CALGARY, ALBERTA--(Marketwire - Jan. 20, 2012) - Prize Mining Corporation (TSX VENTURE:PRZ) (the "Corporation" or "Prize") announces that an annual general and special meeting (the "Meeting") of its shareholders will be held in Calgary, Alberta on March 30, 2012. Additional details and materials regarding the Meeting will be provided to shareholders in due course. The record date for the Meeting is February 24, 2012 and holders of record on that date shall be entitled to notice of the Meeting and to vote at the Meeting. This news release is being issued at the request of the TSX Venture Exchange (the "Exchange"). The Corporation is in default of Exchange requirements to hold an annual general meeting every 15 months for the second time and has provided an undertaking to the Exchange that it will hold its future annual general meetings within the time period required by the Exchange's policies.

The Corporation also announces the its investor relations agreement with Ascenta Capital Partners Inc. was terminated as of September 30, 2011.

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Certain statements contained herein constitute forward-looking statements, most particularly the expected record and meeting date of the Corporation's next annual general and special meeting. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Factors such as regulatory approvals and other related external factors may affect the forward-looking statements made in this press release. The Corporation believes the expectations reflected in these forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. Forward-looking statements included in this press release are made as of the date of this press release and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Prize Mining Corporation
Feisal Somji
President and Chief Executive Officer
403.398.0693 (FAX)