Matamec Files Modified Unaudited Condensed Consolidated Interim Financial Statements as at September 30, 2012

Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) announces that the Company has filed modified Unaudited Condensed Consolidated Interim Financial Statements as at September 30, 2012.

Three elements have made essential the modification of the Interim Financial Statements:

--  The first element is the review of the distribution of exploration and
    evaluation costs between the properties of Zeus and Kipawa; 

--  The second element is the use of the complete cost method to calculate
    the gain on disposal of 75% of the Kipawa property to its Japanese
    partner Toyotsu Rare Earth Canada Inc.; and

--  The third element is that in the proportionate consolidation of the
    jointly owned Kipawa property the 25% owned by Toyotsu Rare Earth Canada
    Inc. was not properly considered.

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 and the hiring of a VP Project development and Construction, Matamec and TRECan decided to move directly to the feasibility study. The March 2012 press release highlighted that the project has robust economics such as: $606 million before-tax value (NPV8%), a 36.9% before-tax IRR, $2.8 billion revenue, $1.67 billion EBITDA, a before-tax payback period of 2.4 years, etc. (see press release dated January 30, 2012).

In parallel, the Company is exploring more than 35km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.

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. As well, it is exploring for gold together with Northern Superior Resources Inc. on the Wachigabau property.

"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."

Contacts: Andre Gauthier President [phone] [phone] (FAX)[e-mail] Edward Miller Director IR [phone] ext. 205 [phone] (FAX)[e-mail] www.matamec.com