Matamec Intersects 1.45% TREO Over 21 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC--(Marketwire - Jan. 27, 2011) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is pleased to announce that the first group of assay results has been received for the 2010-2011 diamond drilling program on the Kipawa HREE-Y-Zr deposit in western Quebec.

This 3,300 metres drill program started on December 1^st 2010. Its main objective is the improvement of resource quality, moving the majority of inferred resources into the indicated category. This necessitates the completion of a 50m spacing drilling grid over most of the deposit, while portions of the western zone will be drilled at 25m centres to gain an even better understanding of the high-grade zone.

To date, 31 DDH have been completed on the campaign, representing 2,405 meters of drilling, and preliminary results have been received for the first 13 holes of the campaign (KM82 to KM94, see Figure 1: http://media3.marketwire.com/docs/Figure1_Matamec_ENG_0127.pdf). Mineralized intervals for the six best holes are presented below. All six holes are well mineralized with both Eudialyte and Mosandrite, and indeed this first batch of analysis includes the best hole drilled to date on the property (KM94, beating out the previous contender (KM61) by more than 25% in terms of grade multiplied by thickness).

Andre Gauthier, president of Matamec Explorations, comments that: "We were already expecting good results from our drilling in the western zone. What we got with those six holes, and with KM94 in particular, were great to exceptional results. These holes clearly cement the presence of a high-grade zone at the heart of the Kipawa deposit."

Table 1

Interim REE Zones Assay Results, 0.1% Y2O3 cut-off

2010-2011 Kipawa Drill Program

Drill Hole	From (m)	To (m)	Width (m)	ZrO2 (%)	LREO (%)	IREO (%)	HREO (%)	Y2O3 (%)	TREO (%)	% HREO +Y2O3/TREO
KM87	3.95	8.05	4.1	>1.011	0.623	0.062	0.113	0.243	1.042	34
KM87	13.4	24.05	10.65	>0.715	0.490	0.046	0.068	0.153	0.757	29
KM87	63	65.6	2.6	0.182	0.631	0.056	0.091	0.226	1.004	32
KM88	3.35	13.5	10.15	0.719	>0.600	0.053	0.077	0.177	>0.906	28
KM88	24.8	30.9	6.1	0.245	0.721	0.083	>0.123	0.268	>1.195	33
KM89	1.5	8.5	7	>0.935	0.576	0.057	0.090	0.212	0.935	32
KM89	16.55	26.6	10.05	>0.995	0.574	0.057	0.095	0.217	0.944	33
KM91	10.25	18.5	8.25	0.798	0.339	0.034	0.051	0.111	0.534	30
KM91	27.5	35.55	8.05	>0.754	>0.557	>0.052	>0.093	>0.205	>0.907	33
KM92	6.9	12.05	5.15	>1.197	0.391	0.050	0.083	0.198	0.722	39
KM92	22.95	28.6	5.65	0.456	0.915	0.114	>0.172	0.391	>1.591	35
KM94	3.8	9	5.2	>1.218	0.735	0.083	0.193	0.436	1.448	43
KM94	12.4	33.37	20.97	>0.745	0.924	0.081	0.127	0.314	1.446	30
KM94	56.25	59	2.75	>1.036	>0.150	0.022	>0.049	0.101	>0.322	47

* Light rare earths (LREO) = La2O3 to Nd2O3, Intermediate rare earths (IREO) =Sm2O3 to Gd2O3, Heavy rare earths (HREO) = Tb2O3 to Lu2O3. *** TREO = LREO + IREO + HREO + Y2O3

The drilling results set out above are preliminary, as some of the REE and zirconium analyses exceeded the limits of the analytical methods (marked by a ">" in the table). Full results will be released when they become available.

Upon receipt of final 2010-2011 assay results, a new 43-101 resource estimate will be completed by SGS Geostat using the new data. Matamec's next drilling campaign on the Zeus property, set to begin in spring 2010, will aim to better define the extensions of the deposit.

QAQC procedures

Matamec maintains a quality control program conforming to the industry's best practices. The NQ core is split, with one half kept as a witness at our Val d'Or facilities. Samples are then submitted in batches of 25, each containing two known standards and one blank, to the ALS Chemex ("ALS") preparation facility in Val d'Or where the samples are reduced to pulps and couriered to ALS in Vancouver (B.C.) for analysis. The samples are dissolved using a lithium metaborate fusion before being analysed by ICP-MS methods on a 2 gram sample size, with overlimits handled either by ICP-MS on a dilute solution, in the case of rare earths, or by XRF, in the case of zirconium. The samples and core are managed in a secure location until delivered to ALS. ALS maintains ISO 17025 certification, the highest accreditation available for QA/QC.

The geological data in this press release was prepared by Aline Leclerc, geologist and Matamec's Vice-President Exploration, a Qualified Person as defined by NI 43-101.

About Matamec

Other than its focus on the development of the Kipawa deposit and exploration for other showings of rare earths-yttrium-zirconium-niobium-tantalum on its Zeus property, Matamec's exploration strategy is to discover gold deposits, base metals and platinum group, as well as rare metals.

For gold, the company explores in the prolific mining camp of Timmins, Ontario, of which the main target is the Matheson JV with Goldcorp Canada Ltd. and Goldcorp Inc.

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.