Matamec Explorations Inc. (TSXV:MAT) received a 25% payment, $8.5 million, from Toyotsu Rare Earth Canada Inc for the purchase of undivided interest in the Kipawa HREE deposit.
As quoted in the press release:
The payment enables the ongoing feasibility study on the Kipawa HREE Deposit to be accelerated with the results expected in the second quarter of 2013.
Andre Gauthier, president of Matamec, commented:
Matamec is the first rare earth exploration company to sign a JVA with a reputable and experienced end-user company with a substantive international rare earth network. It is also the only rare earth exploration company to have received funds to accelerate and complete a feasibility study and an environmental and social impact assessment study of a HREE deposit. Having TRECan as a strategic partner and providing funds and expertise further validates the possibility of a future Kipawa Mine. It also shows that the project is, at the moment, one of the most advanced and credible HREE projects in the market.