CANADIAN PHOENIX ANNOUNCES EXERCISE OF WARRANTS

CALGARY, Jan. 25 /CNW/ - Canadian Phoenix Resources Corp. (the "Corporation") (TSXV: CXP) is pleased to announce that it has received $13.6 million from the exercise of 10,900,088 warrants, at the exercise price of $1.25, between September 30, 2010 and January 11, 2011. As at January 25, 2011, the Corporation has approximately $80 million in cash and 58,468,718 common shares issued and outstanding.

The Corporation currently has 15,952,488 warrants outstanding, in the following three tranches:

    <<
    1.  4,681,040 warrants expiring March 17, 2011 with an exercise price of
        $2.50. If, commencing January 12, 2011, the closing price of the
        Corporation's common shares exceeds $3.13 on the TSXV for any ten
        consecutive trading days, the exercise period will be reduced to 30
        days commencing on the seventh calendar day following the tenth such
        trading day.

    2.  10,688,607 warrants expiring September 19, 2011 with an exercise
        price of $2.50. If, commencing January 12, 2011, the closing price of
        the Corporation's common shares exceeds $3.13 on the TSXV for any ten
        consecutive trading days, the exercise period will be reduced to 30
        days commencing on the seventh calendar day following the tenth such
        trading day.

    3.  582,841 warrants expiring September 30, 2011 with an exercise price
        of $2.50. If, commencing October 1, 2010, the closing price of the
        Corporation's common shares exceeds $3.13 on the TSXV for any ten
        consecutive trading days, the exercise period will be reduced to 30
        days commencing on the sixth calendar day following the tenth such
        trading day.
    >>

Canadian Phoenix Resources Corp. is an oil and gas exploration company, based in Calgary, Alberta. Further information on Corporation may be obtained by accessing Corporation's website at www.canadian-phoenix.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Canadian Phoenix Resources Corp.

For further information: Michael Atkinson, President & CEO, Phone: (604) 689-1428; John Downes, Interim Chief Financial Officer, Phone: (403) 920-0040

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Canadian Phoenix Resources Corp.

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