Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) is pleased to announce that the Company
has received $1.041 million CDN from its Japanese partner Toyotsu
Rare Earth Canada Inc. ("Toyota" or "TRECan"), a subsidiary of
Toyota Tsusho Corp. ("TTC"). The goal of the Kipawa mine project is
to supply Toyota with heavy rare earths ("HREE") for the production
and marketing of hybrid and electric vehicles.
To date Matamec has received $14,236,608 CDN of the maximum $16M
CDN for the completion of a definitive feasibility study on the
Kipawa HREE deposit, which is on budget and track for completion by
the end of the second quarter of 2013.
"The financial support that Matamec has received from Toyotsu is
a clear indication to the market the progress which has been
achieved in the completion of the feasibility study," said Andre
Gauthier, President and CEO of Matamec Explorations. "Matamec's
team of professionals continues to deliver results. The Company is
poised to become one of the first companies to supply heavy rare
earths for hybrid and electric vehicles."
Under the terms of the Joint Venture Agreement ("JVA") by which
TRECan can acquire 49% undivided interest in the Kipawa HREE
Deposit, Matamec received $8.5M CDN for the first 25% undivided
interest on July 18, 2012. To acquire the second 24% undivided
interest, TRECan has to pay to Matamec a maximum amount of $7.5M
CDN. The $1.041M CDN is the fifth of a number of successive
payments in the completion of the $7.5M CDN, but the sixth overall
payment received from TRECan. Matamec will transfer the 24%
undivided interest to TRECan when it will receive a cumulative
maximum amount of $7.5M CDN.
Metallurgical Update
Since March 2012, the technical team working on the
metallurgical development of the Kipawa project has progressed
significantly. Extensive lab scale testing to develop and validate
a process up to bulk carbonate production, also in parallel pilot
plant testing and subsequent engineering was accomplished. Today,
in conjunction with our project partners, final purification of the
carbonate development is on-going as well as variability sample
testing and optimisation. Many obstacles were overcome and the
development continues to move forward positively.
Metallurgical Team Update
The Company announced that Mr. Paul Blatter, Director of
Metallurgy has left Matamec effective March 15, 2013 in his role to
pursue other interests. Matamec wishes to thank Paul for his
contribution the past year in leading the metallurgy team to the
solid position we are in today. Moving forward, we are now focused
on the final purification processes. The Company feels confident in
the team we have currently in place to complete the feasibility
study, specifically Ms. Ngai and Mr. Hayden who have been involved
the past two years with the Kipawa studies and have extensive
experience including hydro metallurgy processes of rare earths.
Continued execution of the Kipawa metallurgy will be led by an
experienced technical team with support from Toyota Tsusho
Corporation network, SGS Geostat and specifically the following key
members:
-- Ms. Eliza Ngai, P. Eng., M. Eng., a Metallurgist with over eight years'
experience including Engineering consulting for an international
engineering firm as a Process Engineer. Ms. Ngai joined Matamec in April
2011 and worked many years under the late Mr. Les Heymann, expert on
rare earths.
-- Mr. Alfred Hayden, P. Eng., a Metallurgist with over 40 years'
experience and a strong background specifically in hydro metallurgy. Mr.
Hayden has been involved as an independent consultant since 2011 and
will assume further responsibilities in the process design.
-- Mr. Bertho Caron, P. Eng., VP Project Development and Construction with
extensive years of experience in project development and start-up.
-- Mr. Raynald Vezina, P. Eng., Director of Matamec and technical advisor
for the Company is an engineer with more than 35 years' experience in
the mining industry who has worked with various jobs, including,
Cambior, Placer Dome and Falconbridge. He successfully brought to
production and / or exploitation of many mines.
Bertho Caron, VP Project Development & Construction (Eng.),
Eliza Ngai, Metallurgist (Eng.) and Aline Leclerc, VP Exploration
(Geo.) are Matamec's Qualified Persons for this press release.
Mines & Money Hong Kong 2013
The Company also announced that Mr. Andre Gauthier, President
and CEO, will present a corporate update at Mines and Money Hong
Kong on Friday, March 22, 2013, at 12:50 p.m. at the Hong Kong
Convention and Exhibition Centre. Matamec will host a booth at the
conference from Wednesday, March 20 to Thursday, March 21, 2013.
For further information, please visit
www.minesandmoney.com/HongKong.
About Toyotsu and TRECan
Established for more than 60 years and subsidiary of Toyota
Motor Group, 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 Kipawa
HREE deposit JVA. TTC has four rare earth projects globally
including in India, Vietnam, Indonesia (HREE) and Canada (HREE
Kipawa JV). For further information, please view the TTC 2012
Annual Report online.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company
whose main focus is in developing the Kipawa HREE deposit with
TRECan. Following the positive conclusion of the PEA study filed on
SEDAR in March 2012 and the hiring of a VP Project development and
Construction, Matamec and TRECan decided to move directly to the
feasibility study. The March 2012 press release highlighted that
the project has robust economics such as: $606 million before-tax
value (NPV8%), a 36.9% before-tax IRR, $2.8 billion revenue, $1.67
billion EBITDA, a before-tax payback period of 2.4 years, etc. (see
press release dated January 30, 2012).
In parallel, the Company is 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.
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.
Contacts: Andre Gauthier President (514)
844-5252info@matamec.com Edward Miller Director IR (514) 844-5252
ext. 205edward.miller@matamec.com www.matamec.com
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