Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) is pleased to provide a progress report
on the Company's Feasibility Study on the Kipawa heavy rare earth
project at Temiscaming, Quebec. 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.
Kipawa Feasibility Study
The Feasibility Study ("FS") for the Kipawa mine project remains
on schedule for completion at the end of Q2 2013. The following key
elements of the FS are in the completion stage:
-- Environmental Baseline Study of mine site and infrastructure sites;
-- Sustainability;
-- 2012 Drilling Campaign and Mineral Resource Estimation;
-- Metallurgical Testwork;
-- Process Plant Design;
-- Tailings Management Facilities;
-- Restoration plan;
-- Other auxiliary and support facilities; and
-- Permitting.
Capital ("Capex") and Operating ("Opex") cost estimates are well
advanced and will be optimized through the next coming two months
along with a few infrastructure design optimizations.
"I am very pleased to provide an update that the Kipawa
feasibility study is continuing to progress on schedule and on
budget," said Andre Gauthier, President and CEO of Matamec
Explorations. "The entire team at Matamec is focused with a clear
objective to become a leading supplier of heavy rare earths for
hybrid and electric vehicles."
Environmental Baseline Study
Golder & Associates is performing the environmental baseline
study and most of the field work is completed. A few data points
are still to come but the report itself is planned to be issued
toward the end of April 2013.
Sustainability
Matamec is constantly in communication with the local
communities and organizations in regards to the progress of the
project. Most of the local municipalities have already provided
official letters of support, with the understanding that Matamec
respects the regulations and laws in the Quebec and Canadian
jurisdictions.
In November 2012, Matamec held several public presentations on
the project and so far the majority of the population is in favor
of the project. It is planned to provide a public presentation
update of the project to the local population this coming
spring.
Matamec has maintained regular communications with the two First
Nations involved in the project. At first, a MoU was signed last
summer and the following phases of mutual agreement are under
discussion.
2012 Definition Drilling Campaign and Mineral Resource
Estimation
A definition drilling program was performed last summer on the
Kipawa deposit in order to improve the categories of resources in
order to transform these resources into reserves for the
feasibility study (mineral resources that are not mineral reserves
do not have demonstrated economic viability). The mineral resource
is presently being estimated by SGS Geostat.
Metallurgical Testwork
An intensive metallurgical testwork program has taken place
since the onset of the feasibility study last summer. A pilot plant
was also successfully performed last summer to test the developed
process up to bulk rare earth precipitation on available surface
material. Most of this metallurgical testwork development was done
at SGS Minerals Service in Lakefield, Ontario. Presently underway
are variability tests to evaluate the developed process on
representative ore samples of the ore body covering spatial and
lithological differences.
As a part of the Variability testing the low-acid
room-temperature leaching process developed from surface sample is
presently being validated using samples of different lithologies
and rare earth grades. Once all results from variability testing
are returned, an optimization process program is planned to
identify potential improvements and to identify if any feed
blending or ore segregation is required to maximize project
economics.
Good development has been achieved in the neutralization and
filtration portions of this process. A known, low cost process
improvement has significantly increased the required neutralisation
filtration rates that were originally considered problematic
(silica filtration effects). This process is also being presently
tested on the variability samples to validate continuity.
Overall reagent consumptions are presently shown as forecasted
from the pilot. The originally planned hydrometallurgical plant
testwork program is near completion with the exception of a few
final steps for the optimization of impurity removal from the bulk
concentrate that are still on-going. The major process flow
diagrams as well as process equipment lists have been issued.
As indicated, some additional exploration and optimization
testwork will continue to evaluate if there is still room for
improvement to further increase project economics.
Process Plant Design
The process plant general arrangements are under a final
revision in order to optimize the functionality and the Capex
related to it.
Tailing Management Facilities
The tradeoff study for the location of the tailing management
facilities (TMF) has been completed in early 2013 as well as the
geotechnical work related to it. The TMF design is in progress.
Restoration Plan
The restoration plan is well advanced and its preliminary
version should be available by late April.
Auxiliary and Support Facilities
All auxiliary and support facilities have their concept and
location frozen and the Capex for these is under optimization.
Permitting
A project description has been provided to the Canadian
Environmental Assessment Agency and the project is currently under
verification by this agency which is one of the first steps in the
permitting process.
Bertho Caron, VP Project Development & Construction (Eng.),
Paul Blatter, Director of Metallurgy (Eng.) and Aline Leclerc, VP
Exploration (Geo.) are Matamec's Qualified Persons for this press
release.
PDAC 2013
The Company also announced that Mr. Andre Gauthier, President
and CEO, will present a corporate update at PDAC on Tuesday, March
5, 2013, at 11:40 a.m. EST - Room 803AB at the Metro Toronto
Convention Centre - South Building. Matamec will host a booth at
the conference located at #3242 from Sunday, March 3 to Wednesday,
March 6, 2013. For further information, please visit
www.pdac.ca.
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 www.matamec.com Edward Miller, Director IR
(514) 844-5252 ext. 205edward.miller@matamec.com
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