Prize Mining Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - March 21, 2011) - Prize Mining Corp. (TSX VENTURE:PRZ) (the "Corporation") announces that it proposes to complete a non-brokered private placement for proceeds of up to $250,000 by the issuance of up to one million units at a price of 25 cents 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 30 cents for a period of two years from the date of the closing. Members of the Corporation's Board of Directors have indicated that they will participate in the private placement up to an aggregate maximum of $75,000.

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 Corporation 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, President and CEO