High Nickel-Copper Grades on Vulcain

Matamec Explorations Inc. («Matamec») announces the significant results from four new vertical drill holes on the nickel-copper Vulcain property, situated 165 km southwest of Val d’Or, easily accessible by a network of forestry roads and distant of 46 km from provincial route 117. The target of the four present drill holes is to validate and improve the quantity and quality of the inferred resources calculated in 2002 by Geostat buy pills online without prescription Systems International from past drill holes. The best intersections returned the following assays: Drill holes RZ-05-10 and RZ-05-11 were drilled in the southern open pit and the RZ-05-12 in the northern open pit. As for drill hole RZ-05-14, it was drilled in the northern extension of the southern open pit. The drill hole RZ-05-13 was planned but was not drilled. Each of the four drill holes has one or several types of mineralization, that is magmatic breccia with sulphidic matrix, massive sulphide veins, sulphide veinlets in all directions or finely disseminated sulphides over core lengths reaching up to 47 metres. The Vulcain property contains several ultramafic intrusions that have seen little to no exploration. In total, 19 new targets have been identified on this property of approximately 90 km2 by means of an AeroTEM type helicopter-borne geophysical survey. The present exploration campaign consists in drilling a first geophysical EM anomaly approximately 700 metres long and centered on the Renzy Lake ultramafic intrusion. Other geophysical anomalies are identified within this same intrusion. As reported in the press release dated November 15th, 2004, the Vulcain property contains the Renzy nickel-copper deposit mined by open-pit between 1969 and 1972. Approximately 716,000 short tons were extracted of the 1,012,000 short tons of diluted reserves, indicated by drilling at grades of 0.72%Cu and 0.70% Ni. Therefore, there should remain approximately 300,000 short tons of ore in continuity of the old workings to be extracted on the site. Additional reserves of the possible category were estimated at 980,600 short tons in equivalent grade for Ni-Cu. These reserves were calculated by Black & Riddell (Metals, Petroleum & Hydraulic Resources Consulting Ltd of Toronto) for Renzy Mines Ltd in 1968, based on recommendations from the Association of Professional Engineers of Ontario. In 2002, Geostat Systems International Inc. was appointed to carry out the resource calculations of the remaining ore. They obtained a resource of 259,400 metric tonnes at 0.87% Ni and 0.94% Cu with a cutoff grade of 0.5% Ni-equivalent. In accordance with the requirements of National Instrument 43-101, this resource calculation was limited to the evaluation of the remaining presumed resources located in proximity to the northern and southern pits previously mined, and excluded several mineralized zones identified by Black & Riddell within the Renzy Lake intrusion. These resources are located between surface and an average depth of 50 m. As for quality control, the exploration program was conducted under the supervision of Aline Leclerc, vice-president of exploration , qualified person according to Canadian standard 43-101and has a vast experience in the mining industry. The assayed samples, taken as core halves whose length varies from 0.30 to 1.50 metres were shipped and analyzed at ALS Chemex Chimitec of Val d’Or. The samples were assayed for nickel, copper, cobalt and silver by multi-acid digestion and for gold, platinum and palladium by fire-assay according to industry standards. Presently, the international demand is sustained for most metals in consideration of the consumption of the emerging countries such as China. According to experts, the prospects for several years are excellent. For example, the price per pound for nickel is currently around US$7.00/lb and that of copper is approximately US$1.50/lb. Considering the results of our drilling, the metal value for nickel and copper in situ can reach more than US$430/tonne.