Canadian Phoenix Resources Corp.: News Release

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2012) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

In connection with the December 19, 2012 trading halt of the shares of Canadian Phoenix Resources Corp. ("Canadian Phoenix") (TSX VENTURE:CXP) the TSX Venture Exchange (the "TSXV") has advised Canadian Phoenix that the bulletin of the TSXV describing the Arrangement as announced on December 17, 2012, including the effective date of the Arrangement, has now been disseminated.

The shares of Canadian Phoenix will resume trading at the opening of the markets on Thursday, December 20, 2012 under the stock symbol "CXP".

READER ADVISORIES

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the trading of the shares of Canadian Phoenix. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Canadian Phoenix.

Although Canadian Phoenix believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Canadian Phoenix can not give any assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this document are made as of the date hereof and Canadian Phoenix does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Please refer to Canadian Phoenix's Annual Information Form dated April 25, 2012 for additional risk factors relating to Canadian Phoenix, which is available for viewing on www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the plan of arrangement and financing described herein have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from such registration.