Prize Mining Corporation
("Prize") (TSXV: PRZ) is pleased to announce that good
progress continues to be made on the Yellowjacket Zone bulk sampling
(trial mining) program on its Atlin Gold Property, located in northwestern
British Columbia. See News Release, dated August 6, 2008, for the
previous weekly update on the bulk sampling program.
Prize has completed the
processing of the second and third blocks (Blocks A16 and A28) of its
bulk sampling program over the past week and has started processing the
fourth block (Block A25). The 10,000 tonne bulk sample is being run
through a Knelson designed processing plant as forty individual 250 tonne
blocks. A rigorous head, tail and concentrate sampling program has been
implemented in order to determine the exact gold content of each block.
In addition, a full gold cleanup is done at the end of each block
run.
Block A15 (discussed in news
release dated August 6, 2008) and Block A16 were taken from the core area
of the excavated pit. The gold assay results from the channel
samples taken from the areas of these blocks prior to the excavation of
the 10,000 tonne bulk sample did not return any gold values of
significance. Minor amounts of gold were visible when tabling the
concentrate collected during processing of these two blocks. All of
the 250 tonne blocks excavated from the first lift were systematically
channel sampled at 2 metre intervals.
The third 250 tonne block,
Block A28, was also excavated from the core area of the pit. The gold
assay results from the channel samples taken from the area of this block
included 15.07 g/t and 195.32 g/t gold, each over 2 metre widths.
Total channel sample results (based on nine samples) for Block A28
returned a weighted average assay grade of 24.38 g/t gold. Gold
clean up from Block A28 on the newly installed Deister table gave broad,
continuous lines of fine grained gold which easily separated from the
rest of the concentrate.
Presently, table concentrating
of the gold from Block A28 is still underway, with 8.01 kilograms of high
grade concentrate produced so far. Rino Mihoc, Prize's processing
consultant (see news release dated July 23, 2008 for Mr. Mihoc's back
ground information) is currently doing a trial gold pour from a small
amount of Block A28 concentrate in order to determine the proper flux
ratio. Once the gold flux is optimized then a larger gold bar will
be produced from a clean cut portion of the gold concentrate.
Along with the clean cut gold
concentrate, there will remain a slightly "dirtier" gold-rich
concentrate containing minor pyrite, magnetite and other heavy minerals
which will be retained to ship to a smelter for gold refining.
Head, tail, and concentrate samples are being collected from all
blocks for assaying and will be shipped to ACME Labs Ltd. in Vancouver
for analyses.
The current milling operation
uses a 2 inch grizzly and a jaw crusher to produce minus 2 inch rock to
feed into the existing ball mill. A larger semi-autogenous grinding
(SAG) mill has been purchased from Titan Equipment in Ontario and was
anticipated to arrive on site in early July. Due to delays in
re-furbishing the mill prior to shipment, the SAG mill is leaving Ontario
next Monday and is slated to arrive in Atlin, BC within the week.
With the implementation of the SAG mill into the existing circuit,
mill feed size and rate can be increased to double the current capacity.
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.
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.
About
Prize Mining
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.
ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION
"Harry McGucken"
Harry McGucken
President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jamie Mathers, Investor Relations
Phone: 604.684.4743 ext. 228
Toll Free: 1.866.684.4743 ext. 236
Email: info@prizemining.com
Website: www.prizemining.com
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 Inc.
has neither approved nor disapproved the information contained herein.