Phoenix Matachewan Mines Inc.: Mckellar Lake South Claims Acquisition

OTTAWA, ONTARIO, May 01, 2008 (MARKET WIRE via COMTEX) -- Phoenix Matachewan Mines Inc. ("Phoenix") (PMM) is pleased to announce today that, subject to the approval of the TSX Venture Exchange, it has completed the acquisition of five additional claims, comprising 23.24 claim units, to enlarge its Steel River holdings in the McKellar Lake area. Under the terms of the agreement, Phoenix is committed to paying the Optionors $5,000 upon signing and $15,000 on September 30, 2008 - in addition to 1,000,000 common shares to be issued as follows 250,000 common shares immediately on receipt of TSX Venture Exchange acceptance of the transaction; and 150,000 common shares on the 1st, 2nd, 3rd and 4th and 5th anniversaries.

The four Optionors are: Duncan Malcolm Michano (25%), John Grant Michano, (25%), William Maurice Michano (25%) and Brian David Gionet, (25%).

Phoenix, as a condition precedent to its right to acquire the subject property, shall perform $7,000 in exploration or development work on each claim in each year during the term hereof.

The Optionors shall retain a 1% Net Smelter Royalty (NSR) on the production of any and all minerals derived from the Property. Phoenix can purchase up to one-half of the NSR from the Optionors for $2,000,000 at any time.

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