Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

June 14, 2007 18:38 ET

Prize Mining Corporation: Completes Final Tranche Private Placement of Units

CALGARY, ALBERTA--(Marketwire - June 14, 2007) - Prize Mining Corporation (TSX VENTURE:PRZ) is pleased to announce that it has closed the second and final tranche of its private placement of units ("Units"). At this closing 1,980,000 Units were issued at a price of $0.25 per Unit for gross proceeds of $495,000. Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant is exercisable at $0.35 per common share for a period of two years from closing. The securities issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on October 15, 2007.

The total gross proceeds raised under this private placement is $2,053,750, of which $1,558,750 was received by the Corporation from the first tranche of the private placement which closed on May 3, 2007. Following the completion of the private placement, Prize has 47,257,880 common shares issued and outstanding.

Finders acting in connection with the final tranche of the private placement received aggregate fees of $26,950 and 107,800 non-transferable options to purchase common shares of Prize at a price of $0.25 per share, which may be exercised on or before June 14, 2009.

Proceeds of the private placement will be used to fund the purchase of a Knelson Processing Plant and for general working capital. The completion of the private placement is subject to regulatory approval.

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.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Harry McGucken, President and CEO

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

Contact Information