Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

July 11, 2005 09:00 ET

Phoenix Matachewan Mines Inc.: Steel River Drilling Begins

ORLEANS, ONTARIO--(CCNMatthews - July 11, 2005) - Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) ("Phoenix") announced today that diamond drilling has started on its 155 sq. km Steel River base metal project. Eleven prioritised targets have been defined along the mining camp scale, 34 km long, cherty-exhalite horizon where several high grade zinc occurrences have been documented. One such occurrence at Bozena Lake has provided intersections peaking at 16.5% zinc over 5m at shallow depths from limited diamond drilling by Gulf Minerals in 1980. Targets range from a few hundred metres to more than one kilometre in length. The current drilling program will comprise up to 25 drill holes.

The Steel River Project, in northwestern Ontario midway between Marathon and Terrace Bay, has seen little historic mineral exploration despite being located just five kilometres north of the Trans-Canada Highway. Past-producing volcanogenic massive sulphide (VMS) districts occur at Manitouwadge, (65Mt; ave. 1.2%Cu, 0.12%Pb, 3.7%Zn, 40g/t Ag), 75 km ENE and Winston Lake, (7Mt; ave. 1.0 %Cu, 16.8% Zn, 33g/t Ag), 45 km W of the property.

The program is being supervised for Phoenix Matachewan by Christopher Wagg, V.P. Exploration, who under Nation Instrument 43-101 is one of Phoenix's Qualified Persons.

Phoenix also announced that its current private placement will now close on 20 July 2005.

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, CEO
    Gus Garisto or Jonathan Buick
    (416) 907-0979