Prize Mining Corporation ("Prize") (TSXV: PRZ) is pleased to announce that the remodeling of its Knelson Gravity Solutions designed process plant ("the plant") is complete and crews have now been mobilized to the site. The plant is operational and running 24 hour shifts, milling up to 10 tonnes per hour.
Due to unexpected delays, the semi-autogenous grinding (SAG) mill has not arrived on site and is currently being assembled and prepared for delivery. When the SAG mill arrives on site processing of the bulk sample blocks will increase to 18 tonnes per hour. The processing plant has been designed to be readily converted into a 250 to 350 tonne per day mill suitable for a full mining program.
Prize Mining has recently hired mineral processing consultant Rino Mihoc to act as the on site mill supervisor during the processing of the 10,000 tonne bulk sample. Mr. Mihoc brings a wealth of knowledge to the project, having previously worked as Mine Manager at Goldcorp Inc.'s Golden Bear Mine, as Process Consultant at North American Tungsten Corporation Ltd.'s Cantung Mine, and as Mill Superintendent at Barrick Gold Corporation's Nickel Plate Mine. Knelson's process engineer, Ajay Sihota, P.Eng., was on site during re-commissioning of the mill components.
Mr. Mihoc has established an assay lab and a gold smelting furnace on site to allow for a continuous sampling and processing program with gold from each 250 tonne block being individually concentrated and refined.
The Bulk Sample
The 10,000 tonne bulk sample will be run through the plant in 250 tonne blocks with full gold cleanup completed at the end of each block run. This will allow Prize's consultant, Dr. Simon Dominy, C.Eng., C.Geol., Principal Geological Engineer and General Manager of Snowden Mining Industry Consultants Ltd. (UK), to correlate gold grades with lithologic units and structures in order to extrapolate values throughout the well drilled mineralized zone. Upon completion of the bulk sample and receipt of full head and tails assay results, Dr. Dominy, in conjunction with consultant Linda Dandy, P.Geo., will complete a 43-101 report on Prize's Atlin Gold Property. The goal of this report will be to define a gold resource estimation and to propose the next phase of exploration/development for the Atlin Gold Property.
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. As well, Prize has instructed ACME to increase their internal standard and re-assay protocols for this project.
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.
ON BEHALF OF THE BOARD OFPRIZE 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
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 that 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.