Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

August 10, 2007 12:41 ET

Agnico Terminates Swanson Agreement

OTTAWA, ONTARIO--(Marketwire - Aug. 10, 2007) - Phoenix Matachewan Mines Inc. ("Phoenix")(TSX VENTURE:PMM) announced today that, Agnico-Eagle Mines Ltd. ("Agnico") has terminated its agreement on Phoenix's Swanson gold ore body, near Val d'Or, QC.

Agnico had made an offer to Phoenix to acquire a 100% interest in the gold deposit, but terms acceptable to both parties could not be worked out.

Phoenix will look for new partners to put Swanson into production.

Paul L. Jones, P. Geo is the qualified person under National Policy 43-101.

"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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