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Re: News Releases - Thursday, April 12, 2007
Prize Mining Announces Joint Venture Partner Has Mobilized Drill
Rig for 2007 Muskox Program, Nunavut
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CALGARY, ALBERTA --- Prize Mining Corporation (TSXV: PRZ) is pleased to
report that the joint venture partner, Silvermet Inc., has announced
that Caron Drilling of Whitehorse, NWT has mobilized its drill rig to
Yellowknife in preparation for transport to the Muskox project. Aurora
Geosciences ("Aurora") of Yellowknife has been contracted to provide
Project Management services for the 2007 drilling season.

All of the exploration data available on the project since Inco
discovered the Muskox intrusive in the 1950s, up to and including the
results of Silvermet's 2006 soil geochemical survey, and recent
3D-modellling of magnetic data and gravity data over the Muskox complex
have revealed some compelling target areas not previously drilled.

The intent of Silvermet's extensive soil sampling survey over the
southern half of the complex was to find areas where the survey
detected anomalous concentrations of Ni-Cu-PGE in the soils along the
margins of the intrusion, compare that with the well characterized
metal contents of rocks established along the margins, and look for
soil geochemical responses that extend away from the margins towards
the axis of the intrusion which overlies the "feeder dyke" to the
Muskox intrusive.

While the recent soil survey and geophysical modeling conducted by
Silvermet has disclosed a number of new exploration target areas on the
Muskox intrusion, the initial, 2007 drill program should focus on the
Pyrrhotite and Valley Lakes areas.

In both of these areas, the soil geochemical data displays co-incident
anomalous Ni-Cu-PGM metal concentrations that extend from the east
margin of the intrusive towards the central part of the intrusive and
continue across to the west margin. The geochemical data indicates
potential for mineralization across the full width of the intrusive in
these areas.

As previously announced, the Pyrrhotite Lake soil geochemical anomalies
cover a 5.7 sq. km. area, and the Valley Lake soil geochemical
anomalies cover an 8.5 sq. km. area.

Also, as previously announced, 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 2007.

In the north part of the property, approximately 10 km. north of the
Pyrrhotite Lake area, significant Ni-Cu-PGM assays from grab samples
occur in Muskox intrusive layers similar to the "Chromite" and
"Merensky Reef" layers in the Bushveld complex of South Africa. There
is a large, co-incident Ni-Cu-PGM soil geochemical anomaly in this area
and Silvermet intends to geologically map and prospect the area during
the 2007 field season.

Peter T. George, P.Geo., is the Qualified Person for this project.

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 Thu Apr 12, 2007 at 9:54:35 AM Pacific Time
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