Matamec extends new gold zone and hits wide mineralization at Montclerg

Matamec Explorations Inc. ("Matamec") announces that assay results from drill holes #6 and #7 of its current drilling campaign on the Montclerg gold property (Figures 1 and 2) confirm the grade and the extent of the newly discovered mineralized body (see August 18th press release). Semi-massive mineralization encountered in Hole #6 between 315.1 and 322.3 meters graded 3.37 g/t of gold over 7.2 metres (includes 5.38 g/t of gold over 3.2 m). Similar mineralization encountered in hole #7 between 324.6 and 330.9 meters graded 4.23 g/t of gold over 6.3 m (includes 9.23 g/t of gold over 2.15 m). The widths of the overall mineralized body encountered in holes #6 and #7 are twice as thick as that of the 11.98 g/t of gold over 3.0m discovery intercept encountered in Hole #2 (Figure 2). The assay results from holes #6 and #7 confirm that the new mineralized body dips shallowly to the north and has a minimum length along its dip of 60 metres (Figure 2). Hole #7 also encountered semi-massive mineralization between 369.3 and 371.3 meters that graded 6.05 g/t of gold over 2.0 metres. This intercept indicates that semi-massive mineralization, similar to the newly discovered mineralized body between 300 and 330 m, also exists at greater depths and exploration for the presence of additional subhorizontal mineralized bodies at even greater depths is warranted. The nearest deep drill hole to this intercept, Hole #6, ended ~10 m above the elevation where the mineralized structure was encountered in Hole #7. The assays for Hole #2, that encountered veintype mineralization below 350 m, have not been received. Other significant results, including two long intercepts, were also obtained by the current drilling program when holes penetrated the near surface portion of the known Central mineralized body in order to explore for mineralization at depth. The intercepts encountered in the known zone were 2.00 g/t of gold over 11.45 m in Hole #8 and 0.86 g/t of gold over 22.97 m in Hole #2. Most other significant assays occurred at regular intervals between 25 and 150 meters and support the presence of sub-horizontal mineralized structures. Intercepts greater than 5.0 g/t of gold were encountered in Hole #1: - 6.14 g/t of gold over 2.50 m. and 6.15 g/t of gold over 1.00 m.; in Hole #2: –5.16 g/t of gold over 1.30 m., 5.12 g/t of gold over 1.80 m and 5.33 g/t of gold over 0.85 m; in Hole #3: - 9.48 g/t of gold over 1.00 m and 8.02 g/t of gold over 1.30 m; in Hole #8: - 10.00 g/t of gold over 0.90 m. and 7.72 g/t of gold over 1.90 m; and in Hole #09: - 8.61g/t of gold over 2.15 m. These and other assay results from drill holes #3, #4, #5, #6, #7 and part of #8 and #9, as well as their location in the hole, are reported in the table below:

Not all assays have been received for the current drilling program. Re-assaying of the higher results by a second laboratory still needs to be done to confirm the assay results received to date. Additional potential Additional potential for similar semi-massive mineralized bodies exists near the other 3 mineralized bodies (West of River, Discovery Outcrop and Eastern) discovered by exploration drilling along a 1.7 km section of the 3 km long Montclerg mineralized structure since 1938, as well as in the Canamax zone (G. Yule, 1999). The West of River mineralized body is ~150 m long and located 350 m west of current drilling. The five highest grade historic gold intercepts reported for this zone include 8.8 g/t over 1.83 m, 13.7 g/t over 1.4 m, 13.9 g/t over 4.6 m, 19.8 g/t over 4.57 m and 27.43 g/t over 1.5 m. These results and the similarity in geological setting to that of the new gold discovery suggests that this area is the highest priority target, of the four known mineralized bodies not explored during this campaign. The exploration potential of the rest of the 3 km long Montclerg structure away from known mineralized bodies is indicated by widely spaced low-grade drill core intercepts such as 4.46 g/t over 0.55 m on line 42+00 metres east and 4.12 g/t over 0.98 m and 2.06 g/t over 0.85 m on line 66+00 metres east. Quality Control Exploration on the Montclerg Project was supervised by vice-president of exploration, Aline Leclerc, P.Geo. and Dr. Ed van Hees, P.Geo., both of whom are qualified persons as defined by NI 43-101. Core lengths throughout this press release are measured along the core axis and may not represent true widths. Matamec has instituted a control and analytical quality assurance protocol for its gold exploration programs. This procedure includes the systematic addition of blank samples and certified standards to each batch of 25 samples sent for gold analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision. Analyzed samples consist of split NQ core, typically have lengths ranging from 1.0 metre to 1.5 metre, and are sent for analysis to ALS-Chemex in Timmins. Samples are assayed by fire assay followed by atomic absorption or gravimetric analysis according to industry standards. Each pulp sample from significant mineralized intersection will be reanalyzed in a second laboratory to verify the grades obtained. This press release was prepared by Dr. Ed van Hees, P.Geo.