| ||Thu Aug 28, 2008|
Semi-Autogenous Grinding (Sag) Mill is on Site -- Processing of Gold-Rich Zone Continues
| ||CALGARY, ALBERTA --- Prize Mining Corporation ("Prize") (TSXV: PRZ) is pleased to announce that, after several unforeseen delays, it has now received at site its semi-autogenous grinding (SAG) mill. The SAG mill is currently being assembled and will be implemented into the existing circuit in order to increase throughput in the mill twofold. During assembly of the SAG mill, processing of the 250 tonne high grade gold-bearing sample blocks will continue utilizing the current set up. During this past week two additional 250 tonne blocks of gold-bearing rock have been processed as part of the Yellowjacket Zone bulk sampling (trial mining) program on Prize's Atlin Gold Property, located in northwestern British Columbia. See News Releases dated August 6, 14, and 21, 2008, for the previous weekly updates on the bulk sampling program.|
The 10,000 tonne gold-rich bulk sample is being run through a Knelson designed processing plant as forty individual 250 tonne blocks. In order to calculate gold content of each block, full gold cleanup is done at the end of each block run. Over the past week Prize has completed processing the high grade gold-rich Block A27, plus Blocks A29 and B27. Block C27 is currently being grizzlied and crushed to 2 inch minus in preparation to begin feeding into the processing plant. C27 is the 9th block to be processed.
Block A27 was excavated from bedrock surface, blocks B27 and C27 were excavated below A27 with the bottom of C27 being 7.5 metres below bedrock surface. These blocks were intersected by 60o angled diamond drill hole YJ03-01. Drill core weighted gold assay results previously announced (see news release dated May 14, 2008) from this hole in relation to its corresponding sample block are tabulated below. The high variability in gold assays confirm the presence of the "nugget effect" on the gold mineralization in the Yellowjacket Zone.
| Hole #
Although Block A27 exhibited a large quantity of gold mineralization when tabled, B27 appears to contain more gold than A27, being the richest block processed to date. On site assaying of the concentrates, heads and tails is being done on a continual basis, however no official assay results from a certified laboratory, that can be released in this current news release have yet been obtained.
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 (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.
ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION
President and CEO
For further information:
Jamie Mathers, Investor Relations
Toll Free: 1-866-684-4743
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.
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