Thu Dec 23, 2010
Prize Mining Announces Private Placement

CALGARY, ALBERTA - Prize Mining Corp. (TSXV: PRZ) (the "Corporation") is pleased to announce that the Company is planning a $2,000,000 non-brokered private placement for the issuance of up to 8 million units at a price of $0.25 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at $0.30 for a period of two years from the date of the closing.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. Completion of the private placement is subject to regulatory approval.

The Company may pay finders' fees with respect to the private placement, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The proceeds of the private placement will be used for general working capital purposes.

ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION

"James Glass"
James Glass
President and CEO


For further information:

Jamie Mathers, Investor Relations
Phone: 604-684-4743 ext 236
Toll Free: 1-866-684-4743 ext. 236
Email: [email protected]
Website: http://www.prizemining.com