CALGARY, ALBERTA - Prize Mining Corporation ("Prize") (TSXV: PRZ) and Eagle Plains Resources Ltd. (TSXV: EPL) jointly announce that the Yellowjacket Venture ("Yellowjacket JV") (Prize Mining Corporation 60% and Eagle Plains Resources Ltd. 40%) has now commenced work on its Yellowjacket Gold Project, located near Atlin, BC (see News Release of April 6th, 2009). The Yellowjacket Gold Project is in the BC Small Mines Act Permit application process, with permit approval anticipated in June 2009.

At site, the current mill re-commissioning work will be followed by processing of stockpiled mineralized bulk sample material under the existing Bulk Sampling Exploration Permit. Once the remainder of the bulk sample has been processed, and the new Mines Act Permit is obtained, full-scale bedrock mining and milling operations will commence. Samples for head and tail grades from the 2008 bulk sample processing are currently being analysed by ACME Laboratory Ltd. in Vancouver and results are expected in approximately 3 weeks. During 2008 processing, head grades averaging 9 g/t were back-calculated from gold production values obtained from the weighted mineralized blocks processed. The Yellowjacket JV anticipates 35,000 tonnes of production during 2009. Mr. Rino Mihoc, Mill Supervisor and previous Mine Manager at Goldcorp Inc.'s Golden Bear Mine will lead the mill commissioning work

Linda Dandy, P.Geo., Mine Manager, is the "Qualified Person" for the purpose of National Instrument 43-101, who has reviewed and verified the contents of this news release.

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"

Harry McGucken
President and CEO


FOR FURTHER INFORMATION PLEASE CONTACT:
Jamie Mathers, Investor Relations
Phone: 604.684.4743 ext. 236
Toll Free: 1.866.684.4743 ext. 236
Email: [email protected]
Website: www.prizemining.com