Matamec Discovers 3 New TREO Showings in the Falaises Area

Last Update: 10/5/2010 11:33:39 AM

MONTREAL, QUEBEC, Oct 5, 2010 (Marketwire via COMTEX) -- Matamec Explorations Inc. ("Matamec" or the "Company") (MAT) is pleased to announce that continued exploration in the Falaises area of its Zeus property has led to the discovery of three new showings: Falaises A1, Medium Falaises and Coin (best value of 2.35% TREO and 9.7% ZrO2). In addition, highly mineralized boulders have been discovered around the close-by Couleuvre showing with a best value of 34.5% TREO.

                          
PRESS RELEASE HIGHLIGHTS
- Three new TREO showings discovered in the Falaises area : Falaises A1,
Medium Falaises and Coin with best values of 2.35% TREO and 9.7% ZrO2;
- These new showings are considered open laterally and at depth;
- Four boulders lithologically similar to the Couleuvre showing were
discovered, with an average grade of 15.8% TREO.

Andre Gauthier, president of Matamec, underlines that "the Falaises and Couleuvre showings are both located in the center of heliborne radiometric anomalies. Three similar anomalies, located north of Falaises and on the east shore of Sairs Lake, have not yet been fully explained. Taking this and recent discoveries into account, the potential for new discoveries in this sector of the property is very positive."

This is the sixth set of results released from Matamec's 2010 exploration campaign on its rare earths-yttrium-zirconium Zeus property, which covers much of the Kipawa Alkalic Complex. As well as the recent discoveries at the Falaises A1, Medium Falaises and Coin showings, the 2010 campaign included work at the TH showing (see September 20th press release), Surprise showing (see August 19th, August 26th and September 2nd, 2010 press releases) and the PB-PS area, and ended with a 2115m drilling campaign on the Kipawa deposit (see September 23rd press release) with complete results yet to be announced.

The Falaises showing ("Cliffs" in French) is located in the center of the Zeus rare earths-yttrium-zirconium property (see Figure 1: http://media3.marketwire.com/docs/Mat131-English-Figure%201.pdf ). Falaises was discovered in 2008 following Matamec's acquisition of a confidential heliborne radiometric survey and consists of 50 m (strike length) of impure marbles located at the base of an east-west oriented gneissic cliff. The new discoveries (Table 1 and Figure 2: http://media3.marketwire.com/docs/Mat131-English-Figure%202.pdf ) consist of a 60m phlogopite-amphibole marble horizon located 75m due west of the main showing (Falaises A1 showing, best values of 0.86% TREO, 17% HREO + Y2O3 over TREO and 0.12% ZrO2) and a 10m amphibolite band located 40m north-east of the main showing (Medium Falaises showing, best values of 2.35% TREO, 5% HREO + Y2O3 over TREO and 0.32% ZrO2). These new showings are considered open laterally and at depth

The Couleuvre showing ("Garter Snake" in French) is located 900m to the west and consists in a thin, decimetric, highly hematized mafic segregation band in a per-alkalic granite. Despite its small size, this showing has consistently returned high-grade rare-earth values and the four 2010 boulders are no exception to the rule (Table 1 and Figure 2: http://media3.marketwire.com/docs/Mat131-English-Figure%202.pdf ) with an average of 15.8% TREO, 11% HREO + Y2O3 over TREO and 0.04% ZrO2.

Lastly, the Coin showing is located 750m to the north of the Couleuvre showing. This showing is composed of very coarse-grained amphibole-phlogopite with abundant zircons. Both 2010 grab samples (Table 1 and Figure 2) are frost-heaved, but with an average value of 1.5% TREO, 14% HREO + Y2O3 over TREO and 7.33% ZrO2, they still nicely underline and expand on the original 2008 discovery grab sample. The Coin showing is covered in overburden and is therefore considered open in all directions.

