Phoenix Announces Change in Directors and Proposes a 1 for 10 Share Consolidation and Name Change to "Galahad Metals Inc."

Phoenix Matachewan Mines Inc. ("Phoenix") (TSX VENTURE:PMM) announced today
that, subject to the approval of shareholders and the TSX-Venture Exchange,
Phoenix will ask its shareholders to approve a consolidation of its common
shares on a one new share for ten old shares basis, to be effected by the board
of directors at its discretion and to change its name to Galahad Metals Inc.  A
new stock symbol is pending.


Management thinks that the extraordinary changes in the market demand a quick
and determined response to put Phoenix on a much stronger basis going forward
and before the New Year brings a potential crush of consolidations in the
industry.


Phoenix still has strong gold projects in Montrose, ON and Bottle Creek, NV, as
well as an exciting zinc play developing in Barville, QC near Val d'Or. Phoenix
expects to conduct additional drilling and other major exploration in 2009.


Phoenix currently has 106,126,376 common shares outstanding, with 144,526,374
outstanding fully diluted. Following the share consolidation, Phoenix would have
10,612,637 common shares outstanding, 14,452,637 fully diluted.  The Special
Meeting of Shareholders is scheduled for December 3, 2008.


Dr. James Franklin has resigned as a director of Phoenix to concentrate on his
consulting practice but will remain an active advisor on Phoenix's exploration
projects.


At a Board Meeting held October 2, 2008,  Mr. Robert Schellenberg was appointed
to the Board of Directors.  Robert Schellenberg is a CPA and attorney practicing
as a CPA in Grand Rapids Michigan. He is an owner of the CPA firm Schellenberg &
Evers PC. The firm specializes in taxation, litigation support, resource
consulting and film production audits for films produced in Michigan. He is also
on the board of directors of Cabo Drilling (TSX VENTURE:CBE) and Patrician
Diamonds (TSX VENTURE:PXC). He is a graduate of Hope College and Valparaiso
University Law School.


"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."