Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

May 23, 2006 17:00 ET

Phoenix Matachewan Mines Inc.: New Issue Price Amended

OTTAWA, ONTARIO--(CCNMatthews - May 23, 2006) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) announced today, that subject to the approval of the TSX-Venture Exchange, PMM amended the pricing of its planed issue of up to 6,000,000 non-brokered units to a price of $0.15 per unit, with each unit comprised of one flow through share and one common share purchase warrant, each warrant exercisable at $0.20 into one common share or one flow through 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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