Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

December 24, 2007 11:01 ET

Phoenix Matachewan Mines Inc.: Completes Private Placement With Mineralfields

OTTAWA, ONTARIO--(Marketwire - Dec. 24, 2007) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) ("Phoenix" or the "Company") is pleased to announce the completion, after the close of business December 21, 2007, of the private placement of $1,100,000 through the issuance of 10,000,000 flow-through Units at $0.11 per Unit with Mineralfields. Each Unit consists of a flow-through common share and a warrant to purchase a flow-through common share for $0.20 per share exercisable on or before December 21, 2009.

The common shares and warrants are subject to hold periods expiring on April 22, 2008. The Company paid a finder's fee consisting of 600,000 non flow-through Units and compensation options entitling the holder to purchase 1,000,000 non flow-through Units at $0.11 per Unit for two years after closing.

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