MONTREAL, QUEBEC -- (Marketwire) -- 12/06/11 -- Matamec Explorations Inc. ("Matamec" or the "Company")(TSX VENTURE:MAT) is pleased to announce that the independent engineering firm Roche and the independent firm SGS Canada Inc. - geological group Geostat ("SGS Geostat ") has almost completed the preliminary economic assessment (scoping study) for the heavy rare earths Kipawa deposit. The study consists of 14 parts of which the last four need to be completed (see table below). The results are now being checked and validated and will be published soon.
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Preliminary Economic Assessment
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Scope of work Completion%
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1. Geology and resource estimation 100
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2. Open pit design and resource estimation 100
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3. Mining development 100
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4. Metallurgy and process definition 100
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5. Tailings, waste rock and geotechnical 100
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6. Site infrastructure 100
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7. Environmental aspects 100
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8. Manpower 100
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9. Capital cost estimate 100
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10. Operating cost estimate 100
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11. Financial analysis 80
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12. Project implementation schedule 80
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13. Market study 90
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14. Conclusion et recommendations 10
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Andre Gauthier, the President of Matamec, "is very encouraged by the preliminary results."
Andre Roy (Eng.), from the engineering firm Roche, Yann Camus (Eng.), engineer for the independent firm SGS Canada Inc. - geological group Geostat ("SGS Geostat "), and Robert Crepeau (Eng.), an independent consultant for Matamec, are the qualified persons supervising the technical results according to NI 43-101 regulation.
About Matamec
Matamec Explorations Inc is a junior mining exploration company whose main focus is in developing the heavy rare earths Kipawa deposit and exploring more than 35 km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.
The company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Matheson JV property located along strike and in close proximity to the Hoyle Pond Mine in the prolific mining camp of Timmins, Ontario.
In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties. It is also exploring for gold with Northern Superior Resources Inc. on the Lesperance/Wachigabau property.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Andre Gauthier
President
(514) 844-5252
514-844-0550 (FAX)
Caroline Wilson (P.Geo.)
Director of Investor Relations
(647) 938-4080
caroline.wilson@matamec.com
info@matamec.com
www.matamec.com
Source: Marketwire (December 6, 2011 - 8:01 AM EST)
