Prosperity Goldfields Corp.: Spring Drill Program Identifies New Gold Zone At Kiyuk Lake, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) reports that assay results have been received from all twelve holes of the recently completed spring drill program of 2,652 m of drilling on its 100 percent owned Kiyuk Lake gold property (the "Property") located in southern Nunavut.

The last hole of the spring program, KI12-012, (at a new zone named "Amundsen") was sited to test multiple magnetic highs in an area where surface sampling of boulders returned grades ranging from below detection limit to 15 g/t Au with 7 of 14 samples returning greater than 2 g/t Au. The Amundsen hole was abandoned at 212.4 m depth whilst in mineralization, due to a drilling problem. The last part of the hole from 170 m cut a wide variably mineralized zone containing silicified, brecciated and veined conglomerate and siltstone that returned 42.4 m at 0.97 g/t Au including 12 m at 2.3 g/t Au from 170 m (Table 1). The breccia matrix and veins consist primarily of actinolite, chlorite, albite, and calcite, with variable amounts of pyrrhotite and rare biotite. This style of mineralization is similar to that observed at other Kiyuk zones. Further drilling at Amundsen, including deepening Hole KI12-12, is warranted to further assess this new discovery.

Amundsen is now the fourth gold zone at Kiyuk to provide interesting drill results (following Rusty, Cobalt and Gold Point). It is located approximately 1km southwest of the Cobalt gold zone.

In a previous news release dated May 7, 2012, results of the first three holes of the spring 2012 program at the Rusty zone were reported, including 61.5 m at 3.3 g/t Au from 159 m in Hole KI12-003 (Table 1).

The remaining nine holes were drilled at two other known mineralized zones, Gold Point and Cobalt, and two previously undrilled targets, North Snake and Amundsen. Of these, the most encouraging results were from Hole KI12-006 at Gold Point that intersected two mineralized zones which returned 12 m at 2.4 g/t Au from 120 m, and 12 m at 3.9 g/t Au from 163.5 m. Drilling at Cobalt returned encouraging results in Hole KI12-008 including 9 m at 2.05 g/t Au from 57 m and 18 m at 1.36 g/t Au from 73.5 m.

"The spring drill program, which had to be terminated early due to unseasonably warm conditions met our goals of further testing the three drill discoveries made in 2011 and drilling two new targets. The indication of a new discovery at Amundsen is an excellent development. There are now four zones of gold mineralization at Kiyuk which need more evaluation." Comments Adrian Fleming, Prosperity CEO. "Not only did this spring drilling confirm the substantial potential at the Rusty Zone but it has further confirmed that additional exploration needs to be done on other yet to be drill tested targets on the property. We are now planning a summer exploration program which is expected to commence at the beginning of July."

Table 1 summarizes composite assay results from the entire twelve hole 2652 m spring drill program. Table 2 lists the collar coordinate and orientation for each drill hole.

The Kiyuk Lake property covers 590 square kilometers and contains at least four other targets requiring further exploration and drilling. The exploration program is being directed by Adrian Fleming, CEO and a Director of Prosperity. Additional technical guidance for the program including specialist expertise in geology, geochemistry and geophysics is being provided by Revelation Geoscience Ltd.

A comprehensive QA/QC program is in place to monitor precision and accuracy of assay results. Drill core samples are being submitted with certified reference materials and were analyzed by SGS Minerals Services, Red Lake, Ontario. The QA/QC data are routinely plotted and assessed against industry standard quality assurance guidelines. Gold analyses are by fire assay using a 30g charge and an atomic absorption spectrometry finish. Over-range assays greater than 10 g/t are re-assayed using a gravimetric finish. SGS Mineral Services is ISO 9001 accredited.

Adrian Fleming RPGeo is a Qualified Person and is responsible for the technical content of this press release. Dennis Arne PGeo (BC) is a Qualified Person responsible for the quality of the data referred to in this press release.

Additional information including maps and cross sections displaying these drill results can be viewed on the company web site at www.prosperitygoldfields.com.

ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.

Adrian Fleming, CEO and Director

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prosperity Goldfields Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Prosperity Goldfields Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.