December 4, 2008
Prize Continues to Produce Gold Bars from Yellowjacket Zone
CALGARY, ALBERTA - Prize Mining Corporation ("Prize")
(TSXV:PRZ)is pleased to announce that smelting of 70 kilograms of high
grade gold concentrate and 1.5 tonnes of lower grade gold concentrate is
underway (see news release dated October 21, 2008). These gold
concentrates represent a portion of what was produced from July to
September 2008 during the bulk sampling program on the Yellowjacket Zone of the Atlin
Gold Property.
Recently, a gold bar weighing 217.36 ounces was poured from the high
grade gold concentrate. Earlier this fall a 220.00 ounce bar and a 100
ounce bar were smelted on site (see news releases dated September 3, 2008
and September 26, 2008). A small portion of the high grade gold
concentrate has been retained for additional test work. The 1.5 tonnes of
low grade gold concentrate is currently being tested for maximum gold
recoveries and will be smelted over the next two weeks with the
additional gold numbers released when available.
Both the high and lower grade gold concentrates were produced from the
milling of 13 bulk sample blocks totaling
2,879.67 tonnes of mineralized bedrock. In 2008, Prize milled 19 bulk
sample blocks, but six of the test blocks were extracted from the
footwall and hanging wall of the mineralized zone and contained very low
or no gold values.
The Company is continuing discussions regarding its application for a
Small Mine Permit for 2009. Also, the Company is exploring financing
options to enclose and modify the plant for full scale year-round
operations.
Linda Dandy, P.Geo., is the "Qualified Person" for the purpose
of National Instrument 43-101, who has reviewed and verified the contents
of this news release.
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 on SEDAR at
www.sedar.com or visit the Prize Mining Corporation website at www.prizemining.com.
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. 236
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.
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