Prize Mining Corporation

Prize Mining Corporation

September 20, 2007 13:34 ET

Prize Mining Provides Update Regarding Silvermet Inc.'s Drilling Program on Prize's Muskox Property

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2007) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to provide the following update regarding the drilling program being conducted by Silvermet Inc. ("Silvermet") on Prize's nickel-copper-platinum group metal ("Ni-Cu-PGM") Muskox Property. This Property is located approximately 90 kilometres south of the village of Kugluktuk (formerly known as Coppermine), Nunavut. Silvermet has the right to earn a 70% interest in the Muskox Property.

On September 20, 2007, Silvermet provided a status report regarding its drilling program on Prize's Muskox Property that was initiated on June 17, 2007.

The Muskox Intrusion, which is one of the world's largest layered mafic-ultramafic intrusive complexes, contains disseminated to massive Ni-Cu sulphide mineralization that is strikingly similar to that found in the Noril'sk mining camp in Russia. The Muskox layered sequence also contains stratiform PGM mineralization similar to that of the Merensky Reef and of the UG2 chromitite horizons in the Bushveld complex in South Africa.

Silvermet's announced objective for the drill program is to follow-up the soil geochemical survey completed during 2006 by Silvermet. Silvermet advised that during the winter of 2006-2007 its consultants integrated the 2006 geochemical data with all historical geological and geophysical data on the project resulting in recommendations for a drill program totaling approximately 10,000 metres as an initial test of the newly discovered exploration targets.

Silvermet announced that it has now completed 23 drill holes totaling 3,746 metres to date. Silvermet announced its plan to complete at least 5,000 metres during the 2007 season. Silvermet also announced that the drill rig will be stored on-site over the winter and the balance of the planned 10,000 metre program will commence prior to spring break-up in 2008. Drilling by Silvermet to date has focused on the Pyrrhotite Lake (10 holes) and Valley Lake (13 holes) areas.

Readers are referred to Silvermet's press release of September 20, 2007 for additional details regarding Silvermet's drilling program.

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 Inc. has neither approved nor disapproved the information contained herein.

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