Matamec Grants and Amended Stock Option Plan

Montreal, October 26^th, 2010 - Matamec Explorations Inc. ("Matamec" or the “Company” - TSX-V: MAT) is pleased to announced that the Board of Directors at its last meeting approved the granting of 400,000 stock options to five directors and officers at a price of $0.36 per share for a period of five years, of 645,000 stock options to fourteen employees and consultants at a price of $0.36 per share for a period of five years and of 100,000 stock options to our IR consultants at a price of $0.36 per share for a period of one year. These options, as well as the terms and conditions of their exercise, are governed by the Company’s Stock Option Plan. Amended Stock Option Plan Matamec announces also that the stock option plan has been amended following the last Board of Directors meeting, so that a maximum number of 9,839,129 shares may be issued in accordance with the plan.  This increase is subject to regulatory approval. The plan was set up by Matamec for the benefit of its directors, officers, employees and consultants providing services on a continual basis.  To date, 5,130,000 stock options have been granted to the directors, officers, employees and consultants of the Company. About Matamec Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson JV property with Goldcorp Canada Ltd. and Goldcorp Inc. is the main target. In Quebec, the Company explores for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Lepérance/Wachigabau property. Also, in Témiscamingue (Québec) the Zeus property is explored for heavy rare earths, yttrium and zirconium, particularly on the Kipawa deposit. The Tansim property is explored for rare metals such as lithium, tantalum and niobium. "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." For further information please contact: Andre Gauthier President Tel: (514) 844-5252