Geological Report on Zones 25-26

Matamec is pleased to present a summary of the geological compilation report prepared by A. Douglas McLaughlin P.Geo., consultant to the Company .The mandate of Mr. McLaughlin was to prepare a compilation of all exploration data developed so far on Zones 25-26 by Matamec. McLaughlin confirms that gold bearing Zone 25 is coincident with a quartzite horizon of a regional metasedimentary sequence. It may thus extend over long distance and be repeated in parallel formations. The gold bearing iron formation of Zone 26 is also of metasedimentary origin and is parallel to Zone 25. You are encouraged to consult the plans and sections describing both zones on the Company website at www.matamec.com and the summaries of the drill intercepts in this sector.These were previously published in press releases during 2001 and 2002. The main conclusion and recommendation of Mr. McLaughlin are: “Zones 25-26 clearly demonstrate the potential for high grade gold mineralization hosted by iron formation (Zone 26) and for low grade large tonnage deposits (Zone 25).” “It is recommended that Matamec complete a $1,318,000 exploration program on the Sakami Property. This work should consist mainly of additional detailed drilling in Zone 25 and Zone 26, with the specific objective to quantify a mineral resource, and the JR Zone.” Summary of the report: “To date most exploration work has focussed on Zone 25 where stratiform gold mineralization has been found hosted by a sequence of strongly silicified quartzites, arkoses and felsic dykes within paragneiss of the Opinaca sub-province. This mineralized horizon occurs as an antiformsynform pair that plunges moderately to the southwest. Matamec drilling has intersected it within a surface area of approximately 150 metres by 160 metres, and to a depth of 220 metres. The thickest mineralization is developed within the hinge zone of the two interpreted folds with drill intercepts including: 2.62 grams per tonne (g/t) Au over 54.70 metres drill width from EX-10 and 4.16 g/t Au over 21.00 metres drill width in EX-22. A broad “envelope” of lower grade mineralization of approximately one gram per tonne gold characterizes the zone and encloses higher grade sections typically ranging from 1 to 3 grams per tonne Au. Narrow high grade intervals occur throughout the horizon often associated with discrete quartz veins containing pyrrhotite and tourmaline e.g. drill hole EX-31 which assayed 10.02 g/t Au over 2.82 metres near the hinge of the synform fold). The mineralized horizon is open both down plunge and laterally along the fold limbs and there are indications that, to the northwest, it is extending back to surface. Nearby at Zone 26, gold mineralization is hosted by a sulphidic banded iron formation present online pharmacy prescription in mafic volcanics of the La Grande sub-province. This zone occurs within the interpreted hinge of a southwest moderately plunging syncline and has been traced by drilling for 140 metres along the fold axis and to a depth of 185 metres below surface. Seven drill holes have tested the zone and have intersected inconsistent gold mineralization with the best interval assaying 13.67 g/t Au over 7.35 metres. This high grade intersection occurs proximal to high grade sections intersected in Zone 25 (EX-31). Both Zone 25 and Zone 26 occur within fifty metres of the contact between the two subprovinces. Elsewhere on the property gold has been found at the JR, Bloc Peninsula and Kalmia Zones, but to date only limited work has been done. However, at the JR zone drilling of a coincident IP and magnetic anomaly intersected 1.43 g/t Au over 13.05 metres from a silicified paragneiss unit similar to Zone 25, but with magnetite. All these zones are found along or near the contact between the two major geological sub-provinces. To date, Matamec has spent approximately $1,800,000 in exploration on the property. This includes a reconnaissance scale exploration program over approximately 50% of the property and 44 diamond drill holes totaling 7,952 metres in four of the gold zones. While none of the zones have been subjected to quantification of mineral resource they clearly demonstrate the potential for high grade gold mineralization hosted by iron formation (Zone 26) and for low grade large tonnage deposits (Zone 25). It is recommended that Matamec complete a $1,318,000 exploration program on the Sakami Property. This work should consist mainly of additional detailed drilling in Zone 25 and Zone 26, with the specific objective to quantify a mineral resource, and the JR Zone.” Geologica Inc., of Val d’Or, is presently preparing a full geological report on the whole Sakami property. The latter will include the compilation of Mr.McLaughlin for Zones 25-26, the detailed exploration program for resources quantification and additional exploration on the remainder of the property.