Matamec Explorations Reports Q1 Net Loss of $274,336, Down from $691,704 Q1 2012 Loss

Matamec Explorations Inc.  (TSXV:MAT,OTCQX:MHREF) announced financial results for Q1 2013.

As quoted in the press release:

Financial Highlights:
Net loss for the quarter of $274,336 or ($0.002 per share), compared to a net loss of $691,704 or ($0.006 per share) in the first quarter of 2012;
Working capital of $4.62 million including cash and cash equivalents of $2.44 million;
Current assets for the quarter totalled $6.29 million compared to $5.99 million in the first quarter of 2012;
Received as of May 16, 2013 from Toyotsu, $6.94 million of the $7.5 million or $15.44 million of the maximum $16.0 million for the completion of a definitive feasibility study on the Kipawa deposit;
Matamec to receive reimbursed tax credits for qualifying exploration expenses in the amount of $3.8 million approximately (2013: $2.6 million).

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

With 85% of the bulk work associated with the Kipawa feasibility study now completed and the continued financial support demonstrated by Toyotsu, the Company is well positioned financially to achieve its goal of becoming the next global heavy rare earth producer.

To view the whole press release, click here.