Apr 3 2014
Matamec Explorations Inc. ("Matamec" or the "Company") is pleased to announce that the Government of Quebec has officially authorised an investment of $4 million for the Kipawa JV owned by Matamec and Toyotsu in order to continue the pilot plan processes and to advance the environmental studies.
"This investment from the government represents an important step and confidence in our ability to develop the production of rare earths in Quebec, which are an essential geostrategic resource for new green technologies, including those related to electric and hybrid cars," said Andre Gauthier, President and CEO of Matamec Explorations. "The publication of the first NI 43-101 feasibility study for the project in October 2013 has confirmed the quality of the Kipawa JV rare earths deposit. This investment confirms the economic and technological importance of Kipawa JV project by having the Government of Quebec as an additional partner".
The financial contribution of Resources Québec is in the form of subscription to an issue of Matamec common shares to the maximum amount of $1 million and a minority stake in the project to a maximum of $ 3 million.
The terms and conditions of the investment, including the determination of the timing and the price of investment, will be finalized in the coming weeks.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE deposit with Toyotsu Rare Earth Canada Inc ("TRECan").
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 2007, Matamec discovered eight (8) new rare earth showings. Most relevant of these, was the drilling of the PB-PS Zone in the fall of 2012 where it identified Eudialyte-Mosandrite/Yttro-Titanite/Britholite mineralization similar to those found at the HREE Kipawa Deposit. This type of mineralization is presently known over a length of 200 metres and is open laterally and at depth. This mineralized zone is 2.3 km SW of the Kipawa deposit and a soil anomaly seems to connect the two. 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 gold 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 Valmont and Vulcain properties. In August 2013, Matamec signed an option agreement where Canada Strategic Metals can acquire an interest of up to 50% in the Sakami gold project, located in the James Bay region of northern Quebec by committing $2.25 million in exploration work including $500,000 in the first year on drilling.
Source: http://www.matamec.com/