Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) announces that negotiators for Toyota Tsusho Corp.
("TTC") and the Company have submitted a final draft version of a Joint Venture
Agreement ("JVA") regarding the Kipawa Deposit for internal approval on or
before July 11, 2012.


TTC and Matamec have agreed to extend the Intermediate Period of their
Memorandum of Understanding ("MOU"), executed December 7, 2011, to July 11, 2012
solely for the execution of the JVA. Internal approval by the management of each
of TTC and Matamec is still required in order to execute the Joint Venture
Agreement on or before July 11, 2012. 


TTC and Matamec has executed an amendment to their MOU, whereby the MOU became
binding on the parties as of February 28, 2012, and since then, Matamec has
received $1.5M CAD from TTC. With this payment, the parties agreed that they
would have until June 27, 2012 to a execute a JVA, upon execution of which TTC
will provide up to $16M CAD for a feasibility study on the Kipawa Deposit and
acquire a 49% interest in the Kipawa Deposit. 


About Matamec

Matamec Explorations Inc is a junior mining exploration company whose main focus
is in developing the Kipawa deposit and 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.
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