November 12, 2008

Phoenix Matachewan Mines

Phoenix Matachewan Mines Inc. ("Phoenix" or the "Company") (TSX VENTURE: PMM) announced today that, subject to TSX-V approval, the company has entered into an agreement with SIDEX s.e.c. to pay interest, due on a convertible debenture agreement between SIDEX s.e.c and Phoenix, in shares in lieu of cash. The interest due has been calculated to equal the issuance of 562,500 shares valued at $0.016.

"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 [email protected]  BAY STREET CONNECT Gus Garisto 416-607-6023 [email protected]

SOURCE: Phoenix Matachewan Mines Inc.