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Prize Mining Corporation: Prize Mining: Yellowjacket Mine Achieves Full Commercial Production, New Gold Zone Discovered
CALGARY, ALBERTA--(Marketwire - Aug. 27, 2009) - Prize Mining Corp. (TSX VETNURE:PRZ), along with its Joint Venture Partner Eagle Plains Resources Ltd. (TSX VENTURE:EPL) announces completion of final commissioning and permit compliance requirements to allow for commencement of full production at the Yellowjacket Gold Mine, located in northwestern British Columbia. On July 10, 2009, the Yellowjacket Gold Mine received its BC Mines Act Permit for the development and operation of an open pit gold mine and onsite concentrator processing up to 75,000 tonnes per year of gold ore.
Work completed since receiving permit approvals includes construction of a newly designed tailings storage facility and pipeline, emplacement of environmental monitoring wells, mine pit dewatering, ramp construction, mill commissioning and electrical upgrades.
The 2009 mining plan includes extraction of a minimum of 32,000 tonnes of gold ore from the existing open pit. Pit excavation is anticipated to be completed in about 5 weeks, and milling at a throughput rate of 350 tons per day expected to continue until mid to late October.
New Gold Zone Discovered During Ramp Excavation
During ramp excavation completed earlier this month, a previously undetected six meter-wide gold-mineralized zone was discovered centered around a one metre-wide, visible-gold-bearing silicified breccia. Sampling and excavation of this new zone is currently underway and will provide additional mineralized material for this season's milling operations.
Linda Dandy, P.Geo., Mine Manager, is the "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and verified the technical contents of this news release.
A detailed history of the project and recently updated photo-gallery may be found on the Eagle Plains website.
Updated Ownership Details of Yellowjacket Joint Venture
Due to unexpected lower grades of stockpiled material from 2008 bulk sample work, equipment problems and unforeseen circumstances that resulted from permitting of the Project, additional funding was required to keep the project moving forward and to maintain, as much as possible, a production schedule that was originally envisioned by the JV partners. An emergency interim cash-call of $1,400,000 was made in July by Eagle Plains as operator, and the decision was made by both participants to waive normal cash-call procedures. Prize Mining subsequently agreed to accept dilution of its interest in the project in accordance with a formula established in the Yellowjacket JV agreement. The current JV ownership ratio resulting from this dilution will be announced as final figures are established.
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
Feisal Somji, Director
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither the 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.