Phoenix Matachewan Mines Inc.: Completes SIDEX Private Placement

OTTAWA, ONTARIO, Apr 29, 2008 (MARKET WIRE via COMTEX) -- Phoenix Matachewan Mines Inc. (PMM) ("Phoenix" or the "Company") is pleased to announce the completion of a private placement with SIDEX Limited Partnership ("SIDEX") of an unsecured convertible debenture of the Company in the principal amount of $150,000.

The debenture bears interest at 12% per annum and matures on April 29, 2010. The debenture is convertible at SIDEX's option at $0.10 per Unit into 1,500,000 Units of the Company. If converted, each Unit would consist of one common share and one common share purchase warrant, pursuant to the terms and conditions of the subscription agreement entered into on the date hereof between SIDEX and the Company. Each warrant would entitle SIDEX to purchase one additional common share at a price of $0.15 until April 29, 2010. Interest on the debenture is payable in cash or common shares at the option of the Company subject to TSX Venture approval.

Any common shares or warrants issued upon conversion of the debenture would carry a hold period to August 30, 2008.