Matamec Reports Initial Drilling Results on Montclerg Gold Project

Matamec Explorations Inc. ("Matamec") announces that it has completed its first drilling program on the Montclerg gold project, situated at the eastern end of the world famous Porcupine gold camp in Timmins, Ontario. A total of nine vertical drill holes were completed with a total length of approximately 2,200 metres. There are two known mineralized gold zones on the Montclerg property including: (1) the Montclerg Zone, discovered in 1938, that is located 400 metres north of the Pipestone Fault and has an estimated resource of 408,100 tons grading 4.53 g/t Au (Baynes, 1985. This historic resource estimate is not NI 43-101 compliant. The qualified persons of Matamec have not done additional work to classify the historical estimates as current mineral resources, therefore Matamec is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon); and (2) the CMX Zone discovered along the Pipestone fault in 1987. The Montclerg Zone has a strike length of 360 metres and a depth extent of only 140 metres. Matamec optioned the Montclerg property because of the geologic similarity of the Montclerg Zone to some of the bigger Porcupine camp gold deposits and because of the potential for new mineralization at depths greater than the 125 metre vertical extent of most previous drilling. The potential for mineralization at depth was in part supported by four longer drill holes, including M-26 that cut significant gold values at a vertical depth of 355 to 374 metres. The current drill program was laid out to establish the nature of previously encountered mineralization, to test the vertical and horizontal continuity of the historic Montclerg zone and to search for gold-bearing mineralization at the ultramafic/mafic contact. These objectives were achieved by drilling through a known mineralized body, primarily along a single cross section (49 + 00 E) in order to establish its extent and orientation, as well as to explore for new mineralization at depth. Results from the drilling program have reached their objectives. The program provided a better understanding of the mineralized bodies in the historic Montclerg Zone, led to the discovery of new mineralization at depths of more than 300 metres and encountered the ultramafic/mafic contact. Previous drill holes did not provide a unique solution as to the orientation of individual mineralized bodies in the Montclerg Zone. Structural data collected from existing drill core suggested that the mineralized bodies were either steep or flat dipping. Results from the first two vertical drill holes strongly suggested that the mineralized bodies are flat lying. The other seven drill holes were also drilled vertically with the majority being spotted on north-south section 49+00 E (Figure 1) in order to confirm the structural orientation of individual mineralized bodies and to define the stratigraphy of the Montclerg Zone. The nine drill holes completed have lengths of 155 to 401 metres. Holes #1, #2, #3, #6, #7 and #9 tested the vertical and horizontal extent of the gold-bearing mineralization on section 49+00 E. Holes #5 and #8 were drilled on section 49+30 E and hole #4 was drilled on section 48+70 E to test the lateral extent of mineralization encountered on section 49+00 E (Figure 1). All the nine holes encountered extensive alteration and up to 6 stacked flat-lying mineralized bodies and contain between 1 to 20% sulphides including pyrite, pyrrhotite, arsenopyrite and sphalerite. The close proximity of the nine vertical drill holes to each other has established the orientation of the individual mineralized bodies and the stratigraphy around the Montclerg Zone. The contact was encountered by hole #9 at 147.5 metres and hole #2 at 395.5 metres. Tourmaline-quartz veins encountered below 350 metres in hole #2, as well as a fleck of visible gold at 360.65 metres, suggest that this hole has encountered a feeder system for fluids required to form the mineralized bodies found at shallower depths and possibly the beginning of a different type of mineralization near the mafic/ultramafic contact. It is with confidence that we now consider the next drilling campaign on a more extended grid. More than 350 samples were sent to the laboratory. The results from only 26 assays have been received at this time. The partial results from drill hole #1 are listed below. Quality Control Exploration on the Montclerg Project was supervised by vice-president of exploration, Aline Leclerc, P.Geo. and Dr. Ed van Hees, P.Geo., both of whom are qualified persons as defined by NI 43-101. Core lengths throughout this press release are measured along the core axis and may not represent true widths. Matamec has instituted a control and analytical quality assurance protocol for its gold exploration programs. This procedure includes the systematic addition of blank samples and certified standards to each batch of 25 samples sent for gold analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision. Analyzed samples consist of split NQ core, typically have lengths ranging from 1.0 metre to 1.5 metre, and are sent for analysis to ALS-Chemex in Timmins. Samples are assayed by fire assay followed by atomic absorption or gravimetric analysis according to industry standards. Each pulp sample from significant mineralized intersection will be reanalyzed in a second laboratory to verify the grades obtained. This press release was prepared by Aline Leclerc, P.Geo. and Dr. Ed van Hees, P.Geo.