Phoenix Matachewan Mines Inc.

Phoenix Matachewan Mines Inc.

November 12, 2008 17:00 ET

Phoenix Matachewan Mines: Shares for SIDEX Interest

OTTAWA, ONTARIO--(Marketwire - Nov. 12, 2008) - Phoenix Matachewan Mines Inc. ("Phoenix" or the "Company") (TSX VENTURE:PMM) announced today that, subject to TSX-V approval, the company has entered into an agreement with SIDEX s.e.c. to pay interest, due on a convertible debenture agreement between SIDEX s.e.c and Phoenix, in shares in lieu of cash. The interest due has been calculated to equal the issuance of 562,500 shares valued at $0.016.

"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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