Phoenix Matachewan Mines Inc. Completes Private Placement

OTTAWA, ONTARIO, Mar 12, 2008 (MARKET WIRE via COMTEX) -- Phoenix Matachewan Mines Inc. (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.