Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

January 10, 2005 08:28 ET

Phoenix Matachewan Mines Inc.: $113,250 Financing Closed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PHOENIX MATACHEWAN MINES INC.

TSX VENTURE SYMBOL: PMM

JANUARY 10, 2005 - 08:28 ET

Phoenix Matachewan Mines Inc.: $113,250 Financing
Closed

ORLEANS, ONTARIO--(CCNMatthews - Jan. 10, 2005) - Phoenix Matachewan
Mines Inc. ("Phoenix")(TSX VENTURE:PMM) is pleased to announce that,
subject to approval by the TSX-Venture Exchange, its $113,250 financing
has closed. The Issue was comprised of 375,000 Common Share Units prices
at $0.10 per Unit, each unit being comprised of one common share, and
one whole warrant, exercisable at $0.20 until 31 December 2006, into one
common share, and 505,000 Flow Through Common Share Units priced at
$0.15 per Unit, each unit being comprised of one common share, and one
whole warrant, exercisable at $0.20 until 31 December 2006 into either
common shares or flow through common shares at the holder's discretion.

Robin Dow, C.E.O., Paul Jones, President and James Franklin, Director,
purchased $45,000, $10,500 and $20,250, respectively of the Flow Through
Units.

The funds are to be used for geophysical surveys on the Company's Steel
River Project. Steel River is Canada's largest new copper-zinc-gold VMS
play, covering approximately 155 square kilometres, and is located
between the Winston Lake and Manitowage VMS camps east of Thunder Bay,
ON.

For maps and additional information about property location and
technical details, please visit Phoenix's web site at
www.phoenixmatachewan.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Phoenix Matachewan Mines Inc.
    Robin B. Dow
    CEO
    1-888-834-7708
    email: robin@ppau.ca
    www.phoenixmatachewan.com
    or
    BAY STREET CONNECT
    Gus Garisto or Jonathan Buick
    1-416-907-0979
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.