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Phoenix Matachewan Mines (PMM.V) Close: 0.18 (+0.03) 20.00% vol. 3,426,270
Shares Outstanding: 67.87m Target Price: 0.45
Article: GOLD JUNIOR SHINES ON THE VENTURE EXCHANGE
For immediate release: January 29, 2007
Last year, a relatively unheard of mining junior quickly took center stage upon striking gold to the tune of 118,000 ounces on theirSwanson Property, located in northwestern Quebec approximately 65 km north of Val d'Or. This find attracted a great deal of attention, particularly from companies in the large cap mining sector who were interested in exploiting the ore bodies located on the property. One such company, Agnico-Eagle Corp. (AEM) optioned the property from Phoenix, and immediately committed to a drill program that would further explore this highly prospective deposit. AEM has completed the drilling program and is releasing the drill results in the beginning of q1 of this year. (see https://www.phoenixmatachewan.com/press_releases/2006/november282006.pdf)
Investors grew green with anticipation of these results today, as the stock made an unusual move, gaining 20% on the day on over 3.4 million shares traded. As AEM's drilling results appear near, investors are expecting news regarding the Swanson gold prospect to be released. And it could be big. Really big. AEM has already found over a hundred thousands ounces of gold in the anomaly, it is now just a question of how deep and to what extent the zone extends. The anomaly that AEM is currently drilling is part of a larger epithermal deposit that has already yielded over 5.3 million ounces of gold. (see https://www.phoenixmatachewan.com/press_releases/2006/november282006.pdf)
This isn't the first time that PMM has struck gold. On their Bottle-Creek Nevada gold project, all five drill holes showed the presence of gold and silver. Up to 140g/t of silver were discovered on the property, warranting further exploration. In fact, these results were so encouraging, that PMM increased their Nevada land holdings and are currently drilling the prospect further. (see https://www.phoenixmatachewan.com/press_releases/2006/august142006.pdf)
PMM's third project is the high-yielding Steel River zinc project in Northwestern Ontario. Zinc grades as high as 23.5% were uncovered on the site, and further drill results are expected soon. The high-yield zinc deposit, in combination with historic zinc prices, has shed light on the Steel River drilling prospect as a possible abundant source of zinc. (see https://www.phoenixmatachewan.com/press_releases/2006/april182006.pdf)
In addition, cash assets exceed ... (subscribe to read the rest of this report)