Matra Extends Stay in Hungary

Matra has received formal notification from the Mining Bureau of Hungary that the exploration period pertaining to the Inke Concession in Hungary has been extended by two years until July 2, 2008.

Matra's Managing Director, Peter Hind, said "The extension allows us to preserve our rights over the entire concession and ensures sufficient time to fully evaluate the area. It is very good news and again demonstrates the Hungarian authorities commitment to developing domestic resources by encouraging foreign investment, and is in response to the high level of activity on the concession by Matra since acquiring the interest."

The Inke Concession covers 2297 square kilometers and is located approximately 120kms to the south west of Budapest. Matra has a 100% working interest in the Inke Concession and expects to recommence drilling later this year. The Inke Concession expires in 2030 and Matra may apply for Mining Plots at any time prior to July 2009 in order to retain specific areas of the concession until its expiry in 2030.