Drilling to begin on Lespérance property

Matamec Explorations Inc. ("Matamec") announces that Superior Diamonds Inc. (“Superior”) has initiated a diamond drilling program on the Lespérance property in southwestern Québec, optioned from Matamec and Cambior Inc. (now IAMGOLD Corporation). Except for diamonds and kimberlites, Matamec retains all rights to other minerals and metals on the property. Superior’s program includes 22 targets planned for drilling from 14 different collar locations. Many of these targets are situated in the southwestern part of the property where kimberlite stringers were intersected during a preliminary drilling program in 2006. The presence of these kimberlite stringers suggests close proximity to a larger kimberlite source. This phase of drilling should be completed by September. The Lespérance property comprises 225 claim blocks covering 9,730 hectares. The rocks that comprise the property bedrock are part of the internal zone of the Abitibi volcanosedimentary belt belonging to the Superior structural province. More precisely, it is part of the Caopatina-Desmaraisville volcanic belt, host to the Lac Shortt and Bachelor Lake gold-vein deposits and past-producer Coniagas, a zinc-silver-lead volcanogenic massive sulphide deposit. So, we find there several copper-zinc showings at the contact between felsic and mafic volcanics (10% Cu, 2% Zn/1.2 m), copper-gold mineralization remobilized along contiguous fractures (2.6%Cu, 3.1 g/t Au/3.25 m*), vein-type gold mineralization (10.2 g/t Au/1m, 5.4 g/t Au/2.4 m*) and disseminated low grade with a good potential for high tonnage copper-gold mineralization (0.14% Cu, 118 ppb Au/144 m). Two of these showings are located on the property (*); the other two showings are nearby. All of the exploration work done on and in the vicinity of the property since the 1940’s, by various companies, demonstrates a good potential for finding a vein-type gold deposit and/or a copper-gold deposit with a good potential for high tonnage associated with felsic porphyries and/or a volcanogenic copper-zinc deposit on the property. Besides its potential for gold and base metal mineralization, the property is located in proximity to one of the known kimberlite fields in Quebec, that is, the Desmaraisville field which comprises of 5 weakly diamondiferous hypabyssal kimberlite pipes and several dykes. It is only in the last few years that regional work in search of diamonds has heightened the property’s worth. No work pertaining to diamond exploration was done by the previous owners, as this property was dormant between 1991 and 2005. In August 2005, Superior entered into an option agreement with Matamec and IAMGOLD to earn the right to 100% of all diamonds and kimberlites discovered on the property and acquire a 50% interest in the property by spending $1.5 million and issuing 540,000 common shares of Superior in favour of Matamec and IAMGOLD over a period of five years. Matamec and IAMGOLD share a 2.5% gross overriding royalty (“GOR”) on diamonds produced from the property, subject to Superior’s right to buy back a 1.5% GOR for $3 million. Matamec has access to all the data from Superior’s work to further explore for gold and base metals on the Lespérance property. Superior has completed three years of exploration in the Lespérance area and spent more than $500,000 since 2005, culminating in an extensive overburden sampling program during the summer of 2006. These exploration programs have defined at least five dispersal trains, three of which are sufficiently well defined to warrant a diamond drilling program to explore for the kimberlite source. Additional overburden sampling to be conducted during the autumn will further refine the parameters of the other two dispersal trains. The potential for diamond-bearing kimberlite being discovered in this area is excellent based on the well defined dispersal trains and kimberlite indicator mineral chemistry. Over 4,000 kimberlite indicator minerals have been recovered from 743 overburden samples, including chromite-inclusion field chromites and diamond field, G10, chromitepyrope garnets. A second phase of diamond drilling will be initiated in early 2008 to test targets identified from the autumn overburden sampling program as well as previously identified geophysical targets. 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, Matamec announces that exploration work is in progress on the La Grande Est, Matheson-Pelangio, Montclerg, Tansim, Valmont, Vulcain and Zeus properties. The results of these activities will be announced as soon as they are available.