Prize Mining Corporation ("Prize") (TSXV: PRZ) is pleased to announce that it has closed a private placement offering of a combination of units ("Units") and common shares of Prize issued on a tax flow through basis ("Flow Through Shares"). A total of 1,955,000 Flow Through Shares at price of $0.10 per Flow Through Share and 100,000 Units at a price of $0.10 per Unit were issued for total gross proceeds of $205,500. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share during the period expiring on August 18, 2009 at a price of $0.15 per Common Share. The securities issued pursuant to this private placement are subject to a statutory resale restriction period that expires December 19, 2008.

Following the completion of this private placement, Prize has 66,853,845 Common Shares issued and outstanding. Prize may choose to complete additional financing in the near future.

Proceeds of the private placement will be used for the bulk sample (trial mining) processing on the Yellowjacket Zone of Prize's Atlin Gold Properties and exploration activities on Prize's LD claims and the Primrose molybdenum and Red Ridge gold properties. The completion of this private placement is subject to regulatory approval.

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.