Mr. Paul Cowley reports

PHENOM ANNOUNCES UP TO $999,600 PRIVATE PLACEMENT FINANCING

Phenom Resources Corp. proposes to undertake a non-brokered private placement of up to 5.88 million units at a price of 17 cents per unit to raise total gross proceeds of up to $999,600. Each unit will be composed of one common share and one warrant. Each whole warrant will entitle the holder thereof to purchase one common share for a period of three years at a price of 27 cents. The company also retains a 10-per-cent overallotment option, which will permit it to issue up to an additional 588,000 units for up to an additional $99,960, if circumstances warrant, at the time of closing.

The gross proceeds received from the sale of the units will be used for work programs on the company's exploration properties and for general working capital.

The units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. A finder's fee may be paid to eligible finders in relation to this financing, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.

All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Certain directors and officers of the company are expected to participate in the offering. Participation by insiders in the private placement is considered a related-party transaction pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company expects that it will be exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the offering by the insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

About Phenom Resources Corp.

Phenom holds a 100-per-cent interest in the Carlin gold-vanadium project, located in Elko county, six miles south from the town of Carlin, Nev., and Highway I-80. The property lies in the southern parts of the Carlin gold trend. The Carlin gold-vanadium project hosts the Carlin vanadium deposit.

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