Prize Mining Corporation

Prize Mining Corporation

June 22, 2009 08:30 ET

Prize Mining Announces Private Placement

CALGARY, ALBERTA--(Marketwire - June 22, 2009) - Prize Mining Corp. (TSX VENTURE:PRZ) is pleased to announce that the Company is proposing a $500,000 non-brokered private placement for the issuance of up to 6.25M units at a price of $0.08 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.12 for a period of two years from the date of the closing.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. Completion of the private placement is subject to regulatory approval.

The Company will pay finders' fees with respect to the private placement, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Prize Mining has retained Ascenta Finance Corp. to act as its non-exclusive advisor in respect of the private placement.

The proceeds of the private placement will be used principally for general working capital purposes.

About Prize Mining

Prize Mining Corporation (TSX VENTURE:PRZ) is dedicated to the exploration, discovery and development of precious metal deposits. Prize is exploring for gold in the Atlin area of northwestern British Columbia, Canada and for nickel-copper-palladium and platinum on the Muskox Layered Intrusion in Nunavut, Arctic Canada.


Harry McGucken, President and CEO

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

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