Eosin-doped boric acid glass saturable absorber has a relatively low saturation intensity (700 mW/$ extrm{cm}^2$) and low power optical phase conjugation is achived by the degenerate four-wave mixing (DFWM) experiments. Polarization properties of optical phase conjugation by DFWM have been demonstrated in this materials using a cw argon ion laser at wavelength 488 nm. The dependence of the phase conjugated reflectivity on the intensity and wavelength of the pump beam is examined. The magnitude of the energy exchange by the nondegenerate two-wave mixing (NDTWM) is maximized by frequency difference between the two beams of $varphisimeq$ 1100 Hz.