Matamec Reports Second Quarter 2013 Financial Results
20 August 2013 - 6:00AM
Marketwired
Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) today reported its financial results for
the second quarter and six-month period ended June 30, 2013. All
numbers are reported in Canadian dollars unless otherwise
stated.
"I am pleased to communicate to shareholders the Company is
advancing its exploration of its properties on many fronts with a
clear attention on the completion of the Kipawa feasibility study
results which are soon to be published this September 4th," said
Andre Gauthier, President and CEO of Matamec Explorations. "The
Matamec team is focused on executing its objectives to position the
Company for long-term growth."
Financial Highlights
-- Net loss for the second quarter of $633,495 or ($0.005 per share),
compared to a net loss of $870,551 or ($0.007 per share) in the second
quarter of 2012;
-- Net loss of $907,829 or ($0.008 per share) for the six-month period
ended June 30, 2013 compared to a net loss of $1.56 million ($0.013) for
the same period in 2012;
-- Working capital of $3.98 million including cash and cash equivalents of
$1.4 million;
-- Current assets for the second quarter totalled $5.57 million compared to
$3.30 million in the second quarter of 2012;
-- Received from Toyotsu Rare Earth Canada ("TRECan"), $16,000,817 toward
the completion of a definitive feasibility study on the Kipawa HREE
deposit. With the final payment received as of August 8, 2013 of
$565,769, TRECan will now acquire a 49% undivided interest in the Kipawa
JV Property; and
-- Matamec to receive reimbursed tax credits for qualifying exploration
expenses in the amount of $3.66 million.
Kipawa JV Operational Highlights
-- Feasibility Study work completed and is now in the final stages of
approval by the independent engineering firms Roche Ltd. and Genivar -
results to be published September 4, 2013;
-- An Environmental and Social Impact Assessment conducted by Golder
Associates initiated in May 2012 continues to advance with results to be
completed by the fall of 2013;
-- Development of the purification circuit ongoing, for producing a high
purity heavy and light rare earth product;
-- Second pilot plant planned for the fall 2013, for further optimization
and improvement on the overall recovery;
-- Information meetings continue with regional and local citizens,
including The Harmonization Tables and follow-up; and
-- Meetings continue with the Band councils and populations of the two
Algonquin communities involved in the project, Eagle Village First
Nation and Wolf Lake First Nation.
SELECTED FINANCIAL INFORMATION
The following table includes selected consolidated financial
data, prepared in accordance with International Financial Reporting
Standards ("IFRS"), for the periods ended June 30, 2013 and
2012.
----------------------------------------------------------------------------
Three months ended Six months ended
----------------------------------------------------------------------------
Results as Results as Results as Results as
at June 30, at June 30, at June 30, at June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
$ $
----------------------------------------------------------------------------
Income - Interest 5,799 7,026 20,645 15,496
----------------------------------------------------------------------------
Expenses
----------------------------------------------------------------------------
General and
administrative
expenses 595,649 760,737 1,088,930 1,288,849
----------------------------------------------------------------------------
Stock-based
compensation - 116,221 - 287,958
----------------------------------------------------------------------------
Income tax
(recovery) 81,000 - (22,000) -
----------------------------------------------------------------------------
Net loss 633,495 870,551 907,829 1,562,255
----------------------------------------------------------------------------
Basic and diluted
net loss per share 0.005 0.007 0.008 0.013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
June 30, December 31,
Statements of Financial Position 2013 2012
----------------------------------------------------------------------------
$ $
----------------------------------------------------------------------------
Total assets 23,357,651 20,445,042
----------------------------------------------------------------------------
Cash and cash equivalents 1,331,228 1,592,282
----------------------------------------------------------------------------
Equity 14,997,863 15,910,692
----------------------------------------------------------------------------
2013 Second Quarter Financial Results Available
The complete financial statements, notes to financial
statements, and Management's Discussion and Analysis for the second
quarter ended June 30, 2013, are available on the Company's website
- www.matamec.com. These documents are also filed on SEDAR, and
will be accessible from the SEDAR website at www.sedar.com.
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 (resources that are not mineral reserves do not
have demonstrated economic viability), Matamec and TRECan, JV
partners, decided to move directly to the feasibility study.
In parallel, the Company is exploring more than 35 km of strike
length in the Kipawa Alkalic Complex for rare
earths-yttrium-zirconium-niobium-tantalum mineralization on its
Zeus property. Since 2008, Matamec discovered many potential
showings. Particularly, it drilled the PB-PS Zone in the fall of
2012 and identified similar
Eudialyte-Mosandrite/Yttro-Tantanite/Britholite associated
mineralization founded at the HREE Kipawa Deposit. This type of
mineralization is presently known over 200 metres long and it opens
laterally and at depth. The Company plans to drill these extensions
later this year.
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.
"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 (514) 844-5252 514-844-0550
(FAX)info@matamec.com Edward Miller Director IR (514) 844-5252 ext.
205 514-844-0550 (FAX)edward.miller@matamec.com www.matamec.com
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