3 Investment Funds Exercise Matamec Warrants
Matamec Explorations Inc. (“Matamec” or the “Company”)(TSX VENTURE:MAT) is pleased to announce that it has received $ 797,222 from the exercise of warrants. Of this total, a sum of $ 722,222 was received from the exercise of warrants held by three investment funds. The funds received be used mainly for the exploration program of the REE-Y-Zr Kipawa deposit. A summary of ongoing work is presented in the following table:
Summary of the ongoing work on the rare earths-yttrium-zirconium Kipawa deposit and on recent discoveries on the Zeus property
- A 2nd resource calculation performed by the independent firm SGS Canada Inc. - Geological Group Geostat is expected to be published this Fall, once the results of the complete assay of the 20 drill holes done this July on the central zone of the REE-Y-Zr Kipawa deposit are received;
- Mineral processing and metallurgical testing on the Eudialyte, Mosandrite, Britholite and Vlasovite mineralized Zones is currently underway at SGS Lakefield Research laboratory under the supervision of our expert, Les Heymann (P.Eng.);
- Plans for a second drilling campaign scheduled for Fall 2010 to improve the quality of the indicated and inferred resources;
- A Preliminary Economic Assessment Study is currently being prepared by the “Mine and Mineral Processing” team of the engineering firm Roche;
- An environmental base study of the Kipawa deposit has begun this September;
- Results from the Surprise, TH, Falaises and other areas of the Zeus property will be announced when they are available.
Following the exercise of these warrants, a total of 3,468,889 common shares of the Company have been issued. Of this total, 1.25 million warrants issued October 27th, 2008 were exercised at $ 0.20 per share and 2,118,889 warrants issued October 16th, 2009 were exercised at $ 0.25 per share. Moreover, we would like to emphasize that holders of the series of warrants issued October 16, 2009, have until October 16, 2010 to exercise their right to exercise at $ 0.25 per share.
Andre Gauthier, president of Matamec, emphasizes that “the exercise of these warrants underlines the confidence of major investors in the potential of the Company. Among other things, this funding enables the accelerated development of Kipawa deposit”.
Aline Leclerc, geologist (OGQ) and Matamec’s Vice-President Exploration, is Matamec’s Qualified Person for this press release write up.
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. Concurrently with the above mentioned exploration programs, Matamec’s Quebec Tansim property is also being explored for rare metals such as lithium, tantalum and niobium.