Mr. Adrian Fleming reports

PROSPERITY GOLDFIELDS REPORTS 35.9 M AT 4.95 G/T AU, FROM CORE DRILLING, RUSTY ZONE, KIYUK LAKE, NUNAVUT

Prosperity Goldfields Corp. has provided assay results from the first four drill holes from the continuing winter drill program on its 100-per-cent-owned Kiyuk Lake gold property. Multiple zones of gold mineralization have been intercepted in three of the first four drill holes from the Rusty zone. Highlights include those in the table.

Hole KI13-001:  35.9 metres at 4.95 grams per tonne Au from 134.1 m

Hole KI13-003:  12.0 m at 6.61 g/t Au from 80.0 m

Hole KI13-004:  24.1 m at 3.40 g/t Au from 34.0 m

 28.0 m at 1.53 g/t Au from 66.0 m

 8.0 m at 8.24 g/t Au from 168.0 m

 30.0 m at 2.87 g/t Au from 224.0 m

"Our initial holes at Rusty zone further define this robust breccia-hosted gold system by demonstrating continuity of mineralization, confirming strong gold grades, and that mineralization begins near surface," commented Prosperity chief executive officer, Adrian Fleming. "Grades quoted are for a 0.5 g/t Au cut-off using a rigorous statistical treatment. At a zero g/t Au cut-off and averaging all of assays of the mineralized core in hole KI13-004 we see a wide gold zone; 249.8 m at 1.6 g/t Au from 8.2 m. Although more drilling is required to adequately define the Rusty zone, it is clear from these early holes that we are dealing with a strongly mineralized gold system. I'm looking forward to the assays from the balance of our current two-drill program."

The "Composited gold assay results, Rusty zone" table lists composite assay results from the first four holes of the winter drill program completed at Rusty zone.

              COMPOSITED GOLD ASSAY RESULTS, RUSTY ZONE

Hole ID                     From (m)       Length (m)(1)         Au (ppm)(2)

KI13-001                        40.0                 6.0                2.12
KI13-001                        48.0                 6.0                1.27
KI13-001                        82.0                 8.0                1.28
KI13-001                       102.0                 8.0                2.53
KI13-001                       134.1                35.9                4.95
KI13-002                            No significant assays                   
KI13-003                        80.0                12.0                6.61
KI13-003                       256.0                 8.0                1.30
KI13-004                         8.2                11.8                1.46
KI13-004                        34.0                24.1                3.40
KI13-004                        66.0                28.0                1.53
KI13-004                       104.0                14.0                1.70
KI13-004                       132.0                10.0                1.72
KI13-004                       168.0                 8.0                8.24
KI13-004                       182.0                 8.0                1.17
KI13-004                       196.0                10.0                3.01
KI13-004                       224.0                30.0                2.87

(1) Apparent thickness of composite intervals                               
(2) Weighted averages calculated using 0.5 g/t Au cut-off; minimum composite
    grade 1.0 g/t Au over minimum six m interval, maximum internal dilution 
    length and grade four m and more than 0.1 g/t Au respectively

Gold mineralization at Rusty is hosted by brecciated sandstone with a matrix composed of varying proportions of albite, actinolite, calcite, dolomite and quartz. Magnetite and pyrrhotite occur in the matrix of the breccia creating an intense magnetic high visible in ground magnetic data collected in 2012. KI13-001 and KI13-004 drilled through the core of the magnetic body. These holes demonstrate continuity of mineralization by filling a 200 m gap between 2012 drill holes (previously reported KI12-001 and KI12-003) and by extending the zone of mineralization further to the west-northwest. As shown by the intercept at the bottom of KI13-003 gold mineralization also occurs within magnetic low zones flanking the main body. The reported widths of composite intervals are apparent thicknesses and the overall shape of the mineralized zone is not yet known. KI13-004 ended in mineralization at target depth.

To date nine drill holes have been completed at the Rusty zone, three at Bancroft, two at North Snake and one at Rasmussen. Further assay results are pending. Additional drilling is proceeding at untested targets including Rasmussen.

The exploration program is being directed by Adrian Fleming, CEO and a director of Prosperity, with additional specialist expertise in geology, geochemistry and geophysics being provided by CSA Global Geoscience Ltd.

A comprehensive quality assurance/quality control program is in place to monitor precision and accuracy of assay results. Drill core samples are submitted with certified reference materials and analyzed by SGS Minerals Services, Red Lake, Ont. Gold analyses are by fire assay using a 30 g charge and an atomic absorption spectrometry finish. Overrange assays greater than three g/t are reassayed using a gravimetric finish. SGS Mineral Services is ISO 9001 accredited.

Adrian Fleming RPGeo, MAusIMM (CP) is a qualified person and is responsible for the technical content of this news release.

Additional information including maps and cross-sections displaying these drill results can be viewed on the company website.

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