Prize Mining Corporation

Prize Mining Corporation

February 29, 2008 18:37 ET

Prize Mining Corporation Completes Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Feb. 29, 2008) - Prize Mining Corporation (TSX VENTURE:PRZ) ("Prize") is pleased to announce that it has closed a private placement offering of units ("Units"). A total of 4,400,000 Units at a price of $0.10 per Unit were issued for gross proceeds of $440,000. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share during the period expiry on February 29, 2009 at a price of $0.20 per Common Share. The securities issued pursuant to this private placement are subject to a statutory resale restriction period that expires June 30, 2008.

Finders acting in connection with this private placement received a finder's fee in the total amount of $34,000 and options to acquire a total of 340,000 Common Shares at a price of $0.135 per Common Share for a period of twelve months from the date of closing.

Following the completion of this private placement, Prize has 66,798,845 Common Shares issued and outstanding.

Proceeds of the private placement will be used for general working capital purposes. The completion of this private placement is subject to regulatory approval.

About Prize Mining

Prize Mining Corporation (TSX VENTURE:PRZ) is dedicated to the exploration, discovery and development of precious metal deposits. Prize is exploring for gold in the Atlin area of northwestern British Columbia, Canada and for nickel-copper-palladium and platinum 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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