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News Releases - Monday, July 23, 2007
Yellowjacket Zone Trial Mining Program Progresses
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.. Channel Sample Results
.. Knelson Engineers On site

Calgary, Alberta---Prize Mining Corporation (TSXV: PRZ) is very pleased
with the progress of the trial mining program on the Yellowjacket Zone,
part of the Atlin Gold Properties, located in northwestern British
Columbia. A bedrock pit has been located along the mineralized trace of
the Pine Creek Fault in an area referred to as the Yellowjacket Zone.
The pit is centrally located along the fault trace, near the west end
of the Yellowjacket Zone in an area where good gold mineralization,
discovered by earlier diamond drilling programs comes to the bedrock
surface. The entire 10,000 tonne bedrock bulk sample has now been
excavated from the bedrock pit. Final pit dimensions are 70 x 40
metres. The 250 tonne blocks have been extracted from three lifts of
2.5 metres each (the deepest bedrock extraction being 7.5 metres below
the bedrock surface).

As anticipated, high grade two metre horizontal bedrock channel samples
exhibited characteristic coarse gold "nuggety" signature. The two metre
long samples range in gold grades from trace to 329.83 g/t (10.6 oz/T).
The nuggety nature of the high grade gold mineralization can be seen,
not only by the grade variability (heterogeneity) but also by the large
amount of gold found in the coarse (+150 mesh) fraction by metallics
screening.

Channel samples were collected at two metre intervals across the
bedrock exposed in the excavated pit. Cross-section dimensions of the
channel samples are 5 x 5 centimetres, in order to represent a similar
cross-section or volume of material to that obtained from diamond drill
holes. In essence, these channel samples can be considered to represent
a series of horizontal diamond drill holes. Comparisons of the channel
sample and diamond drill results in the pit area will allow for
interpretations and extrapolations to be made from prior diamond drill
data to depth throughout the length of the Yellowjacket Zone.

Channel samples were shipped to ACME Analytical Laboratory ("ACME") in
Vancouver, BC for analyses. ACME has an International Standard
Organization rating of ISO 9001:2000 and is independent of Prize.
Channel sample size averaged 12 kilograms of bedrock. The entire sample
was crushed and a four kilogram sub-sample was split off, pulverized
and screened through a 150 mesh screen. The coarse fraction (+150 mesh)
was fire assayed for gold content and 2 x 1 assay tonne splits were
fire assayed for gold from the fine fraction (-150 mesh). Total gold
content is obtained by weighted averaging of the coarse and fine
fraction gold contents.

The following table shows select two metre channel samples collected
from the central core area of the bedrock pit. This area had previous
high grade diamond drill hole intercepts and as anticipated, high grade
gold results were obtained (see following table). Blocks extracted from
the pit have dimensions of 6 x 6 x 2.5 metres and yield approximately
250 tonnes each. Twenty blocks were extracted for processing from three
lifts in this central core area.



TWO METRE CHANNEL SAMPLE RESULTS FROM CENTRAL AREA

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GOLD g/t
GOLD g/t GOLD g/t GOLD g/t (-150 MESH)
SAMPLE # (TOTAL) (+150 MESH) (-150 MESH) DUPLICATE
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350943 5.20 13.43 1.71 2.11
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350979 5.27 1.72 5.01 4.64
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350980 4.89 2.78 3.91 4.45
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350981 16.11 2.21 22.73 8.35
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350999 16.18 20.73 10.01 12.20
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351000 152.21 38.69 185.40 99.14
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351104 36.37 94.84 12.52 13.17
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351139 4.56 9.65 1.63 1.90
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351160 5.42 1.75 4.99 4.98
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351161 329.83 443.18 201.30 238.10
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351208 3.34 7.91 2.22 0.56
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351307 3.96 11.68 1.04 0.82
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The assay results of the channel samples taken from the west and east
ends of the 70 metre long bedrock pit are also considered by Prize to
be very positive as such results indicate that the gold mineralization
continues along the trace of the main Pine Creek Fault zone, with gold
mineralization remaining open to the east and west of the exposed
bedrock pit. The bedrock surface in these two areas were not previously
the subject of any diamond drilling. The following tables disclose the
assay results from certain two metre channel samples collected from the
west and east end of the bedrock pit. Assay results from the west end
ranged from trace to 91.59 g/t gold and assay results from the east end
ranged from trace to 35.72 g/t gold.



TWO METRE CHANNEL SAMPLE RESULTS FROM WEST END

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GOLD g/t
GOLD g/t GOLD g/t GOLD g/t (-150 MESH)
SAMPLE # (TOTAL) (+150 MESH) (-150 MESH) DUPLICATE
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350785 91.59 179.91 45.29 47.12
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TWO METRE CHANNEL SAMPLE RESULTS FROM EAST END

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GOLD g/t
GOLD g/t GOLD g/t GOLD g/t (-150 MESH)
SAMPLE # (TOTAL) (+150 MESH) (-150 MESH) DUPLICATE
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351365 35.72 49.36 26.92 19.18
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351555 5.78 11.26 3.34 2.75
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351556 10.56 10.54 7.37 8.51
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351576 34.17 58.65 17.09 21.86
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Prize follows a rigorous Quality Assurance/Quality Control program
consisting of inserting standards and duplicates into the sample stream
submitted to ACME for analyses. As well, Prize has instructed ACME to
increase their internal standard and re-assay protocols for this
project.

In order to expose the bedrock for channel sampling, it was necessary
to excavate the overburden material. The results of this placer mining
operation are very encouraging and this overburden is considered by
Prize to be high grade gravel for placer mining.

Two engineers from Knelson Gravity Solutions are currently on site in
preparation for arrival of the ball mill and processing plant for the
bulk sampling (trial mining) program. The first two (of ten)
tractor-trailer loads containing process plant materials have now
arrived on site. The washing and crushing plants are currently being
assembled. The ball mill and Knelson processing plant is expected to be
fully assembled and milling of the bedrock stockpiles to commence on or
before August 1, 2007.

Ms. Linda Dandy, P.Geo., the project supervisor of Prize's trial mining
program on the Yellowjacket Zone of its Atlin Gold Property, is the
Corporation's nominated Qualified Person responsible for monitoring the
supervision and quality control of the programs completed within the
Atlin Gold Properties. Ms. Dandy has reviewed and verified the
technical information contained in this news release.

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. For such statements, we claim safe harbour.

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, contact:

Trent Dahl, Investor Relations
Phone: 604-684-4743 ext. 228
Toll Free: 1-866-684-4743
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 Mon Jul 23, 2007 at 12:30:44 PM Pacific Time
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