Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

October 19, 2007 17:00 ET

Phoenix Matachewan Mines Inc.: Completes Private Placement

OTTAWA, ONTARIO--(Marketwire - Oct. 19, 2007) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM)("Phoenix") announced today that its issue of 5,240,000 common shares at $0.07 per share has been completed. The shares are subject to a hold period expiring on February 24, 2008. The company proposes to utilize the $366,800 raised through the issue for exploration funding of the company's Bottle Creek, Nevada project and for general corporate purposes.

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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