Matamec Explorations Inc. (TSXV:MAT, OTCQX:MHREF) announced that they have received $1.595 million from Toyotsu Rare Earth Canada Inc. to help support development of the Kipawa mine project, with an eventual end goal of supplying Toyotsu heavy rare earths to produce hybrid and electric vehicles.
As quoted in the press release:
To date Matamec has received $12,155,019 CDN of the maximum $16M CDN for the completion of a definitive feasibility study on the Kipawa HREE deposit, which is expected in the second quarter of 2013.
Matamec`s President and CEO, Andre Gauthier, said:
The partnership with Toyotsu provides Matamec with the financial resources to continue in the execution of its long-term strategic plan to become a leading global rare earth company.