Non-brokered private placement

Matamec Explorations announces the completion of a non-brokered private placement, as of August 11th, 2003, for a proceed of $60,000. Matamec will issue a total of 375 000 shares at a price of $0.16 per share (300 000 flow-through shares and 75 000 common shares) and 37 500 purchase warrant, each one providing the right to subscribe to a common share at a price of $0.22 per share within the next 18 months. These shares cannot be traded for a period of four (4) months after the completion date. The proceeds of this flow-through placement will be used to finance the exploration program on the JR Sector of the Sakami Property (James-Bay), 100% owned by Matamec. Following the good results obtained during the previous weeks, Matamec is carrying out additional stripping and sampling works on the JR Sector.