Prize Mining Corporation

Prize Mining Corporation

November 18, 2008 17:52 ET

Prize Mining Corporation Completes Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2008) - Prize Mining Corporation (TSX VENTURE:PRZ) ("Prize") is pleased to announce that it has closed a private placement offering of common shares of Prize issued on a tax flow through basis ("Flow Through Shares"). A total of 600,000 Flow Through Shares at price of $0.10 per Flow Through Share were issued for total gross proceeds of $60,000. The securities issued pursuant to this private placement are subject to a statutory resale restriction period that expires March 18, 2009.

Following the completion of this private placement, Prize has 74,258,845 Common Shares issued and outstanding. Prize may choose to complete additional financing in the near future.

Proceeds of the private placement will be used for the bulk sample (trial mining) processing on the Yellowjacket Zone of Prize's Atlin Gold Properties and exploration activities on Prize's LD claims and the Primrose molybdenum and Red Ridge gold properties. The completion of this private placement is subject to regulatory approval.

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.

Forward-Looking Statements

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release the words "estimated", "plan", "anticipated", "expected", "intend", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Prize to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise. Prize undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.



Harry McGucken, President and CEO

The TSX Venture Exchange Inc. has neither approved nor disapproved the information contained herein.

Contact Information