PRIZE MINING REPORTS AVERAGE 2.62% COPPER FROM UNDERGROUND SAMPLING AT THE MANTO NEGRO COPPER PROJECT

Calgary, Alberta (October 9, 2018) – PRIZE MINING CORPORATION (“Prize” or the “Company”) (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce that underground channel sampling at the Manto Negro Copper Project in Coahuila State, Mexico has returned consistently high copper grades.

The weighted average copper content of the channels was 2.62%, with a range of 0.65 to 4.82%, over an average channel height of 1.7 metres (see table below).  Thirty-two individual samples assayed greater than 1.00% Cu, with a high of 9.00% Cu.  Eleven individual samples returned silver assays greater than 100g/t and up to 199g/t Ag, and eight samples assayed more than 1.0% lead, to a maximum of 2.78% Pb.  A complete set of assays can be found on the Company website at www.prizemining.com

“These consistent, exceptionally high-grade results continue to demonstrate the tremendous opportunity at Manto Negro”, stated Michael McPhie, President  & CEO of Prize Mining.  “We are fortunate to have these underground exposures at El Granizo and the Pilar Grande mines as they provide a significant amount of information on the continuity and high grade of the copper mineralization.  We currently have a diamond drill operating at both sites.  These represent just two of over thirty five major showings throughout our property and the results from this drilling will result in an even more comprehensive model of the mineralization over a larger area.”  

The sampling campaign was conducted in the historic underground workings of the Granizo Mine where surface diamond drilling is currently underway (see September 17, 2018 Prize press release).  A total of 47 chip-channel samples were collected in 14 channels over an estimated 150 metres of mine workings on a single level.  The sampling covers an approximate area of 45 by 50 metres and mineralized red-bed sandstone is visually continuous throughout the workings, dipping at an average of 26 degrees.  As underground sampling was limited to exposures on the walls of the workings, it is not known to what extent mineralization extends above or below these channels.  This will be tested by the current drilling program where fifteen holes are being drilled over an area of 550 by 100 metres.

Summary of Channel Sampling Results:

Channel Channel Weighted Averages
Number Height (m) Cu % Ag g/t Pb %
1 1.50 0.65 15 0.19
2 1.60 1.53 31 0.66
3 2.90 3.71 91 0.01
4 1.70 1.48 32 0.24
5 1.70 2.72 44 0.74
6 1.25 4.82 83 0.10
7 1.65 3.68 74 0.30
8 2.00 2.72 54 0.30
9 1.35 4.60 81 0.82
10 1.35 3.03 46 0.07
11 1.80 2.23 30 0.76
12 1.75 2.51 47 0.91
13 1.60 2.09 36 0.80
14 1.80 1.04 21 0.16

View sampling results here.

Copper-silver mineralization on the Manto Negro Project belongs to the category of ‘red-bed type’ copper deposits, similar in style to the world class deposits of the Zambian Copper Belt in Africa and the Kupferschiefer in Poland.

Sampling QA/QC and Analysis

The Company followed a rigorous Quality Assurance/Quality Control program over the chain-of-custody of samples with the insertion of blanks and duplicates into the sample stream submitted to the laboratory for analysis. Sample preparation and analysis took place at the SGS facility in Durango, Mexico.

The analysis completed on all samples was the 32 Element Package by 4-acid digestion and Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) (package GE-ICP40B).  Samples with Cu or Pb over the upper detection limit of 10,000 ppm were re-analyzed by Sodium Peroxide Fusion and ICP-OES (package GO-ICP90Q).  Samples with Ag over the upper detection limit of 100 ppm were re-analyzed by Lead Fusion Fire Assay with Gravimetric Finish (package GO-FAG313).

Robert Archer, P.Geo., a Director of the Company, is a Qualified Person under NI 43-101, is the Company’s nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company’s properties.  Mr. Archer has approved and verified the scientific and technical information in this news release.

 

About Prize Mining Corp.

Prize is a junior mining issuer listed on the TSX Venture Exchange.  Prize is focused on the exploration and development of the Manto Negro Copper Property in Mexico and the Kena Gold Property in BC.  Find out more at: www.prizemining.com

For more information please contact:

Michael McPhie                                               Walter Spagnuolo

President and CEO                                         Manager, Investor Relations

Tel. 604-336-6066                                          Tel. 403-236-2222

mmcphie@prizemining.com                           walter@prizemining.com.

Follow Prize Mining on Social Media:

Twitter

Facebook

LinkedIn

Reader Advisory

Forward-Looking Statements. This news release contains forward-looking statements. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “scheduled”, “potential”, or other similar words, or statements that certain events or conditions “may”, “should” or “could” occur.

The forward-looking statements are based on certain key expectations and assumptions made by Prize, including the assay results of the 2017 and 2018 sampling programs on Prize’s Manto Negro Property.  Although Prize believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prize can give no assurance that they will prove to be correct.  There is no assurance that the result of these exploration programs will be successful.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.  These include, but are not limited to, exploration risks and that required regulatory and third-party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided.

The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof.  The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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.