OTTAWA, ONTARIO--(MARKET WIRE)--Sep 24, 2007 -- Phoenix Matachewan Mines Inc. (CDNX:PMM.V - News)("Phoenix") announced today that, subject to the approval of the TSX-V, Phoenix plans to issue 2,000,000 common share units (the "Units"), priced at $0.07 per Unit. Each Unit includes one common share and one common share purchase warrant exercisable at $0.10 per share with an expiry date of October 1, 2009. Maximum proceeds from the offering would be $140,000.

The proceeds from this offering are to be used for exploration funding of the company's Bottle Creek, Nevada project and for general corporate purposes.

"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."

www.phoenixmatachewan.com

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