Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

September 12, 2008 09:15 ET

Prize Mining Corporation: East End Test Blocks Now Being Processed, Yellowjacket Zone, Atlin Gold Property, BC

CALGARY, ALBERTA--(Marketwire - Sept. 12, 2008) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce that excellent progress continues to be made on processing of a 10,000 tonne gold-rich bulk sample from the Yellowjacket Zone of its Atlin Gold Property, BC. Currently, the 12th sample block (blocks average just under 250 tonnes each) is being processed, and the 13th block is being screened and crushed in preparation for processing. During the past week two sample blocks (A33 and A21) from the central area of the pit were processed. At this time, processing is underway on block A68 which comes from near the east end of the 70 metre long extraction pit. A second block (A62), also from the east end, is currently being prepared for processing.

Gold concentrates produced by the two Knelson concentrators during the block processings continue to be collected, then tabled to re-concentrate into a cleaner, higher grade gold concentrate. Visually, blocks A33 and A21 continue to show good gold content when run over the Diester Table during concentrating. No quantifiable, officially reportable gold assay results from a certified assay lab have been obtained to date, although on site assaying for processing control and internal reference is continuing.

Along with the samples collected for on-site assaying, a very diligent system of head, tails and concentrate sampling is being maintained during processing of all the blocks. To date, a total of 1,320 samples have been collected to be shipped for certified assaying. A good protocol of duplicate sampling and insertion of gold assay standards and blanks is being carefully implemented.

The milling circuit continues to operate in a smooth, consistent manner, producing a good quality, representative Knelson gravity circuit gold concentrate. The newly arrived Semi-Autogenous Grinding (SAG) Mill has been properly set up by a millwright and final welding of the hopper and pump box is underway.

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 or visit the Prize Mining Corporation website at www.prizemining.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 (TSX VENTURE:PRZ). 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 does not accept responsibility for the adequacy or accuracy of this release.

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