Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

January 20, 2006 15:50 ET

Phoenix Matachewan Mines Inc.: Announcement

OTTAWA, ONTARIO--(CCNMatthews - Jan. 20, 2006) - Phoenix Matachewan Mines Inc. ("PMM")(TSX VENTURE:PMM) announced today, that subject to the approval of the TSX-Venture Exchange, PMM plans to issue up to 500,000 units at a price of $0.10 per unit, with each unit comprised of one common share and one common share purchase warrant, each warrant exercisable at $0.15 into one common share to 1 January 2008. The funds are to be used for working capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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