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Matamec Receives $1.041 Mln from Toyotsu

Matamec Explorations Inc. (MAT.V) has received C$1.041 million from its Japanese partner Toyotsu Rare Earth Canada Inc., a subsidiary of Toyota Tsusho Corp. 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 C$14,236,608 of the maximum C$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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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