Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

December 06, 2006 10:18 ET

Phoenix Matachewan Mines Inc.: Agnico-Eagle Begins Drilling Swanson Project

OTTAWA, ONTARIO--(CCNMatthews - Dec. 6, 2006) - Phoenix Matachewan Mines Inc. ("Phoenix")(TSX VENTURE:PMM) announced today that Agnico-Eagle Mines Ltd. ("Agnico") has begun a drilling programme on the Swanson gold ore body recently optioned from Phoenix (See PR #06-21, 28/11/06). This is part of the $400,000 work commitment by Agnico to assess the production potential of the gold ore body.

The drilling campaign on the Swanson deposit will take place in December to determine if the known gold mineralisation is continuous within a precise corridor. Agnico's model for this main gold zone is that the zone is estimated to be around 40 metres wide and could extend to 150 metres long, dipping towards the NE at -70 degrees.

This proposal, estimated at 925 metres, represents a total of 13 new holes, ranging between 50 and 100 metres long, and spaced at a 15-20m interval along a NW-SE trend. Included in this proposal is the extension of an existing drill hole (hole SW03-07) which ended in the gold mineralisation.

Each section will have two overlapping drill holes, allowing to adequately investigate a 70 metre section from surface to a vertical depth of 35 metres.

Results are expected in the first quarter of 2007.

Dr. J.M. Franklin 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.".

Contact Information