Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

November 24, 2008 09:16 ET

Phoenix Matachewan Mines: Shares for Termination of McKellar Lake Agreement

OTTAWA, ONTARIO--(Marketwire - Nov. 24, 2008) - Subject to TSX Venture Exchange approval, Phoenix Matachewan Mines Inc.(TSX VENTURE:PMM) has entered into an agreement with optioners of the McKellar Lake claims to pay claim fees, due Sept. 30, 2008, in shares in lieu of cash. The amount due has been calculated to equal the issuance of 1.5 million shares valued at one cent.

With the issuance of these shares, all Phoenix obligations under the McKellar Lake agreement of April 30th , 2008, are immediately terminated.

"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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