Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

July 13, 2009 13:00 ET

Prize Mining/Eagle Plains Receive Small Mines Permit Approval for Yellowjacket Gold Project, Atlin, B.C.

CALGARY, ALBERTA--(Marketwire - July 13, 2009) - Prize Mining Corp. (TSX VENTURE:PRZ) and Eagle Plains Resources Ltd. (TSX VENTURE:EPL) jointly announce that the British Columbia Ministry of Energy, Mines and Petroleum Resources ("BC-MEMPR") has awarded the Yellowjacket Venture ("Yellowjacket JV") a Small Mines Act Permit for development and production at the Yellowjacket Gold Project in northwestern British Columbia. The Permit allows for the development and operation of an open pit gold mine and onsite concentrator processing up to 75,000 tons per year of ore.

The Yellowjacket JV, Eagle Plains and Prize Mining management teams consider the delivery of the mining and milling permit a major achievement and milestone for the project, its advisors and consultants. The permit is one of only three small mine permits issued by BC-MEMPR since May 2007. The permit process was steered by the Northwest Mine Development Review Committee (NWMDRC).

The Yellowjacket Gold Project is located within the traditional territory of the Taku River Tlingit First Nation (TRTFN) who have been active participants in the review and approval of the Small Mines Act Permit both through their representation on the NWMDRC and in direct consultation with the Yellowjacket JV proponents.

Commissioning and test work on the mill facility at the Yellowjacket Gold Project was recently completed (NR June 29, 2009) confirming a mill capacity of 350 tonnes per day. Metallurgical test work and plant engineering designs show that expected gravity concentration gold recoveries will be between 73% and 80%. Using ratios of average gold in tailings compared to average total gold values in conveyor cut assays, it appears that the gold loss to tailings is well within the targeted acceptable recovery range. On-going studies will be conducted to improve recoveries.

On site, modifications will commence on the tailings storage facility, in order to comply with federal and provincial environmental regulations. Tailings facility construction will be followed by dewatering of the existing open pit (previously excavated during the bulk sampling program) and extraction of up to 35,000 tonnes of ore. Processing of the ore is expected to commence in August 2009.

Linda Dandy, P.Geo., Mine Manager, is the "Qualified Person" for the purpose of National Instrument 43-101, who has reviewed and verified the contents of this news release.

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

Cautionary Note Regarding Forward-Looking Statements

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information