New Gold Bearing Zones Identified North of Zone 25-26

Matamec is pleased to announce that new gold bearing zones have been identified during the summer primary prospection program on its Sakami property. The property located in the James Bay area of northern Quebec straddles the contact between the two Precambrian subprovinces of La Grande and Opinaca over more than 30 kilometers. A major deformation corridor is coincident with this contact and Matamec has already discovered and drilled with success the zone 25 and zone 26 major gold bearing structures at the southern end of its property. (No resource has been calculated yet on these structures). As reported by the Quebec Ministry of Natural Resources referring specifically to the area of Sakami Lake, “These [deformation] corridors are particularly important from an economic point of view as they seems to control the emplacement of gold mineralization” (Gauthier 97) “Hence the region of Sakami Lake seems conducive to the following types of deposits: a) deposits associated with shear zones b) deposits associated with silicate/sulphide as well as oxide type iron formations (Lupin type and Musselwhite)” (Gauthier 97). And in reference to the contact between the two subprovinces: “the whole of the iron formations located near the contact between two lithostratigraphic domains is highly favorable to the discovery of highly auriferous deposits.” (Houle 02). During the period June to October Matamec has completed an extensive multi teams primary prospection program on three sectors of the property previously unexplored. 44 Km2 were systematically covered in this program, representing about a quarter of the whole property. 635 outcrops were located and examined with 415 rock samples taken. Rock units present at the site of Zone 25-26 and related to their gold bearing structures have been recognized in these new areas. The prospection program consisted in systematic traverses at a 100m. spacing, for a total of 500 Km, mapping of all outcrops and structural geological features, sampling of visible mineralizations and/or rock alterations. Maps are presently being finalized. In the JR Sector, 126 samples were taken out of which 25 were anomalous, from 100 ppb Au to 9.6 g/t Au (0.34 Opt Au). In a second pass at the site of this high grade sample, three additional rock samples taken at one meter intervals on the small outcrop returned values of 4.53 g/t, 8.60 g/t and 6.85 g/t Au thus confirming the presence of a high level of gold; the showing is on a basaltic zone containing a rusted band (± 1 m.) with about 1-2% pyrite. The area around the showing is generally covered with till and it will be necessary to remove the overburden to advance its exploration. Four (4) iron formations were also discovered in the JR sector. Rock samples were also taken about 70 m East of the collar of diamond drill hole EX-43. This hole had returned an intersection of 6m. at 2.03 g/t Au in an iron formation as reported in a press release dated June 5th 2002. One of these surface samples graded 1.47 g/T Au. The area is generally covered with one meter of glacial material and mechanical removal of overburden will be necessary for further evaluation of this target. In the Island Sector, 154 samples were taken with 18 running from 100 ppb Au to 5.17 g/t Au and two iron formations were identified. In the Sipanika Sector, 135 samples were taken with only five samples being higher than 100 ppb Au. A multi-meters wide iron formation was also discovered. Only one sample was taken in this formation and returned 200 ppb Au. It is worth noting that this iron formation contains more than 20% pyrite. Some of the iron formations identified in these three sectors had visible decametric widths and could be followed for more than a hundred meters. These results confirm that the area along the main Sakami deformation corridor is highly conducive to gold mineralizations as well as indicating the possibility that the meta-sedimentary and volcanite structures (gold bearing structures at zone 25-26) located less than 50 m from the contact between the two subprovinces (McLaughlin 02) could extend over a multi kilometers distance along the deformation corridor. Currently statutory work is being performed in certain parts in the northern and central zone of the Sipanika sector. Following a resolution of the Board of directors adopted on September 27th 2002, 500000 Matamec stock options were granted to Michel Robert (CEO) at a price of 0.17$ and expiring on September 26th 2007. The escrow convention initially signed by Matamec Explorations Inc., Michel Poirier and Montreal Trust Company was thus modified as per the policies presented by the Canadian securities commission (Revised project for uniform escrow), whereby the Canadian authorities allow modifications to existing escrow conventions. This revised convention will be signed today by Matamec, Diane Bournival (current owner of the remaining escrowed shares) and the Trust Company Computershare of Canada (holder of the forementionned securities).