Matamec Receives a Payment of $8.5 M CAD from Toyotsu Rare Earth Canada
MONTREAL, QUEBEC–(Marketwire – July 23, 2012) – Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) is pleased to announce that the Company has received a payment of $8.5 M CAD from Toyotsu Rare Earth Canada, Inc. ("TRECan") for the purchase of the first 25% undivided interest in the Kipawa HREE Deposit (see July 12, 2012 press release). The payment enables the ongoing feasibility study on the Kipawa HREE Deposit to be accelerated with the results expected in the second quarter of 2013.
"Matamec is the first rare earth exploration company to sign a JVA with a reputable and experienced end-user company with a substantive international rare earth network." says Andre Gauthier, the president of Matamec. "It is also the only rare earth exploration company to have received funds to accelerate and complete a feasibility study and an environmental and social impact assessment study of a HREE deposit. Having TRECan as a strategic partner and providing funds and expertise further validates the possibility of a future Kipawa Mine. It also shows that the project is, at the moment, one of the most advanced and credible HREE projects in the market."
About Toyota Tsusho Corp. and TRECan
Established for more than 60 years, Toyota Tsusho Corp. ("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 JVA for the Kipawa HREE deposit.
Matamec Explorations Inc is a junior mining exploration company whose main focus is in developing the Kipawa deposit and exploring more than 35km 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. As well, it is exploring for gold together with Northern Superior Resources Inc. on the Lesperance/Wachigabau property.
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