Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

October 10, 2007 12:08 ET

Prize Mining Corporation Completes Third Tranche Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Oct. 10, 2007) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce that it has closed the third tranche of its previously announced private placement of common shares issued on a flow-through basis ("Flow-Through Shares"). A total of 2,004,852 Flow-Through Shares at a price of $0.27 per Flow-Through Share were issued for gross proceeds of $541,310.00. The securities issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on February 10, 2008.

Finders acting in connection with the third tranche of the private placement received a finder's fee in the total amount of $35,661.50 and options to acquire a total of 132,080 common shares of Prize at a price of $0.27 per common share for a period of twenty-four months from the date of closing.

Daniel Kenney, a director of Prize, purchased 40,000 common shares pursuant to the third tranche of the private placement and now owns 41,900 common shares of Prize (less than 1%). Following the completion of this tranche of the private placement, Prize has 55,537,735 common shares issued and outstanding.

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, if acquired, the Primrose molybdenum property. All of these properties are located in the Atlin area of northwestern British Columbia. 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.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Harry McGucken, President and CEO

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

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