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Table 1. Grab samples from the Falaises A1, Medium Falaises,
 
Couleuvre and Coin showings in %
-----------------------------------------------------------------
                                               
Medium
       
Coul-
Showing
                       
Falaises A1
    
Falaises
       
euvre
-----------------------------------------------------------------
Grab sample
                          
AN-1
       
RA-25
       
COU-4
-----------------------------------------------------------------
Nature
                       
Frost-heaved
     
Outcrop
     
Boulder
-----------------------------------------------------------------
La2O3
               
Lanthanum
       
0.198
       
0.400
       
0.574
-----------------------------------------------------------------
Ce2O3
                  
Cerium
       
0.341
       
1.172
       
1.094
-----------------------------------------------------------------
Pr2O3
            
Praseodymium
       
0.034
       
0.137
       
0.101
-----------------------------------------------------------------
Nd2O3
               
Neodymium
       
0.102
       
0.413
       
0.315
-----------------------------------------------------------------
LREO(i)
            
Light rare
                       
earths
       
0.675
       
2.121
       
2.084
-----------------------------------------------------------------
Sm2O3
                
Samarium
       
0.018
       
0.057
       
0.051
-----------------------------------------------------------------
Eu2O3
                
Europium
       
0.002
       
0.005
       
0.006
-----------------------------------------------------------------
Gd2O3
              
Gadolinium
       
0.019
       
0.046
       
0.053
-----------------------------------------------------------------
MREO(i)
           
Medium rare
                       
earths
       
0.039
       
0.108
       
0.111
-----------------------------------------------------------------
Tb2O3
                 
Terbium
       
0.003
       
0.004
       
0.007
-----------------------------------------------------------------
Dy2O3
              
Dysprosium
       
0.015
       
0.017
       
0.033
-----------------------------------------------------------------
Ho2O3
                 
Holmium
       
0.003
       
0.003
       
0.006
-----------------------------------------------------------------
Er2O3
                  
Erbium
       
0.009
       
0.007
       
0.015
-----------------------------------------------------------------
Tm2O3
                 
Thulium
       
0.001
       
0.001
       
0.002
-----------------------------------------------------------------
Yb2O3
               
Ytterbium
       
0.007
       
0.004
       
0.007
-----------------------------------------------------------------
Lu2O3
                
Lutetium
       
0.001
       
0.000
       
0.001
-----------------------------------------------------------------
HREO(i)
            
Heavy rare
                       
earths
       
0.040
       
0.036
       
0.071
-----------------------------------------------------------------
Y2O3
                  
Yttrium
       
0.111
       
0.082
       
0.168
-----------------------------------------------------------------
HREO + Y2O3
                         
0.151
       
0.118
       
0.238
-----------------------------------------------------------------
HREO + Y2O3/
 
TREO
                       
%
          
17
           
5
          
10
-----------------------------------------------------------------
TREO(i)
            
Total rare
                       
earths
       
0.865
       
2.348
       
2.433
-----------------------------------------------------------------
ZrO2
                
Zirconium
       
0.119
       
0.320
       
0.023
-----------------------------------------------------------------
(i) LREO: Light rare earths in oxides = La2O3 to Nd2O3.
(ii)MREO: Medium rare earths in oxides = Sm2O3 to Gd2O3.
(iii)HREO: Heavy rare earths in oxides = Tb2O3 to Lu2O3.
(iv)TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3.
-----------------------------------------------------------------
Sub-divisions used by Roskill Information Services Ltd. and
 
Industrial Minerals Company of Australia Pty Ltd.
-----------------------------------------------------------------
-----------------------------------------------------------------
Table 1. Grab samples from the Falaises A1, Medium Falaises,
 
Couleuvre and Coin showings in %
-----------------------------------------------------------------
                    
Coul-
     
Coul-
     
Coul-
Showing
             
euvre
     
euvre
     
euvre
      
Coin
      
Coin
-----------------------------------------------------------------
Grab sample
         
