Prize Mining Corporation

Prize Mining Corporation

April 12, 2007 12:26 ET

Prize Mining Announces Joint Venture Partner Has Mobilized Drill Rig for 2007 Muskox Program, Nunavut

CALGARY, ALBERTA--(CCNMatthews - April 12, 2007) - Prize Mining Corporation (TSX VENTURE:PRZ) is pleased to report that the joint venture partner, Silvermet Inc., has announced that Caron Drilling of Whitehorse, NWT has mobilized its drill rig to Yellowknife in preparation for transport to the Muskox project. Aurora Geosciences ("Aurora") of Yellowknife has been contracted to provide Project Management services for the 2007 drilling season.

All of the exploration data available on the project since Inco discovered the Muskox intrusive in the 1950s, up to and including the results of Silvermet's 2006 soil geochemical survey, and recent 3D-modellling of magnetic data and gravity data over the Muskox complex have revealed some compelling target areas not previously drilled.

The intent of Silvermet's extensive soil sampling survey over the southern half of the complex was to find areas where the survey detected anomalous concentrations of Ni-Cu-PGE in the soils along the margins of the intrusion, compare that with the well characterized metal contents of rocks established along the margins, and look for soil geochemical responses that extend away from the margins towards the axis of the intrusion which overlies the "feeder dyke" to the Muskox intrusive.

While the recent soil survey and geophysical modeling conducted by Silvermet has disclosed a number of new exploration target areas on the Muskox intrusion, the initial, 2007 drill program should focus on the Pyrrhotite and Valley Lakes areas.

In both of these areas, the soil geochemical data displays co-incident anomalous Ni-Cu-PGM metal concentrations that extend from the east margin of the intrusive towards the central part of the intrusive and continue across to the west margin. The geochemical data indicates potential for mineralization across the full width of the intrusive in these areas.

As previously announced, the Pyrrhotite Lake soil geochemical anomalies cover a 5.7 sq. km. area, and the Valley Lake soil geochemical anomalies cover an 8.5 sq. km. area.

Also, as previously announced, drilling is scheduled to commence in mid-May 2007 with a planned 8,000 to 10,000-metre program to be completed prior to October 2007.

In the north part of the property, approximately 10 km. north of the Pyrrhotite Lake area, significant Ni-Cu-PGM assays from grab samples occur in Muskox intrusive layers similar to the "Chromite" and "Merensky Reef" layers in the Bushveld complex of South Africa. There is a large, co-incident Ni-Cu-PGM soil geochemical anomaly in this area and Silvermet intends to geologically map and prospect the area during the 2007 field season.

Peter T. George, P.Geo., is the Qualified Person for this project.

About Prize Mining

Prize Mining Corporation (TSX VENTURE:PRZ) is a company dedicated to the exploration, discovery and development of precious metal deposits. 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.


Harry McGucken, President and CEO

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

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