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Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa heavy rare earths deposit.
Message: Matamec Receives $565,769...
August 08, 2013 07:00 ET
Matamec Receives $565,769 from TRECan for Completion of Kipawa Feasibility Study
MONTREAL, QUEBEC--(Marketwired - Aug. 8, 2013) - Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) is pleased to announce that the Company has received $565,769 CDN from its Japanese partner Toyotsu Rare Earth Canada Inc. ("TRECan"), a subsidiary of Toyota Tsusho Corporation ("TTC"). The goal of the Kipawa mine project is to supply TTC with heavy rare earths ("HREE") for the production and marketing of hybrid and electric vehicles.
The Company has received $16,000,817 CDN toward the completion of a definitive feasibility study on the Kipawa HREE deposit. This amount includes $163,660 paid by TTC for lab test work. Matamec has managed to stay on budget for the completion of the feasibility study and will communicate the results on Wednesday, September 4th.
Under the terms of the Joint Venture Agreement ("JVA"), with the final payment received, TRECan will now acquire a 49% undivided interest in the Kipawa JV Property. Matamec received $8.5M CDN for the first 25% undivided interest on July 18, 2012. With the cumulative payment of $7,500,817 CDN, TRECan has paid Matamec for the second 24% undivided interest. The $565,769 CDN is the eighth of a number of successive payments in the completion of the $7.5M CDN. Matamec will transfer the 24% undivided interest to TRECan effective immediately.
Matamec will be hosting an analyst's conference call and webcast to discuss the feasibility study highlights on Wednesday, September 4, 2013 beginning at 10:00 AM (Eastern Time). Participants may join the call by dialing toll free 1-800-381-7839 or 1-416-981-9000 for local calls or calls from outside Canada and the United States. A live webcast of the call can be accessed through our website at: www.matamec.com. A copy of the presentation will be available on our website prior to the webcast.
About TTC and TRECan
Established for more than 60 years and subsidiary of Toyota Motor Group, TTC is a general trading company that develops business together with over 400 consolidated group companies in Japan and overseas, with customers around the world, via a global network covering Japan and more than 60 other countries worldwide. TRECan is a subsidiary of TTC especially created for the Kipawa JV property where the Kipawa HREE Deposit is located. TTC has four rare earth projects globally including in India, Vietnam, Indonesia (HREE) and Canada (HREE Kipawa JV). For further information, please view the TTC 2012 Annual Report online.
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE deposit with TRECan. Following the positive conclusion of the PEA study filed on SEDAR in March 2012 (resources that are not mineral reserves do not have demonstrated economic viability), Matamec and TRECan, JV partners, decided to move directly to the feasibility study.
In parallel, the Company is 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. Since 2008, Matamec discovered many potential showings. Particularly, it drilled the PB-PS Zone in the fall of 2012 and identified similar Eudialyte-Mosandrite/Yttro-Tantanite/Britholite associated mineralization founded at the HREE Kipawa Deposit. This type of mineralization is presently known over 200 metres long and it opens laterally and at depth. The Company plans to drill these extensions later this year.
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.
"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."
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