MONTREAL, QUEBEC, Apr. 22, 2010 (Marketwire) -- Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) is pleased to announce that it has fully repaid its unsecured and non-convertible debenture in the amount of $1,298,405 renegotiated September 17th, 2009 and expiring August 31st, 2010, and the accrued interest of $97,612 for a total sum $1,396,017.
In consideration thereof, the Company has sold its 51% interest in the Montclerg gold property, located in the Timmins gold camp, that it had acquired February 27, 2009 after making $709,988 in option payments and spending $595,918 in exploration work carried out between June 2006 and January 2008 for a total amount of $1,305,906. However, Matamec retains a royalty of 1% NSR in the Montclerg property, half of which is redeemable for $1,000,000.
Latest Kipawa Deposit Results
For the Kipawa rare earth elements-yttrium-zirconium deposit located on the Zeus property, the results of the drilling campaign that ended in mid-December 2009 will be released shortly and a new resource calculation is currently being prepared. Also, several explored areas of the Zeus Property have returned favourable results in rare earth elements-yttrium-zirconium.
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson Property (with Goldcorp) is the main target. In Quebec, the Company explores for precious and base metals on its Sakami, Valmont and Vulcain Properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Lesperance/Wachigabau Property.
Concurrently with the above mentioned exploration programs, Matamec's Quebec Tansim Property is also being explored for rare metals such as tantalum and lithium.
"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."