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Re: News Releases - Tuesday, March 27, 2007
Prize Mining's Joint Venture Partner Prepares Major Drill Program
For Nickel-Copper-Platinum Group Metals, Muskox, Nunavut
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CALGARY, ALBERTA --- Prize Mining Corporation ("Prize Mining") is
pleased to announce that the company's joint venture partner, Silvermet
Inc., has initiated mobilization of fuel and supplies for a major
drilling program on its nickel-copper-platinum-group metal (PGM) Muskox
project, located in Nunavut. Initial drilling will focus on the
Pyrrhotite Lake and Valley Lake areas, where coincident Ni-Cu-PGM soil
targets were identified by a large-scale soil geochemical survey
completed by Silvermet in 2006. A number of other geochemical targets
are currently being interpreted that will likely also be drilled during
the 2007 season.

Drilling is scheduled to commence in mid-May 2007, with a planned
8,000- to 10,000-metre program to be completed prior to October of
2007.
The mineral claims optioned under the joint venture cover an area of
approximately 200 square kilometres along a 60-kilometre strike length
of the southern portion of the Muskox intrusion, which is one of the
world's largest layered ultramafic complexes. The marginal zones and
feeder dike contain semi-massive and massive sulphide mineralization
strikingly similar to that found in the Norilsk mining district in
Russia, whereas the Muskox layered sequence contains stratiform PGM
mineralization similar to that of the Merensky Reef and UG2 chromitite
horizons in the Bushveld complex in South Africa. The Silvermet
optioned land claims were assembled by Prize Mining Corp. between 1994
and 2001. The claims are centred approximately 90 kilometres south of
the village of Kugluktuk (Coppermine), Nunavut.

Silvermet's agreement with Prize Mining permits it to earn a 70-percent
interest in the claims by incurring not less than $10-million
expenditure by Dec. 7, 2010, of which $4-million must be spent by June
30, 2008. To date, Silvermet has spent approximately $1.1-million on
Muskox and has in hand sufficient flow-through financing to initiate
its proposed drill program this April.

Pyrrhotite Lake area
Previous drilling in the Pyrrhotite Lake area outlined a small lens of
massive sulphides with an average grade of 1.2 percent nickel and 2.6
percent copper along the east side of the marginal zone of the
intrusion. Two recent Prize Mining drill holes intersected 4.7 percent
nickel, 10.6 percent copper, 2.2 grams per tonne platinum and 11.1
grams per tonne palladium over 5.4 metres, and 3.22 per cent nickel,
7.52 percent copper, 2.2 grams per tonne platinum and 17.5 grams per
tonne palladium over 5.5 metres. No National Instrument 43-101 resource
estimates have been completed.

This sulphide lens is located on the south end of a large Ni-Cu-PGM
soil geochemical anomaly that covers an area of 5.7 square kilometres
along a 4.8-kilometre strike length, parallel to the east margin of the
Muskox intrusive. Silvermet intends to complete 10 to 15 drill holes to
provide an initial evaluation of this trend during the 2007 program.

Valley Lake area
In the Valley Lake area there is a large Ni-Cu-PGM soil geochemical
anomaly that covers an area of 8.5 square kilometres along a
4.5-kilometre strike length of the intrusion. The highest anomalous
values are near the east and west margins of the intrusion; however,
the anomalies extend from each margin down-dip toward the centre or
keel area of the intrusion, outlining a target trend that is continuous
across the full width of the intrusion along a strike length of 4.5
kilometres. Silvermet intends to complete 10 to 15 drill holes to
provide an initial evaluation of this trend during the 2007 program.

About Prize Mining
Prize Mining Corporation (TSXV: PRZ) is a company dedicated to the
exploration, discovery and development of precious metal deposits. The
company is exploring for Gold in the Atlin area of British Columbia,
Canada and its Nickel-Copper-palladium and Platinum project on the
Muskox Layered Intrusion in Nunavut, Arctic Canada.

ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION

"Harry McGucken"
Harry McGucken
President and CEO


FOR FURTHER INFORMATION PLEASE CONTACT:
Prize Mining Corporation
Trent Dahl
Investor Relations
(604) 684-4743 ext. 228 or Toll Free: 1-866-684-4743 ext. 228
Email: info@prizemining.com
Website: www.prizemining.com

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.

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Copyright (c) 2007 PRIZE MINING CORP. (PRZ) All rights reserved. For
more information visit our website at http://www.prizemining.com/ or
send mailto:info@prizemining.com
Message sent on Tue Mar 27, 2007 at 9:27:13 AM Pacific Time
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