Matamec announces a $5,000,000 Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United States. Montreal, November 18^th, 2010 - Matamec Explorations Inc. ("Matamec" or the “Company” - TSX-V: MAT) announces that it has entered into an agreement with Industrial Alliance Securities Inc. and Versant Partners Inc. (the “Agents”) to act as agents for and on behalf of the Company, on a “best efforts” agency basis, without underwriter liability, in connection with a $5,000,000 private placement of units (the “Units”) at a price of $0.40 per Unit and flow-through common shares (the “Flow-Through Shares”) at a price of $0.50 per Flow-Through Share for aggregate gross proceeds of up to $2.5 million for the Units and of up to $2.5 million for the Flow-Through Shares (the “Offering”).  Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant being a “Warrant”).  Each Warrant will entitle the holder to purchase one additional common share for a period of eighteen (18) months from the date of closing at a price of $0.50 per share. The Company has granted the Agents an option to sell, for a period of up to 30 days following the closing, additional Units and Flow-Through Shares for a total amount of $750,000, at the same terms and conditions as under the Offering. The Company plans to use the net proceeds from the Offering to conduct exploration on its properties located in Quebec and Ontario and for general corporate purposes. Upon the closing of the Offering, the Agents shall receive a commission paid in cash equal to 7.5% of the proceeds raised from the private placement.  In addition, the Agents shall receive non transferable broker warrants exercisable for a period of eighteen (18) months from the date of closing, at an exercise price of $0.40 per share, to acquire such number of common shares as is equal to 6% of the aggregate number of Units and Flow-Through Shares issued pursuant to the Offering. The Offering is scheduled to close in the week of November 29, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.  All securities issued pursuant to this private placement will be subject to a four month hold period from the date of closing. This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. About Matamec Other than its focus on the development of the Kipawa deposit and exploration for other showings of rare earths-yttrium-zirconium-niobium-tantalum on its Zeus property, Matamec's exploration strategy is to discover gold deposits, base metals and platinum group, as well as rare metals. For gold, the company explores in the prolific mining camp of Timmins, Ontario, of which the main target is the Matheson JV with Goldcorp Canada Ltd. and Goldcorp Inc. In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, it is exploring for gold together with Northern Superior Resources Inc. on the Lesperance/Wachigabau property. "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 Email: [email protected] Drugs Without Prescription Website: www.matamec.com