Prize Mining Corporation

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

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Message: Proposal to Extend Expiry Date of Outstanding Warrants

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Proposal to Extend Expiry Date of Outstanding Warrants

posted on Jan 20, 09 01:48AM

January 19, 2009

Prize Mining Corporation Proposes to Extend Expiry Date of Outstanding Warrants

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2009) - Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ)is pleased to announce its intention to extend the expiry date of certain of its outstanding common share purchase warrants. In 2007, the Corporation issued 6,235,000 warrants expiring on May 3, 2009 and 1,980,000 warrants expiring on June 14, 2009, both having an exercise price of $0.35 per common share. In 2008, the Corporation issued 2,200,000 warrants expiring on February 29, 2009, having an exercise price of $0.20 per common share, 50,000 warrants expiring on August 18, 2009, 102,500 warrants expiring on September 9, 2009 and 150,000 warrants expiring on November 17, 2009, each having an exercise price of $0.15 per common share. The Corporation is proposing to extend the expiry date of all such warrants until August 31, 2010. For further information on the original issuance of the warrants, please refer to the press releases of Prize dated May 3, 2007, June 14, 2007, February 29, 2008, August 19, 2008, September 11, 2008, November 18, 2008 and November 26, 2008 filed on SEDAR.

The extension of the expiry dates of the warrants is subject to review and acceptance by the TSX Venture Exchange.

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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