Phoenix Matachewan Mines Inc.
TSX VENTURE : PMM

Phoenix Matachewan Mines Inc.

September 24, 2007 15:45 ET

Phoenix Matachewan Mines Inc.: $140,000 Private Placement

OTTAWA, ONTARIO--(Marketwire - Sept. 24, 2007) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM)("Phoenix") announced today that, subject to the approval of the TSX-V, Phoenix plans to issue 2,000,000 common share units (the "Units"), priced at $0.07 per Unit. 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 $140,000.

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.

"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."

www.phoenixmatachewan.com

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