Matamec arranges a private placement of approximately $210,000

Matamec Explorations Inc. ("Matamec") announces that it has arranged a non-brokered private placement of units to raise gross proceeds of approximately $ 210,000 at a price of $0.14 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.20 per common share for a period of 18 months following the closing date. However, six (6) months following the closing of the offering, should the common shares of Matamec trade at a price of $0.30 or more for a period of twenty (20) consecutive trading days, the warrants will expire thirty (30) days following the receipt of a written notice to that effect from Matamec. In accordance with securities legislation, the shares and warrants issued under the private placement will be subject to a four-month hold period following the closing of the offering. One director of Matamec, James D.A. White, will be subscribing to the offering for gross proceeds of $70,000. Proceeds shall be used for general corporate purposes. Furthermore, a 6% finder’s fee will be paid by Matamec in connection with the offering. The shares may be sold in the provinces of British Columbia, Alberta, Ontario and Quebec. The completion of the offering is subject to regulatory approval. Payment in Shares of Accrued Interest on Convertible Debenture Matamec also wishes to inform that it has issued 64,757 common shares at the price of $0.138 per share in payment for the accrued interests in the amount of $8,926.03 on a convertible debenture of $150,000 issued January 15, 2004. These securities are subject to a four-month hold period from their date of issue.