Matamec Intersects 0.89% TREO Over 21.5 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC, Feb 24, 2011 (Marketwire via COMTEX News Network) --

Matamec Explorations Inc. ("Matamec")(TSX VENTURE:MAT) is pleased to announce that assay results have been received for a further eight DDH on its 2010-2011 diamond drilling program on the Kipawa HREE-Y-Zr deposit in western Quebec.

This drill program started on December 1st 2010 and ended on February 8th 2011 for a total of 3,332 meters drilled. Its main objective was the improvement of resource quality, moving the majority of inferred resources into the indicated category.

Of the 42 DDH of the campaign, full results have been received for the first 13 holes (see the January 27th and February 10th press releases), and partial results have yet to be received for a further 17 DDH (KM107 to KM123). Mineralized intervals for the latest batch of eight holes are presented below (see Table 1 and Figure 1). All are mineralized with both eudialyte and Mosandrite.

Andre Gauthier, Matamec's president, comments that: "The Kipawa high grade zone is still going strong up to hole KM102. The Central zone is slightly less enriched, almost by definition, but Kipawa's strengths remain in effect there, namely its significant heavy rare earth enrichment and the ease with which we're getting high recuperation rates in our ongoing lab tests."

                                   Table 1
             Interim REE Zones Assay Results, 0.1% Y2O3 cut-off
              2010-2011 Kipawa HREO-Y-Zr Deposit Drill Program
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                   Width                                              % HREO
Drill   From    To (iii)  ZrO2     LREO    IREO   HREO  Y2O3    TREO  +Y2O3
Hole     (m)   (m)   (m)    (%)     (%)     (%)    (%)    (%)    (%)   /TREO
----------------------------------------------------------------------------
KM95                    greater
                           than
         2.1  6.85  4.75  1.034   0.778   0.089  0.141  0.336  1.343      36
      ----------------------------------------------------------------------
                        greater
                           than
        15.1  26.3  11.2  1.000   0.312   0.031  0.047  0.102  0.493      30
----------------------------------------------------------------------------
KM96                      See February 17th press release
----------------------------------------------------------------------------
KM97                    greater
                           than
       26.05 32.35   6.3  0.911   0.305   0.033  0.056  0.118  0.512      34
----------------------------------------------------------------------------
KM98                      See February 17th press release
----------------------------------------------------------------------------
KM99                    greater
                           than
         3.7   7.5   3.8  1.105   0.295   0.037  0.083  0.179  0.594      44
      ----------------------------------------------------------------------
        13.2 19.05  5.85  0.461   0.344   0.036  0.056  0.140  0.576      34
      ----------------------------------------------------------------------
                        greater
                           than
       39.06    47  7.94  0.817   0.208   0.028  0.053  0.119  0.407      42
----------------------------------------------------------------------------
KM100                   greater
                           than
        29.4 50.93 21.53  0.764   0.539   0.052  0.084  0.217  0.892      34
----------------------------------------------------------------------------
KM101                           greater
                                   than                                 less
        28.3 35.52  7.22  0.698   0.906   0.073  0.104  0.240  1.324 than 26
      ----------------------------------------------------------------------
                        greater
                           than
        38.2 42.05  3.85  1.263   0.422   0.049  0.080  0.189  0.740      36
      ----------------------------------------------------------------------
                        greater
                           than
       51.58  58.1  6.52  0.723   0.829   0.079  0.122  0.253  1.283      29
----------------------------------------------------------------------------
KM102                     See February 17th press release
----------------------------------------------------------------------------
KM103                   greater greater greater
                           than    than    than                         less
       26.57 30.15  3.58  0.855   1.512   0.126  0.146  0.339  2.123 than 23
      ----------------------------------------------------------------------
       33.03 38.75  5.72  0.661   0.345   0.032  0.046  0.103  0.527      28
----------------------------------------------------------------------------
KM104                   greater
                           than
       27.15  29.9  2.75  0.724   0.488   0.044  0.068  0.144  0.744      28
----------------------------------------------------------------------------
KM105                   greater
                           than
       20.25 28.25     8  0.806   0.410   0.045  0.070  0.162  0.688      34
----------------------------------------------------------------------------
KM106
 a
 KM123                                                      Not yet received
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(i) Light rare earths (LREO) = La2O3 to Nd2O3, Intermediate rare earths
 (IREO) =Sm2O3 to Gd2O3, Heavy rare earths (HREO) = Tb2O3 to Lu2O3.
(ii) TREO = LREO + IREO + HREO + Y2O3
(iii) 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%.
----------------------------------------------------------------------------

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 "greater than " 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.

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