Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

July 21, 2005 14:07 ET

Phoenix Matachewan Mines Inc.-Financing Closes: US$554,500; CD$380,000

ORLEANS, ONTARIO--(CCNMatthews - July 21, 2005) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) ("Phoenix") announced today that, subject to the approval of the TSX-Venture Exchange, it has closed its private placement. The placement consisted of 3,800,000 flow through units @ $0.10 per unit, each unit comprised of one common share and one common share purchase warrant, exercisable at $0.20 to 1 July 2007. The placement also consisted of 5,545,000 US$ units @ US$0.10 per unit, each unit being comprised of one common share and one common share purchase warrant exercisable at US$0.15 to 1 July 2007.

The proceeds are to be used to finance Phoenix's Steel River zinc play and its Bottle Creek, Nevada, gold play.

Robin Dow, CEO purchased 400,000 units; Dr. J. M. Franklin 200,000 units; Paul Jones, President, 100,000 units, John McNeice, CFO, 250,000 units; and Jeffrey Klenda, director, 900,000 US$ units.

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

Contact Information

  • Phoenix Matachewan Mines Inc.
    Robin B. Dow
    1 (888) 834-7708
    Gus Garisto or Jonathan Buick
    (416) 907-0979