New mineral inventory in progress on Vulcain

Matamec Explorations Inc. ("Matamec") announces that Geostat Systems International Inc. (“Geostat”) has been appointed to complete a new mineral inventory on the nickel-copper Vulcain property. This independent study will include all previous drillings carried out in 2005. Results of this NI 43-101 compliant technical report should be communicated in September 2007. The Vulcain property is situated 165 km southwest of Val d’Or and is easily accessible via a network of gravel roads off Provincial Highway 117. Vulcain contains several ultramafic rock intrusions that have seen little to no exploration and the Renzy nickel-copper deposit mined by open-pit between 1969 and 1972. As reported in the press releases dated November 15th, 2004, and March 29th, 2005, Geostat carried out in 2002 a resource calculation of the remaining ore. Geostat obtained a resource of 259,400 metric tons 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 resource located in proximity to the northern and southern pits previously mined, and excluded several mineralized zones identified within the Renzy Lake intrusion. These resources are located between surface and an average depth of 50 metres. In 2005, a drilling campaign of 19 holes was performed on the mineralized lenses of the old Renzy mine and is in fact the only work performed since this mine was closed. The drilled holes were concentrated on the lenses that best defined the still present mineralization further to the closure of the Renzy mine. Matamec has not yet tested all the ground geophysical targets found in the 2005 Max-Min and 1965-1967 Induced Polarization surveys located near the lenses in and around Lake Renzy. Furthermore, all the 1965-1967 and 2002 Induced Polarization ground geophysical targets identified elsewhere on the property, as well as 18 of 19 targets identified by the 2004 AeroTEM type helicopter-borne geophysical survey, have not been drill tested. The geological data in this press release has been prepared by Aline Leclerc, geologist, Vice-president Exploration and a Qualified Person as defined by NI 43-101. Also, the Company announces that exploration work is in progress on the La Grande Est, Matheson-Pelangio, Montclerg, Valmont, Tansim and Zeus properties. The results of these activities will be announced as soon as they are available.