Matamec Closes $210,000 Private Placement

Matamec Explorations Inc. (Matamec) announces that it has closed a non-brokered private placement of units for gross proceeds of $ 210,000. Matamec issued a total of 1,500,000 units at a price of $0.14 per unit, each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.20 per common share until March 12, 2008. However, starting March 12, 2007, 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 ending January 13, 2007. One director of Matamec, James D.A. White, subscribed to the offering for an amount of $70,000. Furthermore, a 6% finder’s fee was paid to Jones, Gable & Company Ltd. by Matamec in connection with the offering. Net proceeds will be used for general corporate purposes.