Prospector Consolidated Resumes Trading, Completes $500,000
Financing and Commences Drill Program at Kalzas Property

August 27, 2008

Prospector Consolidated Resources Ltd. (TSXV:  PRR) is pleased to announce that its shares will resume trading on the TSX Venture Exchange effective August 27, 2008.

The Company has raised the $500,000 required to complete the private placement announced August 12, 2008, and the Exchange has completed its Company review.  The resumption of trading will permit the Company to close the private placement immediately and to commence work on its Kalzas tungsten project in the Yukon.

Drill and camp equipment is already being mobilized to Kalzas, and the camp will be ready early next week.  The drill program will focus on the area of historic drilling carried out by Union Carbide in 1983 and subsequent drilling carried out by Copper Ridge in 2001.

Over the next two weeks the Kalzas tungsten portion of the Prospector website will be updated so that our investors can follow the Company�s progress.

Henry Neugebauer, P.Eng
President

This press release has been prepared by management; the TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.