Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

August 14, 2008 12:19 ET

Prize Mining Corporation: Bulk Sample Processing Continues on Yellowjacket Zone, Atlin Gold Property, BC

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2008) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce that good progress continues to be made on the Yellowjacket Zone bulk sampling (trial mining) program on its Atlin Gold Property, located in northwestern British Columbia. See News Release, dated August 6, 2008, for the previous weekly update on the bulk sampling program.

Prize has completed the processing of the second and third blocks (Blocks A16 and A28) of its bulk sampling program over the past week and has started processing the fourth block (Block A25). The 10,000 tonne bulk sample is being run through a Knelson designed processing plant as forty individual 250 tonne blocks. A rigorous head, tail and concentrate sampling program has been implemented in order to determine the exact gold content of each block. In addition, a full gold cleanup is done at the end of each block run.

Block A15 (discussed in news release dated August 6, 2008) and Block A16 were taken from the core area of the excavated pit. The gold assay results from the channel samples taken from the areas of these blocks prior to the excavation of the 10,000 tonne bulk sample did not return any gold values of significance. Minor amounts of gold were visible when tabling the concentrate collected during processing of these two blocks. All of the 250 tonne blocks excavated from the first lift were systematically channel sampled at 2 metre intervals.

The third 250 tonne block, Block A28, was also excavated from the core area of the pit. The gold assay results from the channel samples taken from the area of this block included 15.07 g/t and 195.32 g/t gold, each over 2 metre widths. Total channel sample results (based on nine samples) for Block A28 returned a weighted average assay grade of 24.38 g/t gold. Gold clean up from Block A28 on the newly installed Deister table gave broad, continuous lines of fine grained gold which easily separated from the rest of the concentrate.

Presently, table concentrating of the gold from Block A28 is still underway, with 8.01 kilograms of high grade concentrate produced so far. Rino Mihoc, Prize's processing consultant (see news release dated July 23, 2008 for Mr. Mihoc's back ground information) is currently doing a trial gold pour from a small amount of Block A28 concentrate in order to determine the proper flux ratio. Once the gold flux is optimized then a larger gold bar will be produced from a clean cut portion of the gold concentrate.

Along with the clean cut gold concentrate, there will remain a slightly "dirtier" gold-rich concentrate containing minor pyrite, magnetite and other heavy minerals which will be retained to ship to a smelter for gold refining. Head, tail, and concentrate samples are being collected from all blocks for assaying and will be shipped to ACME Labs Ltd. in Vancouver for analyses.

The current milling operation uses a 2 inch grizzly and a jaw crusher to produce minus 2 inch rock to feed into the existing ball mill. A larger semi-autogenous grinding (SAG) mill has been purchased from Titan Equipment in Ontario and was anticipated to arrive on site in early July. Due to delays in re-furbishing the mill prior to shipment, the SAG mill is leaving Ontario next Monday and is slated to arrive in Atlin, BC within the week. With the implementation of the SAG mill into the existing circuit, mill feed size and rate can be increased to double the current capacity.

Weekly updates will be provided by news release during the course of the Yellowjacket Zone bulk sample (trial mining) program.

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.

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.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information contained herein.

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