Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

October 21, 2008 14:24 ET

Prize Completes On Site Bulk Sample Processing Operations for 2008

CALGARY, ALBERTA--(Marketwire - Oct. 21, 2008) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce that it has completed processing the gold-rich bulk sample for 2008. Approximately one half of the 10,000 tonne bulk sample has been processed to date.

The remainder of the bulk sample rock has been stockpiled on the pad adjacent to the plant and is ready to be processed. The newly added SAG mill is operational and will be fully implemented in the circuit when processing resumes, allowing for a much more rapid and cost effective processing rate of up to 350 tonnes per day.

Plant shut down at this time is imperative in order to clean out the ball mill and re-grind mill prior to freeze up. Grinding mills are notorious for gold lock-up within their liners when processing high grade gold mineralization. It is anticipated that a considerable quantity of gold will be recovered from the mill liners, and this gold volume needs to be accounted for in order to get full block gold values to report as part of the NI43-101 resource estimate. It will take approximately 2 weeks to clean out the mill liners and winterize the plant to sustain freezing temperatures.

Gold concentrates have been tabled, demagnetized and cleaned up for pouring into bars. Due to the colder weather, the outdoor smelting furnace on site cannot be utilized for pouring gold bars. However 70 kilograms of high grade gold concentrate and 1.5 tonnes of lower grade gold concentrate have been shipped out for smelting and will be poured into gold bars within the next two weeks.

Small Mine Permit application is underway, but in the meantime, the Company will be exploring different financing options to enclose and modify the plant for full scale winter operations.

Updates will continue to be provided by news release during the course of the Yellowjacket Zone bulk sampling and small scale mining programs.

Additional details and information regarding past work conducted on Prize's Atlin Property is set out in past news releases issued and technical reports published by Prize, all of which are available on SEDAR at www.sedar.com or visit the Prize Mining Corporation website at www.prizemining.com.

QUALITY ASSURANCE /QUALITY CONTROL (QA/QC)

Prize follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates into the sample stream submitted to ACME Laboratory Ltd. for analyses.

Ms. Linda Dandy, P.Geo., the project supervisor of Prize's trial mining program on the Yellowjacket Zone of the Atlin Gold Property, is Prize's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within the Atlin Gold Property. Ms. Dandy has reviewed and verified the technical information contained in this news release.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Harry McGucken, President and CEO

Prize Mining Corporation is a Tier One Company listed on the TSX Venture Exchange (symbol: PRZ-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and its Nickel-Copper-Palladium and Platinum project 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.

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