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Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa heavy rare earths deposit.
Message: Negotiating the Reimbursement of Two Unsecured Debentures
| April 3, 2009 |
| Matamec is Presently Negotiating the Reimbursement of Two Unsecured Debentures |
| MONTREAL, QUEBEC--(Marketwire - April 3, 2009) - Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) announces that it is presently negotiating with the Lender the reimbursement of two unsecured debentures, one issued on March 21st 2007 ($ 400,000, refinanced in 2008 for $ 444,000), the other issued on March 31st 2008 ($ 675,000). Both are at an annual interest rate of 9% and mature on March 21st and March 31st 2009 respectively, and of 14% after maturity. These debentures were initially issued for the acquisition of uranium properties in Quebec and the Matheson-Colbert gold property in the Timmins Mining Camp. On March 31st 2009, the principal and interests amounted to $1,222,427. On March 31st 2009, core Matamec's properties are either located in the Timmins Mining Camp (Matheson, Montclerg, Walker and Wilkie townships): 1- Gold (Matheson township): 50% interest and operator of the Matheson-Colbert property, which includes the extension at depth of the western part of the MCC Zone. This zone can be traced along strike for up 4 kilometres to the east onto, a) Matamec's 50% option agreement in the Matheson-Explorers property (by spending $ 675,000 before April 1st 2011) and b) Matamec's 25 % option agreement on the Matheson JV property with Goldcorp Canada Inc. (by spending $ 500,000 before April 1st 2011, of which $ 375,000 must be spent before April 1st 2010). Also, 50% option agreement on the Matheson-Pelangio property, situated north of the MCC Zone (by spending $ 250,000 before March 9th 2012). 2- Gold (Montclerg-Walker-Wilkie townships): 51% interest and operator of the Montclerg property, which includes more than 2 km along strike of the Montclerg Zone and more than 1 km along strike of the Canamax Zone. In addition, 50% interest and operator of the 2W property. Or located in the Province of Quebec: 1- Gold; Uranium (Superior province - James Bay area): 100% interest in the Sakami property, where Matamec drilling and exploration campaigns discovered (1) in the La Pointe sector, the 25 Zone with values up to 2.95 g/t Au over 43.0 metres (MAT-EX-10), and the 26 Zone with values up to 12.55 g/t Au over 12.55 metres (MAT-EX-19), and (2) north of the La Pointe sector, 5 other gold showings. Mineralization at the Sakami property is located at the contact of the La Grande and Opinaca geological sub-provinces, on the northern flank of a regional fold; note that the Eleonore gold deposit is located on the southern flank of that same fold. 2- Gold; Copper-Gold; Kimberlite (Superior province - Desmaraisville area): 50% interest in the Lesperance-Wachigabau property after Nothern Superior Resources inc. has spent $ 500,000 in exploration work before January 15th 2012. Drilling values on the property include up to 5.39 g/t Au over 2.4 metres and 10.12 g/t Au over 1 metres (90-LP-C-07), and 2.62% Cu-14 g/t Ag-3.14 g/t Au over 3.25 metres (82-LP-A-17). 3- Gold; Copper-Gold; Lead-Zinc-Silver-Gold (Appalachian province - Gaspe area): 100% interest in the Valmont property, where drilling discovered, (1) the Cromar Zone, more than 300 metres long along strike, with values up to 0.28 oz/t Au over 0.40 metres (V-1985-3), (2) the extension at depth of the old Candego mine with values up to 5% Cu-0.16 oz/t Au over 0.60 metres (V-1988-4) and (3) the lateral extension of the old Candego mine with values up to 10% Pb-2.5% Zn-11 oz/t Ag-0.10 oz/t Au over 0.30 metres (V-1988-2). 4- Copper-Nickel-(Platinoids-Gold) (Grenville province - La Verendrye area): 100% interest in the Vulcain property, which includes the big Lac Gale Mag anomaly, a strong positive anomaly more than 10 kilometres wide and extending up to 25 kilometres when the external branches are considered. 5- Zirconium-Yttrium-REE; Uranium; Gold (Grenville province - Temiscamingue area): 100% interest in the Zeus property, which includes the Sheffield Zone with historical resources of 2.27 Mt @ 0.15% Y2O3- 1.05% ZrO2; REE grades are presently being evaluated on the Zone. Also note that gold values up to 8.6 and 100 g/t Au were discovered in tills gathered in the area (as Aurizon Mines Ltd. outlined in their press release dated February 26 2007). 6- Uranium; Lithium; Tantalum (Superior province - Temiscamingue area): 100% interest in the Tansim property where Matamec found values up to 0.09 % U on the Rivard and Gauthier showings. Also, values up to 4.61% Li were recognized in the Viau showing and values up to 0.2% Ta2O5 are found in 4 complex pegmatites. 7- Uranium (Superior province - Kuujjuak area): Matamec holds two royalties in the Uranium North property and 875,618 common shares of Rukwa Uranium Ltd., a private company. The geological data in this press release was prepared by Aline Leclerc, geologist and Matamec's Vice-President Exploration, a Qualified Person as defined by NI 43-101. |
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