COU-9
     
RA-21
     
RA-22
    
RA-31A
    
RA-31B
-----------------------------------------------------------------
                                                 
Frost-
    
Frost-
Nature
            
Boulder
   
Boulder
   
Boulder
    
heaved
    
heaved
-----------------------------------------------------------------
La2O3
               
2.281
     
3.813
     
1.233
     
0.215
     
0.238
-----------------------------------------------------------------
Ce2O3
               
6.044
     
6.142
     
2.653
     
0.571
     
0.652
-----------------------------------------------------------------
Pr2O3
               
5.852
     
5.852
     
0.279
     
0.068
     
0.077
-----------------------------------------------------------------
Nd2O3
               
2.706
     
3.359
     
0.832
     
0.232
     
0.276
-----------------------------------------------------------------
LREO(i)
            
16.883
    
19.166
     
4.997
     
1.086
     
1.244
-----------------------------------------------------------------
Sm2O3
               
0.511
     
5.798
     
0.158
     
0.041
     
0.053
-----------------------------------------------------------------
Eu2O3
               
0.048
     
0.061
     
0.015
     
0.004
     
0.004
-----------------------------------------------------------------
Gd2O3
               
0.491
     
5.763
     
0.149
     
0.036
     
0.040
-----------------------------------------------------------------
MREO(i)
             
1.050
    
11.623
     
0.322
     
0.081
     
0.098
-----------------------------------------------------------------
Tb2O3
               
0.063
     
0.083
     
0.018
     
0.004
     
0.005
-----------------------------------------------------------------
Dy2O3
               
0.399
     
0.547
     
0.095
     
0.019
     
0.023
-----------------------------------------------------------------
Ho2O3
               
0.070
     
0.100
     
0.020
     
0.004
     
0.005
-----------------------------------------------------------------
Er2O3
               
0.212
     
0.321
     
0.054
     
0.013
     
0.016
-----------------------------------------------------------------
Tm2O3
               
0.025
     
0.040
     
0.008
     
0.002
     
0.003
-----------------------------------------------------------------
Yb2O3
               
0.109
     
0.200
     
0.038
     
0.015
     
0.021
-----------------------------------------------------------------
Lu2O3
               
0.013
     
0.022
     
0.005
     
0.003
     
0.004
-----------------------------------------------------------------
HREO(i)
             
0.889
     
1.314
     
0.237
     
0.060
     
0.078
-----------------------------------------------------------------
Y2O3
                
1.626
     
2.451
     
0.464
     
0.117
     
0.157
-----------------------------------------------------------------
HREO + Y2O3
         
2.515
     
3.765
     
0.701
     
0.177
     
0.236
-----------------------------------------------------------------
HREO + Y2O3/
 
TREO
                  
12
        
11
        
12
        
13
        
15
-----------------------------------------------------------------
TREO(i)
            
20.448
    
34.553
     
6.019
     
1.344
     
1.578
-----------------------------------------------------------------
ZrO2
                
0.041
     
0.045
     
0.066
     
4.975
     
9.696
-----------------------------------------------------------------
(i) LREO: Light rare earths in oxides = La2O3 to Nd2O3.
(ii)MREO: Medium rare earths in oxides = Sm2O3 to Gd2O3.
(iii)HREO: Heavy rare earths in oxides = Tb2O3 to Lu2O3.
(iv)TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3.
-----------------------------------------------------------------
Sub-divisions used by Roskill Information Services Ltd. and
 
Industrial Minerals Company of Australia Pty Ltd.
-----------------------------------------------------------------

Alex Knox, geologist (M.Sc, P. Geol), and Aline Leclerc, geologist (OGQ) and Vice-President Exploration of Matamec, are qualified persons for the Zeus Project. As qualified persons, they have supervised the preparation of the scientific and technical information for the Zeus property and verified the data in this press release.

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 Leperance/Wachigabau property.