MONTREAL, QUEBEC--(Marketwire - Feb. 10, 2011) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is pleased to announce the completion of its winter 2010-2011 drilling campaign on the Kipawa HREO-Y-Zr deposit located on the Zeus Property in Temiscamingue Quebec. In total, 42 NQ diamond drill holes were drilled, for a total of 3,332 meters (red squares on Figure 1).

The program started on December 1st 2010, with the last hole drilled to basement on February 8th 2011. The campaign's main objective was the improvement of resource quality, moving the majority of inferred resources into the indicated category. To this end, a 50m spacing drilling grid was established over most of the deposit, with portions of the western zone drilled at 25m centres to gain an even better understanding of the high-grade zone (Figure 1).

In addition to rare earth results for the first 13 holes (see our January 27th press release), zirconium results have now been received for this first batch of analysis (see Table 1 below). Zirconium zones comprise an average of 50m per hole with an average grade of 0.98% ZrO2. Other rare earth, yttrium and zirconium results will be released as they are received.

Table 1: Finalized Zirconium Zones Assay Results, 0.5% ZrO2 cut-off

20010-2011 Kipawa Drill Program

KM82 to KM94

KM82 28.5 42 13.5 0.68
54.35 75 20.7 0.83
KM83 6.3 69 62.7 1.01
KM84 9.25 15 5.8 0.70
20.8 32.65 11.9 1.59
49.5 73.45 24.0 1.00
KM85 11.55 16.55 5.0 0.70
22.5 39 16.5 0.52
KM86 1.5 16 14.5 1.14
21.1 77.5 56.4 0.89
KM87 1.45 62.25 60.8 0.97
KM88 3.35 24.8 21.5 0.94
30.9 53 22.1 1.23
KM89 2.6 42.45 39.9 0.85
KM90 13.1 67.65 54.6 1.16
KM91 1.5 61.4 59.9 1.00
KM92 4 15.1 11.1 1.16
KM92 26.25 42.45 16.2 1.14
KM93 3.7 52.75 49.1 0.93
61.5 84.3 22.8 0.87
KM94 2.35 75.3 73.0 1.01
Average : 50.9 m 0.98 %

* = All of Matamec's drill holes, in all three campaigns carried out at Zeus, are oriented at 39 degrees north and have a plunge between -60 and -70 degrees. This is within 10 degrees of perpendicular to the local dip of the mineralized syenite body. Widths provided in all of Matamec's tables are therefore thought to approximate true widths to within 3%.

Andre Gauthier, Matamec's president, underlines that: "moving to indicated resources is more than just words: it allows us to have a firmer grasp of what's really down there in the ground. And that, in turn, will mean that our upcoming scoping study will have a much firmer grounding in reality."

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.

Aline Leclerc, geologist (OGQ) and Matamec's Vice-President Exploration, is Matamec's Qualified Person for this press release write up.

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.

Figure 1 – Matamec 2010-2011 Drilling Camapign, Kipawa Deposit:

Contact Information: Matamec Explorations Inc.
Andre Gauthier