Mr. Michael McPhie reports

PRIZE MINING COMMENCES EXPLORATION DRILLING PROGRAM ON THE TOUGHNUT GOLD-SILVER PROPERTY, BC

Prize Mining Corp. has started an exploration diamond drill program on its Toughnut gold-silver property in southeastern British Columbia. The Toughnut claims are contiguous with the northwestern end of Prize's extensive Kena-Daylight property that hosts a compliant resource of 481,000 ounces of gold in the indicated category and 1,318,000 oz Au in the inferred category.

"We are excited to get going on our fully funded exploration drilling program at the Toughnut property," said Michael McPhie, president and chief executive officer of Prize. "Following our successful program in 2017 that confirmed gold mineralization on the Gold Eagle showing near the northwest limit of the Toughnut/Sand claims package, this year's program will focus on expanding the limits of the known mineralization."

The Gold Eagle porphyry stock and host Elise formation volcanic rocks are contained within the one-plus-kilometre-wide Silver King shear zone, host to numerous historical gold, silver and polymetallic vein and breccia systems.

This year's program proposes to test four zones of interest along the Silver King shear system:

1. The closest zone to the southeast of the 2017 drilling is an effective extension of the Gold Eagle zone and drilling will test the west and east contacts of the Gold Eagle stock, as well as the southern limit of the main body of the intrusion. All three targets have coincident soil geochemical, induced polarization chargeability and magnetic anomalies along known geological boundaries, making them high-priority targets.
2. The next zone to the south-southeast is the Toughnut Crown Grant historical workings, comprising a southeast trend of pits, adits and shafts that expose a polymetallic vein system that has never been drill tested. Grab samples from old workings in 1989 returned up to 32.8 grams per tonne Au, 212.5 g/t Ag, 2.6 per cent lead and 5.9 per cent zinc from veins in volcanic host rocks. Two of the main historical workings were resampled in 2017 yielding results up to 9.5 g/t Au, and similar Ag and base metal results as in the historic sampling.
3. The Toughnut Ridge zone is centred approximately 500 metres east of the Toughnut Grant workings. It has been subjected to at least three trenching and drilling phases (1974, 1990 and 2010), and has been explored as both a gold-copper porphyry target and for remobilized polymetallic veins related to the Silver King shear system. Historical drilling (2010) returned best results of 6.9 g/t Au and 143 g/t Ag over 2.0 m and 4.05 g/t Au over 8.0 m. The 2018 drilling will test a previously underevaluated soil geochemical trend coincident with the main IP anomaly.

A total of 2,650 metres of diamond drilling is proposed for this program and the work should be completed by September of this year.

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 high-grade Manto Negro copper property in Mexico and the Kena gold property in British Columbia.