Prize Mining Announces Appointment of Chief Financial Officer and Grant of Options

CALGARY, ALBERTA--(Marketwire - May 9, 2011) - Prize Mining Corporation (TSX VENTURE:PRZ) (the "Corporation" or "Prize") is pleased to report that effective May 6, 2011 Mr. Nigel Kirkwood has joined Prize as its new Chief Financial Officer.

Mr. Kirkwood is the Chief Financial Officer of Philippine Metals Inc. and a director and Chief Financial Officer of Citation Resources Inc. He is a qualified Chartered Accountant and has over 20 years of international experience working in accounting and audit, mergers and acquisitions and corporate finance. Mr. Feisal Somji, formerly the Corporation's interim Chief Financial Officer, will continue in his role as a Director of Prize.

The Corporation also announces that, subject to regulatory approval, on May 6, 2011 it granted a total of 1,200,000 options to purchase common shares of the Corporation in accordance with the Corporation's stock option plan. The options expire 5 years from the date of grant and all options have an exercise price of $0.30 per common share. Out of these options, 825,000 options were granted to directors of the Corporation, 100,000 were granted to an officer of the Corporation, 225,000 were granted to consultants of the Corporation and 50,000 were granted to employees of the Corporation. The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

James Glass, President and CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not undertake any duty to update any forward-looking statements.