Prize Mining Corporation

The company's strategic focus is on developing near-term, low cost, gold production.

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Message: Enters Into Option Amending Agreement

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Enters Into Option Amending Agreement

posted on Jan 16, 09 01:37AM

January 15, 2009

Prize Mining Corporation Enters Into Option Amending Agreement

CALGARY, ALBERTA--(Marketwire - Jan. 15, 2009) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) announces that it has entered into an Option Amending Agreement with Lenard Diduck to amend the Option Agreement dated October 16, 2003, which granted Prize the option to obtain a 100% working interest, subject to a royalty, in certain mineral tenures located in the Atlin Mining Division of British Columbia. The amendments to the Option Agreement provide Prize with an extension to make the $200,000 option payment otherwise due today until March 16, 2009. In consideration for such extension Prize will issue, on or before January 22, 2009, 200,000 common shares to Mr. Diduck, subject to review and acceptance by the TSX Venture Exchange. If Prize is not able to issue such 200,000 common shares, Prize will pay to Mr. Diduck a cash amount equal to the value of 200,000 common shares, based on the trading price of the common shares of Prize. In addition, provided that Prize has issued the 200,000 common shares, Prize may elect to further extend the option payment date from March 16, 2009 until April 15, 2009, by issuing, on or before March 13, 2009, an additional 100,000 common shares to Mr. Diduck, subject to review and acceptance by the TSX Venture Exchange. If Prize is not able to issue such 100,000 common shares, Prize may instead pay a cash amount equal to the value of the 100,000 common shares, based on the trading price of the common shares of Prize.

About Prize Mining

Prize Mining Corporation (TSX VENTURE: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, President and CEO

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