Matamec Intersects 1.22% TREO Over 28.8 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC -- (Marketwire) -- 02/17/11 -- Matamec Explorations Inc. (TSX VENTURE: MAT) ('Matamec') is pleased to announce that assay results have been received for a further four 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 now been received for a further 4 DDH. Mineralized intervals for the three best holes are presented below (see Table 1 and Figure 1). All three are well mineralized with both eudialyte and Mosandrite, with KM96 and KM98 actually replacing the previous contenders for second and third best holes ever drilled on the property in terms of grade multiplied by thickness (titles previously held by KM14 and KM61, respectively).

Andre Gauthier, Matamec's president, comments that: 'To my mind, these holes clearly show the continuity of the high-grade core of the deposit. KM96 and KM98, in particular, fill up the apparent gap that existed between our high-grade KM14 and KM61 holes. It's what our geos predicted, but it's still very nice to see it come true!'

                                   Table 1
              Interim REE Zones Assay Results, 0.1% Y2O3cut-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
----------------------------------------------------------------------------
                        greater                 greater      greater greater
                           than                    than        than     than
KM96   2.75    41 38.25   0.822   0.466   0.050   0.089 0.208 0.813       36
----------------------------------------------------------------------------
                        greater
                           than
KM96   50.4 53.05  2.65   1.008   0.436   0.052   0.099 0.174 0.760       36
----------------------------------------------------------------------------
KM97                             Not yet received
----------------------------------------------------------------------------
                        greater greater greater greater      greater
                           than    than    than    than        than
KM98  15.38 44.15 28.77   0.861   0.770   0.072   0.115 0.264 1.220       31
----------------------------------------------------------------------------
KM99                             Not yet received
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KM100                            Not yet received
----------------------------------------------------------------------------
KM101                            Not yet received
----------------------------------------------------------------------------
                        greater
                           than
KM102  21.5 34.27 12.77   1.307   0.442   0.053   0.106 0.240 0.841       41
----------------------------------------------------------------------------
                        greater
                           than
KM102 37.03 42.92  5.89   1.307   0.442   0.053   0.106 0.240 0.841       41
----------------------------------------------------------------------------
KM102 60.05 64.59  4.54   0.577   0.351   0.040   0.066 0.136 0.593       34
----------------------------------------------------------------------------
KM103
to
KM123                            Not yet received
----------------------------------------------------------------------------

(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.

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 property.

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.

One map (Figure 1) is available at the following address: http://media3.marketwire.com/docs/matamecengmap.pdf.

'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