UPDATE: Matamec Receives $1.1 Mln from Toyotsu; Stock Rises 3%

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Matamec Explorations Inc. (MAT.V) has received $1.1 million from its Japanese partner Toyotsu Rare Earth Canada Inc. The goal of the Kipawa mine project is to supply Toyota with heavy rare earths for the production and marketing of hybrid and electric vehicles.

To date Matamec has received $15.4 million of the maximum $16 million for the completion of a definitive feasibility study on the Kipawa HREE deposit, which is on budget and track for completion by the end of the second quarter of 2013.

MAT was up more than 3% to $0.155, trading slightly above 52-week low $0.135.



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