Phoenix Matachewan Mines Inc.: Agnico-Eagle Buys Swanson Deposit and Exploration Claims

OTTAWA, ONTARIO, Apr 24, 2008 (MARKET WIRE via COMTEX) -- Phoenix Matachewan Mines Inc. ("Phoenix" or "PMM") (PMM) has entered into a definitive agreement for the sale of the Swanson gold ore body and related exploration claims to Agnico-Eagle Mines Limited. Total consideration payable under the terms of the agreement is $325,000 with $200,000 paid upon execution of the agreement and the balance of $125,000 payable at the earlier of commencement of commercial production or December 31, 2009. Agnico-Eagle has assumed responsibility for all prior underlying royalty obligations on the Swanson property.

Dr. James M. Franklin, FRSC, P. Geo is the qualified person for Phoenix under National Policy 43-101.