Matamec Explorations Inc. (TSX-V:MAT)(OTCQX:MHREF) announced today the execution of a Property Rights Exchange Arrangements Agreement between the Company, International Explorers and Prospectors Inc. Glencore Canada Corp. and Goldcorp Canada Ltd. with respect to the sale by the Company and IEP of certain properties located in Hoyle and Matheson Townships in Timmins. The PREAA sets out the arrangements among the parties related to, among other things, the consideration to be received by the Company for the sale of its interest in the properties, being CAD$500,000 and certain net smelter royalties, all as detailed below.
Sale of Properties to Glencore and Goldcorp
The Company and IEP own the properties listed below (the “Properties“) pursuant to their involvement in a contractual joint venture named the “Matamec-IEP Matheson Joint Venture”.
Upon closing of the transactions contemplated by the PREAA, the Company and IEP will sell (a) to Glencore, the Northern Property as well as the surface rights to the Colbert/Anglo Property; and (b) to Goldcorp the mining rights in relation to the Colbert/Anglo Property. The Company and IEP will retain all mining rights in relation to the Northern Property.
“The entering into of the PREAA is an important milestone on gold exploration for Matamec in the prolific gold mining camp of Timmins, Ontario”, said Andre Gauthier, President and CEO of Matamec. “Plus, the properties covered by this agreement are located on the Hoyle and Matheson Townships, east and south of the Hoyle Pond gold mine.”
About the Matheson Joint Venture Property
After the closing of the PREAA, the MJV property will consist of 75 claims. This property is located within a ten kilometer distance along strike of the Bell Creek and Owl Creek deposits and Hoyle Pond mine, within the same stratigraphic assemblages including the Tisdale assemblage which hosts most, if not all, of the gold deposits within the Porcupine mining camp. More specifically, the property is located approximately 1.7 kilometers east of the Hoyle Pond Mine workings. The stratigraphy hosting the Hoyle Pond mine strikes eastward into Matheson Township where it also hosts the Mill Creek/Colbert Zones. Outside of the Hoyle Pond Mine stratigraphy, there are at least two additional gold-bearing corridors that have been outlined and are present on the Matheson JV property.
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE JV deposit owned at 72% by the Company and 28% by Ressources Québec; Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit. Furthermore, the Company is exploring more than 35 km 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 MJV property located along strike and in close proximity to the Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario. On June 10, 2010, the Company earned its 50% undivided interest in the MJV after spending CAD$1,600,000 in exploration expenditures since March 31st, 2008. IEP holds the remaining 50% undivided interest. The Company is the operator of the MJV. Located in the Matheson Township, east of the Hoyle Pond gold mine, the MJV property consists of 76 claims.
In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Valmont and Vulcain properties.
In August 2013, the Company signed an option agreement where Canada Strategic Metals can acquire an interest of up to 50% in the Sakami gold project, located in the James Bay region of northern Quebec by committing CAD$2,025,000 in exploration work. Today, CSM has spent over CAD$1,500,000 on the property.
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