Matamec Intersects 0.73% TREO (40% HREO Y2O3) Over 18.8 Metres on its Kipawa HREO-Y-Zr Deposit

MONTREAL, QUEBEC -- (Marketwire) -- 03/24/11 -- Matamec Explorations Inc. ('Matamec')(TSX VENTURE: MAT) is pleased to announce that assay results have been received for a further seventeen DDH on its 2010-2011 diamond drilling program on the Kipawa HREE-Y-Zr deposit in western Quebec. All preliminary results for this campaign have now been received.

The drill program started on December 1, 2010 and ended on February 8, 2011 for a total of 3,332 meters drilled. Its main objective was to upgrade the resource, 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 been received for a further 29 DDH, including this last batch of 17 DDH. Mineralized intervals for the best 8 holes of the latest batch are presented below (see Table 1 and Figure 1). All are well mineralized with both eudialyte and mosandrite.

Andre Gauthier, Matamec's president, comments that: 'Overall, we've received much better grades than expected in the West Zone, which we're confident will increase our metal tonnage, and we've roughly maintained the grade and tonnage we had in the Central and East Zones. All that and indicated resources over the majority of the deposit makes for a very successful winter 2010-2011 campaign on the Kipawa deposit of the Zeus property.'

                                  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
----------------------------------------------------------------------------

----------------------------------------------------------------------------
 KM108   10.6   13.1    2.5   0.814 0.590 0.068  0.115  0.258  1.030      36
----------------------------------------------------------------------------
 KM108   31.3   34.5    3.2   1.351 0.371 0.043  0.074  0.166  0.654      37
----------------------------------------------------------------------------
                            greater
 KM112                         than
        28.63  33.62   4.99   1.147 0.633 0.084  0.198  0.478  1.393      49
----------------------------------------------------------------------------
 KM112  43.27  46.37    3.1   0.659 0.324 0.032  0.054  0.125  0.535      33
----------------------------------------------------------------------------
 KM115  29.69   33.8   4.11   0.439 0.456 0.071  0.149  0.325  1.001      47
----------------------------------------------------------------------------
 KM116   5.85     10   4.15   0.637 0.391 0.043  0.057  0.125  0.616      30
----------------------------------------------------------------------------
                            greater
 KM116                         than
        16.66   37.5  20.84   1.110 0.289 0.034  0.057  0.122  0.502      36
----------------------------------------------------------------------------
                            greater
 KM118                         than
           30  46.05  16.05   1.128 0.323 0.038  0.077  0.166  0.604      40
----------------------------------------------------------------------------
                            greater
 KM119                         than
        26.45  30.95    4.5   1.351 0.292 0.043  0.086  0.204  0.624      46
----------------------------------------------------------------------------
                            greater
 KM119                         than
           57     60      3   1.328 0.123 0.025  0.059  0.121  0.328      55
----------------------------------------------------------------------------
                            greater
 KM120                         than
        16.25     35  18.75   0.897 0.394 0.046  0.088  0.201  0.729      40
----------------------------------------------------------------------------
                            greater
 KM121                         than
         11.8  24.95  13.15   0.855 0.486 0.053  0.087  0.223  0.848      36
----------------------------------------------------------------------------
 KM121   56.8  63.05   6.25   0.885 0.300 0.027  0.042  0.103  0.472      31
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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 summer 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.

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.

Figure 1 is available at the following address: http://media3.marketwire.com/docs/ccnmwebNreUpload1300912308753-MAT154-English-Fig1.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