Matamec Explorations Inc.(TSXV:MAT, OTCQX:MHREF) announced that they have received $1.04 million Toyotsu Rare Earth Canada Inc. to assist with the Kipawa mine project.
As quoted in the press release:
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.
Matamec’s President and CEO, Andre Gauthier, said:
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.