Extension of Gold Mineralization at Pointe Project on the Sakami Property

Matamec is pleased to report the results of its fall drilling campaign at the “La Pointe” Project. As announced in its press release of October 29th 2002, the objective of this short campaign was to develop information to better define the winter drilling campaign for 2003. Three holes (Ex-45, Ex-46, Ex-50) were drilled on the previously defined cheap drugs online axis of the antiform of the gold bearing horizon of Zone 25. This area had not been explored systematically before. The information from these three holes provides a better understanding of the geological structures and their direction to the east of the previously drilled area. The gold bearing intersections in hole Ex-45 were: from 190.5m to 195.5m (5 meters or 16.4feet) at a grade of 1.17 g/t Au and from 201.5m to 236.5m at (35 meters or 115 feet) at a grade of 0.55 g/t Au. While the latter intersection is low grade, it provides indications on the continuity, the width and the direction of the main gold bearing corridor and it will help in planning exploration to the east side of the already defined gold bearing area. Hole Ex-50 gave an intersection from 120.3m to 121.5m (1.2 meter or 4 feet) at 1.59 g/t Au. All three holes had a number of minor gold bearing sections. One hole (Ex-47) was drilled to test the continuity at depth of Zone 25 on the west side of the antiform. Intersection of Zone 25 was encountered at 258m to 271m (13 meters or 43 feet) with a grade of 1.18 g/t Au, thereby confirming the continuity at depth of the mineralization and of the mean dip of zone 25. Two short holes (Ex-48, Ex-49) were drilled to check the gold mineralisation of the Zone 26 iron formation. Hole Ex-48 intersected the iron formation at 49m to 58m (9 meters or 29.5 feet) with a grade of 1.00 g/t Au and hole Ex-49 at 61m to 70m (9 meters or 29.5 feet) at a grade of 1.19 g/t Au. Chemical analysis were performed by Bourlamaque Assay Laboratories Ltd (Val-d’Or). Matamec is pleased with these results as they are a further indication that the gold mineralization is related to a stratigraphic horizon (quartzitic arenite) in a regional metasedimentary series of rock formation and that the mineralization continues through a major geological accident (sharp antiform and mylonite). Thus the mineralization may extend over very long distances, following this favourable horizon of quartzitic arenite. The results obtained will assist in planning the winter drilling campaign of 2003.