Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

November 21, 2008 17:00 ET

Phoenix Matachewan Mines Inc.: Shares for Claim Payments Due

OTTAWA, ONTARIO--(Marketwire - Nov. 21, 2008) - Phoenix Matachewan Mines Inc. ("Phoenix" or the "Company") (TSX VENTURE:PMM) announced today that, subject to TSX-V approval, the company has entered into an agreement with Optioners of the McKellar Lake Claims to pay claim fees, due September 30, 2008, in shares in lieu of cash. The amount due has been calculated to equal the issuance of 1,500,000 shares valued at $0.01.

"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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