Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

September 24, 2007 19:00 ET

Prize Mining Corporation Completes Second Tranche of Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Sept. 24, 2007) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce it has closed the second tranche of its previously announced private placement. A total of 3,682,003 Flow-Through Shares at a price of $0.27 per Flow-Through Share were issued for gross proceeds of $994,141.00. 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 January 22, 2008. The final tranche of the private placement is expected to be completed shortly.

Finders acting in connection with the second tranche of the private placement received a finder's fee of $69,589.87 and options to acquire a total of 257,740 common shares of Prize at a price of $0.27 per common share for a period of twenty-four months from the date of closing.

Following the completion of the second tranche of the private placement, Prize has 53,532,883 common shares issued and outstanding.

Proceeds of the private placement will fund the bulk sample (trial mining) processing on the Yellowjacket Zone of Prize's Atlin Gold Property; exploration activities on Prize's LD claims; and, if it is acquired, exploration activities on the Primrose molybdenum property. All of these properties are located in the Atlin area of northwestern British Columbia. 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.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Harry McGucken, President and CEO

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

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