Mining Explorers 2009: Prize Mining Corporation

Last updated Nov 01, 2009 12:0pm0

PRZ: TSX-V

President and CEO: James "Jim" Glass

Interim chairman and CFO: Feisal Somji

Prize Mining Corp., founded in 1996 in Alberta, is dedicated to the exploration, discovery and development of precious metal deposits.

Prize currently has two active projects in Canada - the Pine Creek Bedrock Gold Project located in northern British Columbia near Atlin, B.C., and the Muskox PGE Project, comprising the Muskox layered intrusion located 60 kilometers south of Kuguluktuk, Nunavut.

The Atlin project is focused on an investigation of listwanite hosted bonanza-type gold deposits in the bedrocks of the Pine Creek area.

Drilling to date has revealed spectacular grades of gold in the property.

This drill program is continuing with the objective of outlining a measured gold resource along the Pine Creek Fault Zone.

The Muskox Layered Intrusion has the potential to become a major producer of nickel, copper and platinum group metals as it is analogous in many aspects to the Noril'sk - Talnakh region of Siberia, Russia, according to Prize Mining. The junior (formerly Muskox Minerals) optioned the property in 2003, and from 2003 to 2006, 57 holes were drilled for a total of 6,873 meters. A number of impressive intercepts were encountered during drilling. The general area encompassed by drilling covers approximately 300 meters by 100 meters, with the deepest mineralized intersection encountered at 140 meters. The deposit appears to be open along strike in both directions and to depth.

Prize is also co-owner of the Yellowjacket Gold Mine, which ramped up for production this year.

Prize and JV partner Eagle Plains Resources Ltd. recently completed commissioning and permit compliance that will allow for the start of full gold production at the Yellowjacket mine.

The 2009 mining plan includes extraction of a minimum of 32,000 metric tons of gold ore from the existing open pit.

Pit excavation is anticipated to be completed this fall, and milling at a throughput rate of 350 tons per day expected to continue until mid to late October.

In addition, a previously undetected 6-meter-wide gold-mineralized zone was discovered during ramp excavation in September.

The new gold zone is centered on a 1-meter-wide, visible gold-bearing silicified breccia.

Prize is now looking for additional projects, which will allow the company to become a multiproject company.

Cash and short-term deposits:

C$515,650 (at May 31, 2009)

Working capital:

C$24,933 deficiency (at May 31, 2009)

Market capitalization: C$5.94 million

Sierra Place, Suite 810

706-7th Ave. SW

Calgary, Alberta

Canada T2P 0Z1