$75,000 private placement for Lespérance (East block)

Matamec Explorations Inc. (“Matamec”) announces the closing of a $75,000 private placement dated December 2, 2003. In accordance with this placement 240,000 common flow through shares and 60,000 common shares are issued at a cost of $0.25 per share. Each share is accompanied by a half warrant of an 18-month duration. Two half warrants entitles the holder to subscribe to a common flow through share at a cost of $0.50 per share until December 31st, 2004. If the warrants are not exercised by this date, the holder may subscribe to a common share at the same price until June 2, 2005. The proceeds of the investment will principally serve to meet one of the agreement requirements regarding the Lespérance property – East block between Cambior Inc. and Matamec. To acquire 100% of the property, Matamec must carry out exploration work in the amount of $50,000 before December 31st, 2003. Of approximately 2,809 hectares in surface area, Lespérance – East block is located in the Lac Shortt region, Chibougamau mining district. The last exploration work dates back to the winter of 1991. As well as the potential for a lode gold deposit, the Lespérance – East block has all of the ingredients to conceal kimberlites. Among other things, a previously drilled hole cut ultramafic rocks over a good thickness and it is not uncommon to encounter such rock types in this area. The planned exploration work includes a compilation of the geological buy doxycycline online and geophysical data, remote sensing, till sampling and various heavy mineral indicator extraction procedures. The geological information provided in this press release has been verified by Mrs. Aline Leclerc, geologist and Vice-President, Exploration. Mrs. Leclerc has more than 20 years of geological experience acting as a consultant to several exploration companies.