Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

May 15, 2006 16:00 ET

Phoenix Matachewan Mines Inc.: New Issue

OTTAWA, ONTARIO--(CCNMatthews - May 15, 2006) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) announced today, that subject to the approval of the TSX-Venture Exchange, PMM plans to issue up to 6,000,000 non-brokered units at a price of $0.20 per unit, with each unit comprised of one flow through share and one half common share purchase warrant, each whole warrant exercisable at $0.30 into one common share to 15 May 2008. The funds are to be used for a geophysical survey, trenching and diamond drilling this summer on the Steel River zinc-copper-VMS play in Northern Ontario.

"The statements in this Press Release may contain forward looking statements that may 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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