Toyotsu Pays $1.04 Million to Matamec for Continued Execution of Kipawa Feasibility Study
February 19 2013 - 7:30AM
Marketwired
Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) is pleased to announce that the Company
has received $1.04 million CDN from its Japanese partner Toyotsu
Rare Earth Canada Inc. ("Toyota" or "TRECan"), a subsidiary of
Toyota Tsusho Corp. ("TTC"). The goal of the Kipawa mine project is
to supply Toyota with heavy rare earths ("HREE") for the production
and marketing of hybrid and electric vehicles.
To date Matamec has received $13,195,629 CDN of the maximum $16M
CDN for the completion of a definitive feasibility study on the
Kipawa HREE deposit, which is expected in the second quarter of
2013. The Company will be issuing an update on the feasibility
study by the latest for the upcoming PDAC conference which takes
place March 3-6, 2013 in Toronto, Canada.
"I am very pleased by the advancement of our efforts being made
by the Matamec team on the Kipawa feasibility study," said Andre
Gauthier, President and CEO of Matamec Explorations. "The continued
financial commitment by Toyotsu positions Matamec strategically to
be one of the first companies to supply heavy rare earths for
hybrid and electric vehicles in North America."
Under the terms of the Joint Venture Agreement ("JVA") by which
TRECan can acquire 49% undivided interest in the Kipawa HREE
Deposit, Matamec received $8.5M CDN for the first 25% undivided
interest on July 18, 2012. To acquire the second 24% undivided
interest, TRECan has to pay to Matamec a maximum amount of $7.5M
CDN. The $1.04M CDN is the fourth of a number of successive
payments in the completion of the $7.5M CDN, but the fifth overall
payment received from TRECan. Matamec will transfer the 24%
undivided interest to TRECan when it will receive a cumulative
maximum amount of $7.5M CDN.
About Toyotsu and TRECan
Established for more than 60 years and subsidiary of Toyota
Motor Group, TTC is a general trading company that develops
business together with over 400 consolidated group companies in
Japan and overseas, with customers around the world, via a global
network covering Japan and more than 60 other countries worldwide.
TRECan is a subsidiary of TTC especially created for the Kipawa
HREE deposit JVA. TTC has four rare earth projects globally
including in India, Vietnam, Indonesia (HREE) and Canada (HREE
Kipawa JV). For further information, please view the TTC 2012
Annual Report online.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company
whose main focus is in developing the Kipawa HREE deposit with
TRECan. Following the positive conclusion of the PEA study filed on
SEDAR in March 2012 and the hiring of a VP Project development and
Construction, Matamec and TRECan decided to move directly to the
feasibility study. The March 2012 press release highlighted that
the project has robust economics such as: $606 million before-tax
value (NPV8%), a 36.9% before-tax IRR, $2.8 billion revenue, $1.67
billion EBITDA, a before-tax payback period of 2.4 years, etc. (see
press release dated January 30, 2012).
In parallel, the Company is 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.
"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: Andre Gauthier, President (514)
844-5252info@matamec.com Edward Miller, Director IR (514) 844-5252
ext. 205edward.miller@matamec.com www.matamec.com
Mesa Home Resources (PK) (USOTC:MHRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mesa Home Resources (PK) (USOTC:MHRE)
Historical Stock Chart
From Jul 2023 to Jul 2024