Matamec Provides Update on its Timmins Gold Properties
December 9, 2013 (Source: Marketwired) — Matamec Explorations Inc. (“Matamec” or the “Company”) (TSX VENTURE:MAT)(OTCQX:MHREF) today announced an update regarding its two Timmins gold properties. On November 20, 2013, China Goldcorp Ltd. (NEX: CAU.H) announced the proposed reverse take-over of International Explorers and Prospectors Inc. (“IEP”) where it was disclosed that IEP’s material property and primary focus of the transaction is the Montclerg Project, located approximately 48 kilometres northeast of Timmins, Ontario. Matamec is pleased to disclose that it holds a 1% Net Smelter Royalty, of which one-half of one percent (0.5%) may be redeemable at any time for $1,000,000, on the Montclerg property.
In addition, Matamec is also the operator and holds a 50% interest and IEP holds a 50% interest in the Matheson Joint Venture property located along strike and in close proximity to the Gold Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario.
All documents are available under China Goldcorp Ltd’s profile at www.sedar.com.
“Matamec is very pleased with the potential opportunity this transaction can provide in having a significant company like China Goldcorp backed by a leading board of directors to further develop these two high-grade gold properties,” said Andre Gauthier, President and CEO of Matamec Explorations. “The Company is presently working on numerous opportunities and we look forward to keeping shareholders updated on their progress.”
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE deposit with TRECan.
In parallel, the Company is exploring more than 35 km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property. Since 2007, Matamec discovered eight (8) new rare earth showings. Particularly, it drilled the PB-PS Zone in the fall of 2012 and identified Eudialyte-Mosandrite/Yttro-Titanite/Britholite mineralization similar to those found at the HREE Kipawa Deposit. This type of mineralization is presently known over a length of 200 metres and is open laterally and at depth. This mineralized zone is 2.3 km SW of the Kipawa deposit and a soil anomaly seems to connect the two. The Company plans to drill these extensions later this year.
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 gold 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 Valmont and Vulcain properties. Matamec signed in August 2013 an option agreement where Canada Strategic Metals can acquire an interest of up to 50% in the Sakami gold project, located in the James Bay region of northern Quebec by committing $2.25 million in exploration work including $500,000 in the first year on drilling.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of Canadian Securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “scheduled”, “anticipates”, “expects” or “does not expect”, “is expected”, “scheduled”, “targeted”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements contained herein include, without limitation, statements relating to mineral reserve estimates, mineral resource estimates, realization of mineral reserve and resource estimates, capital and operating costs estimates, the timing and amount of future production, costs of production, success of mining operations, the ranking of the project in terms of cash cost and production, permitting, economic return estimates, power and storage facilities, life of mine, social, community and environmental impacts, rare metal markets and sales prices, off-take agreements and purchasers for the Company’s products, environmental assessment and permitting, securing sufficient financing on acceptable terms, opportunities for short and long term optimization of the Project, and continued positive discussions and relationships with local communities and stakeholders. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Although Matamec has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: Matamec’s ability to secure sufficient financing to advance and complete the Project, uncertainties associated with Matamec’s resource and reserve estimates, uncertainties regarding global supply and demand for rare earth materials and market and sales prices, uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community and environmental impacts, uncertainties with respect to optimization opportunities for the Project, as well as those risk factors set out in the Company’s year-end Management Discussion and Analysis dated December 31, 2012 and other disclosure documents available under the Company’s profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Matamec disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
“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.”
Raj Shah has been a member of the InvestorIntel.com team for the last nearly 9 years. Recruited from Merrill Lynch, he has over 13 years’ ... <Read more about Raj Shah>