Matamec Exploration (MAT-V) receives $565,769 from Toyotsu for Kipawa FS
Aug 8, 2013 - News Release
Matamec Explorations Inc. has received $565,769 from its Japanese partner, Toyotsu Rare Earth Canada Inc. (TRECan), a subsidiary of Toyota Tsusho Corp. (TTC). The goal of the Kipawa mine project is to supply TTC with heavy rare earths ("HREE") for the production and marketing of hybrid and electric vehicles.The Company has received $16,000,817 CDN toward the completion of a definitive feasibility study on the Kipawa HREE deposit. This amount includes $163,660 paid by TTC for lab test work. Matamec has managed to stay on budget for the completion of the feasibility study and will communicate the results on Wednesday, September 4th. Under the terms of the Joint Venture Agreement ("JVA"), with the final payment received, TRECan will now acquire a 49% undivided interest in the Kipawa JV Property. Matamec received $8.5M CDN for the first 25% undivided interest on July 18, 2012. With the cumulative payment of $7,500,817 CDN, TRECan has paid Matamec for the second 24% undivided interest. The $565,769 CDN is the eighth of a number of successive payments in the completion of the $7.5M CDN. Matamec will transfer the 24% undivided interest to TRECan effective immediately.
Conference Call
Matamec will be hosting an analyst's conference call and webcast to discuss the feasibility study highlights on Wednesday, September 4, 2013 beginning at 10:00 AM (Eastern Time). Participants may join the call by dialing toll free 1-800-381-7839 or 1-416-981-9000 for local calls or calls from outside Canada and the United States. A live webcast of the call can be accessed through our website at: www.matamec.com. A copy of the presentation will be available on our website prior to the webcast. |
