Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

March 28, 2007 13:54 ET

Phoenix Matachewan Mines Inc.: Completes Private Placement

OTTAWA, ONTARIO--(CCNMatthews - March 28, 2007) - Phoenix Matachewan Mines Inc. ("Phoenix") (TSX VENTURE:PMM) announced today that its issue of 8,000,000 flow-through common shares at $0.15 per share has been completed. The shares are subject to a hold period expiring on July 24, 2007. The company proposes to utilize the $1,200,000 raised through the issue for a drilling program for zinc near Val d'Or, Quebec and the Abcourt Barvue Mine and also, for a gold prospect in Matachewan, Ontario near Lakeshore Mines.

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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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