Phoenix Matachewan Mines Inc.: Consolidation and Name Change Approved

• Press Release
• Source: Phoenix Matachewan Mines Inc.
• On 11:40 am EST, Wednesday December 3, 2008

OTTAWA, ONTARIO--(MARKET WIRE)--Dec 3, 2008 -- Phoenix Matachewan Mines Inc. ("Phoenix") (CDNX:PMM.V - News) announced that at the Special Meeting of Shareholders held today, December 3, 2008, shareholders overwhelmingly approved the 1:10 share consolidation and to change the name of the corporation to Galahad Metals Inc.

Of the 106,126,376 shares eligible to be voted, 47.33% were voted at the meeting with only 6,633,981 shares or 15.09% voted against the resolutions.

The Company expects the consolidation and name change to take effect by the end of December and expects the consolidated shares to trade on the TSX-V exchange under the new symbol GAX on Friday January 2, 2009.

"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."

     Contacts:
     Robin Dow
     1-888-834-7708
     robin@dowgroup.ca
     http://www.phoenixmatachewan.com
      
     BAY STREET CONNECT
     Gus Garisto
     1-416-607-6023
     gus@baystreetconnect.com