Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

October 15, 2007 17:54 ET

Phoenix Issue Increased to $366,800

OTTAWA, ONTARIO--(Marketwire - Oct. 15, 2007) - Phoenix Matachewan Mines Inc. ("Phoenix") (TSX VENTURE:PMM) announced today that, subject to the approval of the TSX-V, Phoenix plans to issue 5,240,000 common share units (the "Units"), priced at $0.07 per Unit. This is an increase in the issue from the original press release dated Sept. 24, 2007. Each Unit includes one common share and one common share purchase warrant exercisable at $0.10 per share with an expiry date of October 1, 2009. Maximum proceeds from the offering would be $366,800.

The proceeds from this offering are to be used for exploration funding of the company's Bottle Creek, Nevada project and for general corporate purposes.

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"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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