Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

April 24, 2008 15:07 ET

Phoenix Matachewan Mines Inc.: Agnico-Eagle Buys Swanson Deposit and Exploration Claims

OTTAWA, ONTARIO--(Marketwire - April 24, 2008) - Phoenix Matachewan Mines Inc. ("Phoenix" or "PMM") (TSX VENTURE:PMM) has entered into a definitive agreement for the sale of the Swanson gold ore body and related exploration claims to Agnico-Eagle Mines Limited. Total consideration payable under the terms of the agreement is $325,000 with $200,000 paid upon execution of the agreement and the balance of $125,000 payable at the earlier of commencement of commercial production or December 31, 2009. Agnico-Eagle has assumed responsibility for all prior underlying royalty obligations on the Swanson property.

Dr. James M. Franklin, FRSC, P. Geo is the qualified person for Phoenix under National Policy 43-101.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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