CALGARY, ALBERTA- Prize Mining Corp. (TSXV: PRZ) and Eagle Plains Resources Ltd. (TSXV: EPL) jointly announce that the Yellowjacket Venture ("Yellowjacket JV") has now completed modifications on its 350 tonne per day mill at the Yellowjacket Gold Project, located near Atlin, BC.
Processing of stockpiled mineralized bulk sample material has now commenced under the existing Bulk Sampling Exploration Permit. Once the remainder of the bulk sample has been processed and the new Mines Act Permit is obtained, full-scale bedrock mining and milling operations will commence.
Samples for head and tail grades from the 2008 bulk sample processing are currently being analysed by ACME Laboratory Ltd. in Vancouver and results are expected in the next few days. During 2008 processing, head grades averaging 9 g/t were back-calculated from gold production values obtained from the weighted mineralized blocks processed. The Yellowjacket JV anticipates 35,000 tonnes of production during 2009. Once in place, the Small Mines Permit will allow for up to 75,000 tonnes of annual production.
Mr. Rino Mihoc, Mill Supervisor and previous Mine Manager at Goldcorp Inc.'s Golden Bear Mine lead the mill commissioning work.
Linda Dandy, P.Geo., Mine Manager, is the "Qualified Person" for the purpose of National Instrument 43-101, who has reviewed and verified the contents of 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