicourt Goldfield Corporation, Sullivan Consolidated Gold Mines, Anacon Lead and Zinc Mines, East Sullivan Mines, American Molybdenite, Les Mines Huaron (Peru), Societe Nationale d'exploration Sonarem (Algeria), Marietta Resources.  Later, he has worked as consultant for various companies and organizations, like: Soquem, James-Bay Development Society, Sullivan Consolidated, Richmond Mines, Louvem, Commission des valeurs mobilieres du Quebec (C.V.M.Q). Since the last few years, Mr Lavallee, judging that the Sakami property is interesting, has followed closely the exploration works carried out.  Matamec will benefit from his experience and qualifications, as geologist and mining engineer, as well as by his wide experience in the mining environment.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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