Mr. Brian Maher reports

PRODIGY ANNOUNCES $37.5 MILLION BOUGHT-DEAL PUBLIC OFFERING

Prodigy Gold Inc. has entered into an agreement with a syndicate of underwriters co-led by Casimir Capital Ltd. and Paradigm Capital Inc., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 37.5 million common shares in the capital of Prodigy and 7,894,736 common shares to be issued on a flow-through basis under the Income Tax Act (Canada) at a price of 80 cents per common share and 95 cents per flow-through share for aggregate gross proceeds of approximately $37.5-million, pursuant to a short form prospectus. The common shares issuable under the offering may also be concurrently offered in United States on a private placement basis pursuant to applicable exemptions from registration requirements. Under the offering, Prodigy has agreed to grant the underwriters an option to purchase an additional 15 per cent of the number of common shares issuable under the offering to cover overallotments, if any. The overallotment option is exercisable in whole or in part at any time, and from time to time, until 30 days after the closing of the offering.

The net proceeds from the issuance of common shares under the offering will be used by Prodigy to finance the exploration and development activities and for general corporate purposes. Proceeds from the issuance of flow-through shares under the offering will be used by Prodigy to incur Canadian exploration expenses on Prodigy's Magino project on or before Dec. 31, 2013. Prodigy will renounce the qualifying expenditures to subscribers of the flow-through shares for the fiscal year ended Dec. 31, 2012.

The offering is scheduled to close on or about March 5, 2012, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

Under the terms of the agreement, Prodigy is required to file a preliminary short form prospectus and obtain a receipt therefor from securities regulatory authorities in Canada other than Quebec on or before Feb. 16, 2012, or such later date as may be agreed upon by Prodigy and the underwriters.

We seek Safe Harbor.