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Phoenix Matachewan Mines Inc.: 16.8% Zinc Over 4.9 m '15 ft' in Diamond Drill Core at Steel River.

ORLEANS, Ontario -- Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM) ("Phoenix") announced toady that a review of previous diamond drilling by Gulf Minerals in 1980, obtained limited intersections grading up to 8.9% zinc over 10m at a depth of 154 m. This intersection contains a section of 16.8% over 4.9 m. The felsic sequence that underlies the exhalite is extensively altered. The Steel River project is the largest new VMS-gold exploration programme, at 155 sq. km., in Canada. The target zone is a "U" shaped, zinc bearing, sulphidic, cherty exhalite horizon with a total strike length of 34 km along which several high grade zinc occurrences have been documented. Phoenix has established eleven (11) targets over the 34 km strike length for further work.

Phoenix has commenced preparation for ground geophysics its Steel River Property. Establishment of grid control is currently underway on selected, prioritized, target areas along the trend of the Steel River target horizon. Grids are being cut in preparation for ground electromagnetic and magnetic surveys that will be conducted immediately upon completion of the grid work. In all approximately 60km of grid line is contemplated. Diamond drilling is contemplated for the second quarter of 2005.

The prioritized targets occur along the exhalite horizon, have zinc, copper and gold enrichment in several areas, and also contain highly anomalous geochemical indicators that provide vectors to zones of high volcanogenic massive sulphide potential. These geochemical indicators when combined with coincident airborne EM conductivity anomalies provide highly prospective diamond drill targets. In all 11 target areas have currently been identified.

The project is located in northwestern Ontario, midway between Marathon and Terrace Bay in an area that has seen little historic mineral exploration despite being located just five kilometres north of the Trans-Canada Highway. Steel River is well situated for VMS opportunities, being mid-way between two past-producing volcanogenic massive sulphide (VMS) districts - at Manitouwadge (Geco, Willroy, Willecho and Nama Creek mines, 65 million tonnes; av. 1.2%Cu, 0.12%Pb, 3.7%Zn, 40g/t Ag, 75 km ENE) and Winston Lake (Zenmac, Winston Lake and Pic Lake mines, 7 million tonnes; av. 1.0 %Cu, 16.8% Zn, 33g/t Ag, 45 km W). The presence of almost identical and possibly laterally equivalent volcanic rocks at Steel River, coupled with excellent geochemical indicators pointing to the presence of base metal mineralization provide a strong indication of high VMS potential in the Steel River area.

A new and complete analysis of the Steel River play, as well as detailed maps may be found at: www.phoenixmatachewan.comDr. James M. Franklin, P. GEO., FRSC, is the qualified person on this project.

Correction to Press Release #05-03: Christopher Wagg has been granted 100,000 options, not 10,000.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Phoenix Matachewan Mines Inc. (TSX VENTURE:PMM)
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Publication:Business Wire
Date:Mar 2, 2005
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