Prize Mining Corporation

Prize Mining Corporation

December 11, 2006 16:33 ET

Prize Mining Corporation: Encouraging Results from the Phase I Exploration Program, LD Property, Atlin, BC

CALGARY, ALBERTA--(CCNMatthews - Dec. 11, 2006) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce the results from Phase I of a two phase exploration program on its LD Property, located near Atlin in northwestern British Columbia. See News Release dated November 4, 2005 for information on gold results from historical exploration programs.

The Phase I exploration program included collection of 697 soil geochemical samples by bobcat mounted auger within a grid area with outside dimensions of 1700 x 1700 metres in size. Soil samples were collected at standard one metre depths in order to get below talus, colluvium and till to get better representative soil samples. As anticipated, gold results from these deeper soil samples have identified strong mineralized trends.

Two strong gold soil anomalies have been identified by the Phase I program. Anomaly A is located on the west side of the grid area and is 600 metres by 200 metres in size and remains open to the west. Gold Anomaly A is a strong feature with a high value of 502 ppb gold near its centre. The second large gold anomaly (Anomaly B) is located in the southeast portion of the grid area and has dimensions of 800 by 200 metres with a maximum gold value of 670 ppb plus many additional sample stations returning values greater than 100 ppb gold. The grid area also shows several smaller, weaker gold anomalies, most notable of which trends across the north portion of the grid area. These northern anomalies correlate well with zones of elevated copper geochemical values (up to 420 ppm).

Based on positive results from Phase I, the Phase II work program will consist of infill soil sampling along the anomalous gold trends in order to better define the strongest part of the anomalies. These gold trends will then be trenched and diamond drilled in order to evaluate the source of the gold mineralization. The Phase II program will commence in early 2007, as soon as snow conditions allow.

Ms. Linda Dandy, P.Geo. of P&L Geological Services is the project supervisor and "Qualified Person" for the purpose of National Instrument 43-101 who has reviewed and verified the contents of this news release.


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.

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

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