Matamec closes a $ 100,000 private placement

Matamec Explorations Inc. ("Matamec") is pleased to announce of a private placement for gross proceeds of $100,000 consisting of a total of 1,000,000 flow-through common shares and 250,000 common shares at a price of $0.08 per share, and 625,000 warrants. The private placement closed on November 18, 2008. Each warrant entitles the holder thereof to subscribe for one (1) common share at a price of $0.15 for a period of 12 months and thereafter at a price of $0.20 for the next 12 months. The funds will be allocated to the working capital and for exploration in Québec. Matamec also compensated the acting agent of the placement, Jones, Gable & Company Ltd. (“Jones, Gable”), by paying a commission of 10% of the proceeds. Jones, Gable also received 125,000 non-transferable warrants (“Agent’s compensation warrants”), as additional remuneration. Each warrant will entitle its holder to purchase one additional common share at a price of $0.08 by share until November 18, 2009. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued under the offering are subject to a 4 month hold period expiring on March 18, 2009.