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19 August 2011

Amended stock option plan payment of a debt in common shares - Resignation of an administrator

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Amended stock option plan payment of a debt in common shares - Resignation of an administrator

Matamec Explorations Inc. ("Matamec") announces that the stock option plan has been amended, following the last Annual General Meeting held June 7th 2004, in order that a maximum number of 5,278,000 shares may be issued in accordance with the plan. This increase is subject to regulatory approval. The plan was set up by Matamec for the benefit of its directors, officers, employees and consultants supplying services on a continual basis. To date, 2,400,000 shares have been granted to the directors and officers of the Company. When an option is granted under the plan, the exercise price must be equal or greater to the fair market value of the common shares of Matamec, and the exercise period must not exceed the fifth anniversary of the date of grant of the option. As well, the exercise of new options is subject, among other things, to restrictions on the number of options that may be exercised for an 18 month period following the date of the grant, and the common shares issuable upon the exercise of options are subject to a 4-month hold period following the date of grant. Matamec announces that it also intends to issue 89,508 common shares at a price of $0.10 a share, subject to the regulatory approval for the payment of accrued interest in the amount of 8,950.82$ on a convertible debenture of 150,000$ issued January 15th 2004. As well, Matamec announces that M. Jean Lavallée, director, has resigned from the Board of directors of the Company as of October 5th 2004.