1 April 2002
1 April 2002

Corporate Update

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Corporate Update

Matamec Explorations Inc. wishes to make the following corporate up date, following the Webfin affair and the notice of hearing issued by the ‘Commission des valeurs mobilières du Québec’.

Between February 25th, 2002 and March 15th, 2002 messages composed by the President of Matamec, Mr. Luc Lamarche, appeared on a public forum (www.webfin.com). The messages carried the pseudonyms OVI or TUF. Under the latter pseudonym, TUF, the identity of Mr. Lamarche and his position as company president were not identified (as opposed to that of OVI). The CVMQ has issued a request for a hearing to Mr. Lamarche and Matamec Explorations Inc., the said hearing to be held on April 10th, 2002. For more information on the aforesaid notice of hearing, one should refer to the CVMQ website (www.cvmq.com).

Thus, with the objective of providing all shareholders with the same information regarding Matamec and particularly on the Sakami property, we wish to inform you of the following :

During the past months, Matamec Explorations Inc. has been approached by several mining companies, including some majors, which have expressed an interest in the work and drilling results on the Sakami property. Recently, a confidentiality agreement was signed with one of these companies (a major). As a reminder, a confidentiality agreement provides the major mining company access to the property, as well as to all existing data, survey results and reports pertaining to the work completed on the property, so that it may carry out its own evaluation. The duration of this agreement is one year. There is no guarantee that a
confidentiality agreement will result in a partnership agreement. For the time being, the other interested companies are monitoring the progression of our field work and the Sakami property is still held 100% by Matamec Explorations Inc.

The Sakami property is also located in the Wemindji-Caniapiscau corridor. This corridor has been proposed by researchers of the Quebec government (report ‘ Kimberlites, lineaments et rifts crustaux au Quebec - MB-99-35, James Morehead et al., Ministere des ressources naturelles) and identified as hosting a very interesting potential for diamonds. In accordance to the information conveyed, Matamec announces that two (2) known, but as yet unsampled, diatremes have been discovered at the junction of three (3) potentially diamond bearing corridors on our Sakami property (geological map 33F/7, M. Goutier et al., Ministere des ressources naturelles). It should be emphasized that ‘diatreme’ does not necessarily imply the presence of kimberlite. Work will be carried out during the summer of 2002 in order to obtain more information on these diatremes.

We also wish to remind that the important drill program announced by Matamec (see press release of February 27th, 2002) is underway since March 16th, 2002 on the Sakami property and will be on going during the month of April 2002. This significant program will comprise 11,500 feet of drilling on Zones 25 and 26, as well as 3,500 feet on the Kalmia and JR showings, for an aggregate total of 15,000 feet (4,600 m) of drilling. Results of this program will be released to you by means of press releases as soon as they are received and analysed.

Matamec Explorations Inc.’s management wishes to announce the temporary resignation of Mr. Luc Lamarche as president and this, until such time as the CVMQ has rendered its decision in regard to this affair. Meanwhile, the administrators of Matamec will meet in order to appoint another individual who will assume the company presidency.

The Canadian Venture Exchange (CDNX) does not accept responsibility for the adequacy or accuracy of this release.