Matamec Files Modified Unaudited Condensed Consolidated Interim Financial Statements as at September 30, 2012
May 02 2013 - 7:00AM
Marketwired
Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) announces that the Company has filed
modified Unaudited Condensed Consolidated Interim Financial
Statements as at September 30, 2012.
Three elements have made essential the modification of the
Interim Financial Statements:
-- The first element is the review of the distribution of exploration and
evaluation costs between the properties of Zeus and Kipawa;
-- The second element is the use of the complete cost method to calculate
the gain on disposal of 75% of the Kipawa property to its Japanese
partner Toyotsu Rare Earth Canada Inc.; and
-- The third element is that in the proportionate consolidation of the
jointly owned Kipawa property the 25% owned by Toyotsu Rare Earth Canada
Inc. was not properly considered.
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 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) 844-5252 (514) 844-0550
(FAX)info@matamec.com Edward Miller Director IR (514) 844-5252 ext.
205 (514) 844-0550 (FAX)edward.miller@matamec.com
www.matamec.com
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