Prize Mining Corporation
TSX VENTURE : PRZ

Prize Mining Corporation

June 01, 2012 14:00 ET

Prize Mining: Re-Filing of Amended Interim Financial Statements

CALGARY, ALBERTA--(Marketwire - June 1, 2012) - Prize Mining Corp. (TSX VENTURE:PRZ) (the "Company") announces that on May 14, 2012, the Company re-filed amended interim financial statements for the three month period ended November 30, 2011 (the "Amended Interim Financial Statements") and its associated management discussion and analysis for the three month period ended November 30, 2011 ("Amended Interim MD&A").

The Amended Interim Financial Statements were re-filed as it was noted that in the Condensed Consolidated Statements of Cash Flows the Company had not correctly presented the figures for the comparative period (the three month period ended November 30, 2010). Two amounts, as detailed below, were omitted in error from the reconciling items in the Condensed Consolidated Statements of Cash Flows. However, these items were already included in the relevant sub-total in the Condensed Consolidated Statements of Cash Flows and therefore their omission did not have any impact on any other figures in the Condensed Consolidated Statements of Cash Flows. In addition, these omissions had no impact on any other aspect of the November 30, 2011 interim financial statements or MD&A, nor any impact on the Company's interim financial statements for the period ended November 30, 2010 as filed on SEDAR on January 28, 2011, which are presented correctly and require no restatement.

In order to correct for and include the two previously omitted amounts, the Company's Condensed Consolidated Interim Statements of Cash Flows was amended to include the line item "Impairment provision" of $24,425 and a correction in the line item "Unrealized loss (gain) on marketable securities and restricted marketable securities" to also include an unrealized gain of $75,000 for marketable securities held by the Company at November 30, 2010. These amounts were already reflected in the figure for "Net cash used in operating activities" in respect of the period ended November 30, 2010, which was correctly stated.

In addition, the notes to the Amended Interim Financial Statements were also amended to clarify certain disclosures in respect of the Company's accounting policies, including in relation to receivables, mineral property impairments, estimates and judgments and stock option valuations, and the management of capital. The note disclosure amendments are incorporated as relevant in the Amended MD&A.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Feisal Somji, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information