Phoenix Matachewan Mines Inc.
TSX VENTURE : PMM

Phoenix Matachewan Mines Inc.

March 12, 2008 16:14 ET

Phoenix Matachewan Mines Inc. Completes Private Placement

OTTAWA, ONTARIO--(Marketwire - March 12, 2008) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) ("Phoenix" or the "Company") is pleased to announce the completion, after the close of business on March 6, 2008, of the private placement of $650,000 through the issuance of 5,000,000 Flow-Through Units at $0.13 per Unit with MineralFields. Each Unit consists of a flow-through common share and a warrant to purchase a flow-through common share for $0.20 per share exercisable on or before March 9, 2010. The common shares and warrants are subject to hold periods expiring on July 7, 2008. The Company paid a finder's fee consisting of 265,384 non-flow-through Units and compensation options entitling the holder to purchase 442,307 non flow-through Units at $0.13 per Unit for two years after closing.

The Company also announced the completion, after the close of business on March 7, 2008 of the private placement of $69,200 through the issuance of 865,000 non-Flow-Through Units at $0.08 per Unit. Each non-Flow-Through Unit consists of a non-flow-through common share and a warrant to purchase a non-flow-through common share for $0.15 until March 1, 2010. The non-flow-through common shares and warrants are subject to hold periods expiring on July 8, 2008. No compensation was paid on the non-flow-through issue.

"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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