Matamec Reports Second Quarter 2013 Financial Results
August 19 2013 - 4:00PM
Marketwired Canada
Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) today reported its financial results for the second
quarter and six-month period ended June 30, 2013. All numbers are reported in
Canadian dollars unless otherwise stated.
"I am pleased to communicate to shareholders the Company is advancing its
exploration of its properties on many fronts with a clear attention on the
completion of the Kipawa feasibility study results which are soon to be
published this September 4th," said Andre Gauthier, President and CEO of Matamec
Explorations. "The Matamec team is focused on executing its objectives to
position the Company for long-term growth."
Financial Highlights
-- Net loss for the second quarter of $633,495 or ($0.005 per share),
compared to a net loss of $870,551 or ($0.007 per share) in the second
quarter of 2012;
-- Net loss of $907,829 or ($0.008 per share) for the six-month period
ended June 30, 2013 compared to a net loss of $1.56 million ($0.013) for
the same period in 2012;
-- Working capital of $3.98 million including cash and cash equivalents of
$1.4 million;
-- Current assets for the second quarter totalled $5.57 million compared to
$3.30 million in the second quarter of 2012;
-- Received from Toyotsu Rare Earth Canada ("TRECan"), $16,000,817 toward
the completion of a definitive feasibility study on the Kipawa HREE
deposit. With the final payment received as of August 8, 2013 of
$565,769, TRECan will now acquire a 49% undivided interest in the Kipawa
JV Property; and
-- Matamec to receive reimbursed tax credits for qualifying exploration
expenses in the amount of $3.66 million.
Kipawa JV Operational Highlights
-- Feasibility Study work completed and is now in the final stages of
approval by the independent engineering firms Roche Ltd. and Genivar -
results to be published September 4, 2013;
-- An Environmental and Social Impact Assessment conducted by Golder
Associates initiated in May 2012 continues to advance with results to be
completed by the fall of 2013;
-- Development of the purification circuit ongoing, for producing a high
purity heavy and light rare earth product;
-- Second pilot plant planned for the fall 2013, for further optimization
and improvement on the overall recovery;
-- Information meetings continue with regional and local citizens,
including The Harmonization Tables and follow-up; and
-- Meetings continue with the Band councils and populations of the two
Algonquin communities involved in the project, Eagle Village First
Nation and Wolf Lake First Nation.
SELECTED FINANCIAL INFORMATION
The following table includes selected consolidated financial data, prepared in
accordance with International Financial Reporting Standards ("IFRS"), for the
periods ended June 30, 2013 and 2012.
----------------------------------------------------------------------------
Three months ended Six months ended
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Results as Results as Results as Results as
at June 30, at June 30, at June 30, at June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
$ $
----------------------------------------------------------------------------
Income - Interest 5,799 7,026 20,645 15,496
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Expenses
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General and
administrative
expenses 595,649 760,737 1,088,930 1,288,849
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Stock-based
compensation - 116,221 - 287,958
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Income tax
(recovery) 81,000 - (22,000) -
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Net loss 633,495 870,551 907,829 1,562,255
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Basic and diluted
net loss per share 0.005 0.007 0.008 0.013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
June 30, December 31,
Statements of Financial Position 2013 2012
----------------------------------------------------------------------------
$ $
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Total assets 23,357,651 20,445,042
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Cash and cash equivalents 1,331,228 1,592,282
----------------------------------------------------------------------------
Equity 14,997,863 15,910,692
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2013 Second Quarter Financial Results Available
The complete financial statements, notes to financial statements, and
Management's Discussion and Analysis for the second quarter ended June 30, 2013,
are available on the Company's website - www.matamec.com. These documents are
also filed on SEDAR, and will be accessible from the SEDAR website at
www.sedar.com.
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 (resources
that are not mineral reserves do not have demonstrated economic viability),
Matamec and TRECan, JV partners, decided to move directly to the feasibility
study.
In parallel, the Company is exploring more than 35 km of strike length in the
Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum
mineralization on its Zeus property. Since 2008, Matamec discovered many
potential showings. Particularly, it drilled the PB-PS Zone in the fall of 2012
and identified similar Eudialyte-Mosandrite/Yttro-Tantanite/Britholite
associated mineralization founded at the HREE Kipawa Deposit. This type of
mineralization is presently known over 200 metres long and it opens laterally
and at depth. The Company plans to drill these extensions later this year.
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.
"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."
FOR FURTHER INFORMATION PLEASE CONTACT:
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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