Matamec Has Completed a Private Placement of CAD $1,150,000

MONTREAL, QUEBEC -- (Marketwire) -- 12/23/10 -- Matamec Explorations Inc. ('Matamec' or the 'Company') (TSX VENTURE: MAT) announces the completion of a private placement of units and flow-through shares for gross proceeds of $1,150,000 with various purchasers among which figured various Quebec institutional funds. In total, the Company issued 2,850,000 units at a price of $0.40 per unit and 20,000 flow-through shares at a price of $0.50 per share. Each unit is comprised of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder thereof the right to purchase an additional common share of the Company at a price of $0.50 per share for a period of 18 months ending on June 23, 2012. The securities issued under the private placement are subject to a four (4) month hold period ending on April 23, 2011.

The proceeds of the offering will be used by the Company for exploration work on the Zeus rare earths-yttrium-zirconium-niobium-tantalum property. Besides definition drilling of the heavy rare earths-yttrium-zirconium Kipawa deposit already outlined, exploration drilling will be conducted along the deposit's lateral extensions as well as at depth. A portion of Zeus' budget will be allocated for defining the other showings identified elsewhere on the property as well as mapping and prospecting the entire Kipawa alkaline complex in order to find other mineralization similar to the deposit. Furthermore, this budget will contribute to accelerate the metallurgical testing to finalize the process diagram that will permit the completion of the preliminary economic assessment (PEA) study.

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.

'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:

Matamec Explorations Inc.

Andre Gauthier

President

514-844-5252

514-844-0550 (FAX)
info@matamec.com
www.matamec.com