Phoenix Matachewan Mines: Shares for Termination of McKellar Lake Agreement

• Press Release
• Source: Phoenix Matachewan Mines Inc.
• On 9:16 am EST, Monday November 24, 2008

OTTAWA, ONTARIO--(MARKET WIRE)--Nov 24, 2008 -- Subject to TSX Venture Exchange approval, Phoenix Matachewan Mines Inc.(CDNX:PMM.V - News) has entered into an agreement with optioners of the McKellar Lake claims to pay claim fees, due Sept. 30, 2008, in shares in lieu of cash. The amount due has been calculated to equal the issuance of 1.5 million shares valued at one cent.

With the issuance of these shares, all Phoenix obligations under the McKellar Lake agreement of April 30th , 2008, are immediately terminated.

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