Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

July 21, 2009 09:30 ET

Prize Mining Completes Private Placement

CALGARY, ALBERTA--(Marketwire - July 21, 2009) - Prize Mining Corp. (TSX VENTURE:PRZ) is pleased to announce that, pursuant to the press release dated June 22, 2009, the Company has completed a $370,400 non-brokered private placement of 4,630,000 units at a price of $0.08 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.12 for a period of two years from the date of issuance.

All securities issued in the private placement are subject to a four-month hold period from the closing of the private placement.

The Company paid finder's fees to various finders with respect to the private placement, in accordance with applicable securities laws and the policies of the TSX Venture Exchange, in the amount of $29,632 cash and 370,400 finder's warrants (each a "Finder's Warrant"). Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.08 per common share for a period of two years from the date of issuance.

The proceeds of the private placement will be used principally for general working capital purposes.

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.

Certain information set forth in this press release contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of mineral prices, currency fluctuation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived there from. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information