Mr. Eugene Chen reports

PRINCE RESOURCE CORPORATION ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Prince Resource Corp. will proceed with a non-brokered private placement of up to 3,333,333 units at 15 cents per unit for gross proceeds of up to $500,000.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at a price of 15 cents per warrant share for a period of one year from the closing of the offering.

Finders' fees may be payable in connection with the completion of the offering in accordance with TSX Venture Exchange policies. Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.

All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The proceeds from the offering will be used for general corporate and administrative expenses.

We seek Safe Harbor.