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Re: News Releases - Thursday, September 20, 2007
Prize Mining Provides Update Regarding Silvermet Inc.'s Drilling
Program on Prize's Muskox Property
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CALGARY, ALBERTA --- Prize Mining Corporation ("Prize") is pleased to
provide the following update regarding the drilling program being
conducted by Silvermet Inc. ("Silvermet") on Prize's
nickel-copper-platinum group metal ("Ni-Cu-PGM") Muskox Property. This
Property is located approximately 90 kilometres south of the village of
Kugluktuk (formerly known as Coppermine), Nunavut. Silvermet has the
right to earn a 70% interest in the Muskox Property.
On September 20, 2007, Silvermet provided a status report regarding its
drilling program on Prize's Muskox Property that was initiated on June
17, 2007.
The Muskox Intrusion, which is one of the world's largest layered
mafic-ultramafic intrusive complexes, contains disseminated to massive
Ni-Cu sulphide mineralization that is strikingly similar to that found
in the Noril'sk mining camp in Russia. The Muskox layered sequence also
contains stratiform PGM mineralization similar to that of the Merensky
Reef and of the UG2 chromitite horizons in the Bushveld complex in
South Africa.
Silvermet's announced objective for the drill program is to follow-up
the soil geochemical survey completed during 2006 by Silvermet.
Silvermet advised that during the winter of 2006-2007 its consultants
integrated the 2006 geochemical data with all historical geological and
geophysical data on the project resulting in recommendations for a
drill program totaling approximately 10,000 metres as an initial test
of the newly discovered exploration targets.
Silvermet announced that it has now completed 23 drill holes totaling
3,746 metres to date. Silvermet announced its plan to complete at least
5,000 metres during the 2007 season. Silvermet also announced that the
drill rig will be stored on-site over the winter and the balance of the
planned 10,000 metre program will commence prior to spring break-up in
2008. Drilling by Silvermet to date has focused on the Pyrrhotite Lake
(10 holes) and Valley Lake (13 holes) areas.
Readers are referred to Silvermet's press release of September 20, 2007
for additional details regarding Silvermet's drilling program.
About Prize Mining
Prize Mining Corporation (TSXV: 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
"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
Email: info@prizemining.com
Website: www.prizemining.com
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information contained herein.
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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 Sep 20, 2007 at 10:35:57 AM Pacific Time
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