Matamec Completes Two additional Drill-Holes on Matheson JV Gold Property

Matamec Explorations Inc. ("Matamec") is pleased to announce that it has completed two additional drill-holes on its Matheson JV gold property, for a total of four holes and 1,320 metres of drilling (figure 1). Drill-hole MM08-02 (dip -50°/azimuth 180°) was completed to a depth of 600 metres from the same set-up as MM08-01 and intersected the mineralized mafic volcanic unit or “North Mafic Volcanics” from 167.0 to 224.8 metres (figure 2). The occurrence of visible gold at 172.15 metres in the press release of June 5 was reported and three additional notations of visible gold at 169.12 metres, 191.34 metres and 199.70 metres are now being reported. Footwall to the North Mafic Volcanics is an ultramafic volcanic unit that hosts a 5.9 metre silicified feldspar porphyry at 287.6 metres and a less altered 11.15 metre feldspar porphyry at 299.45 metres. South of the ultramafic unit between 342.6-600.0 metres depth, a mafic volcanic package that was less altered than the North Mafic Volcanics, was intersected and contained a 0.65 metre quartz vein at 514.4 metres with 1% pyrite. Drill-hole MM08-03 (dip -60°/azimuth 180°) was stopped at a depth of 263.0 metres in unmineralized ultramafic volcanics. The mineralized North Mafic Volcanics were intersected from 166.05 metres to 204.7 metres containing an intense to weak grey zone alteration over its entire length. Pyrite concentrations varied from 8% in the intensely altered grey zone to 1% in the weak portions of the grey zone. The ultramafic unit in the footwall contained a 0.95 metre and a 1.35 metre quartz vein at 209.05 metres and 211.25 metres respectively. These quartz veins contained only minor pyrite. Drill-hole MM08-04 (dip -70°/azimuth 180°) ended at 191.0 metres in ultramafic volcanics. In the Porcupine sediments at 111.2 metres down hold is a 0.40 metre quartz vein with 1.5% pyrite and trace sphalerite. The North Mafic Volcanics were encountered from 132.2 metres to 166.95 metres. The grey zone alteration was intense to weak with up to 3% pyrite from 132.2 metres to 144.55 metres. A silicified and sericitized pillowed mafic volcanic unit from 156.25 metres to 166.95 metres contained up to 2% pyrite. Anticipated target mineralization has been intersected in each hole and demonstrates the continuity of the alteration and mineralization system. As of June 19, 192 samples have been sent for analysis. Assay results are expected to start returning by the end of June 2008 and will be released as they are available. The generic drugs online drill program of 5,000-7,500 metres of NQ drilling is targeting areas in the Mill Creek/Colbert Zone where historic values were encountered (please see Matamec Press Release dated, January 7, 2008), but where large gaps remain unexplored above the 300 metre elevation. It will also test for deep mineralization from 300 metres to 650 metres below surface. The Mill Creek/Colbert horizon can be traced along strike for up to four kilometres to the east and contains numerous anomalous intersections of gold and abundant notations of visible gold. The geological data of this Press Release was prepared by Bill MacRae, VP Exploration (Ontario) for Matamec and a Qualified Person as defined by NI 43-101.