June 24, 2008
Phoenix Matachewan Mines Inc.
Robin Dow, CEO of Phoenix Matachewan Mines Inc. ("Phoenix")(TSX VENTURE: PMM) announced today that it has been advised that Abitibi Geophysics has completed its deep penetrating Infinitem geophysical survey, covering 62.6 km, at Phoenix's Barville zinc-silver property, 65 km north of Val d' Or, QC. The Barville property hosts 17 geophysical targets along 26 km of strike.
Geophysical interpretation is underway and is expected to be completed by mid-July. A 5,000 m diamond drill programme should commence in mid-summer to test the most prospective zones. MRB and Associates Ltd. will oversee the technical aspects of the programThe Infinitem deep penetrating EM survey should provide a 3-dimensional representation, to a vertical depth of 300 meters, of strong EM anomalies obtained in a previously flown airborne VTEM survey. The main purpose of this survey is to precisely define the targets, so as to optimize the drilling program.
The Barville property includes the west and southeast on-strike extensions of the Abcourt Mine horizon. Abcourt is returning to production with an undiluted measured and indicated mineral resource of 7,018,969 tonnes containing 61 .19 g/t Ag and 3.33 % Zn, and an undiluted inferred resource of 1,505,687 tonnes containing 120.53 g/t Ag and 2.98 % Zn (GENIVAR 2007. Abcourt-Barvue project. Barraute, Quebec. Technical feasibility study report on the Abcourt Barvue deposit. Report by GENIVAR and BUMIGEME to Abcourt Mines Inc. 167 p. and appendices).
Dr. James M. Franklin, FRSC, P. Geo is the qualified person for Phoenix under National Policy 43-101.
Phoenix also announced that 1,730,000 options, exercisable at $0.10 to 1 June 2013 have been granted to certain directors, officers and contractors.
"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 [email protected] BAY STREET CONNECT Gus Garisto 1-416-607-6023 [email protected]www.phoenixmatachewan.com
SOURCE: Phoenix Matachewan Mines Inc.