Matamec Explorations Receives Additional Funding for Kipawa Mine Project

Matamec Explorations Inc.(TSXV:MAT,OTCQX:MHREF) announced that they have received $1.041 million CDN from its Toyotsu Rare Earth Canada Inc. in support of their Kipawa mine project, so that they can secure a supply of heavy rare earths for their hybrid and electric vehicles.

As quoted in the press release:

To date Matamec has received $14,236,608 CDN of the maximum $16M CDN 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.

Matamec’s President and CEO, Andre Gauthier, said:

The financial support that Matamec has received from Toyotsu is a clear indication to the market the progress which has been achieved in the completion of the feasibility study.

To view the whole press release, click here.