Taku River Tlingit First Nation, Eagle Plains and Prize Mining Sign Impact & Benefit Agreement for Yellowjacket Gold

ATLIN, BRITISH COLUMBIA, Nov 09 (MARKET WIRE) --
The Taku River Tlingit First Nation ("TRTFN"), Eagle Plains Resources
Ltd. (TSX VENTURE: EPL) and Prize Mining Ltd. (TSX VENTURE: PRZ) jointly
announce that the parties have completed and executed a formal Impact and
Benefit Agreement ("IBA") relating to mineral exploration and gold
production activities at the Yellowjacket Gold Project ("Yellowjacket
Project") located near Atlin, British Columbia. The project is operated
through the Yellowjacket Joint-Venture ("YJV") comprised of Eagle Plains
and Prize Mining. The completion of this document is a very important
event and may signify a new era of Aboriginal participation in mineral
resource exploration and extraction in British Columbia. The TRTFN is
hopeful that the signing of this IBA will pave the way for future
relationships with third party interests in the TRTFN traditional
territory.

TRTFN Clan Director for Land and Resources, Bryan Jack stated that, "The
TRTFN is supportive of responsible mineral exploration and mine
development in the TRTFN Territory. In addition, the TRTFN are keen to
ensure that the benefits from all responsible development ought to be
realized by the TRTFN and Atlin community residents."

The Agreement recognizes that the Yellowjacket Project is located within
the TRTFN Territory; and, the YJV holds certain interests and rights
granted by British Columbia to extract gold resources. Furthermore, the
parties recognize that they have a mutual and beneficial interest in
cooperating with each other to advance and complete the Yellowjacket
Project in a timely, environmentally responsible and orderly manner.

The Agreement provides employment and training opportunities to TRTFN
members and contracts for fuel purchases and other services necessary for
mining and exploration activities, including a contract to conduct
environmental monitoring at the Project.

In addition, Yellowjacket has agreed to contract TRTFN to study the
feasibility of supplying power to the Project from a hydroelectric
facility nearby that is owned and operated by the Atlin Tlingit
Development Corporation. In turn, TRTFN has agreed to provide to support
the Project and grant access, use and occupation to the joint venture to
conduct the project within its traditional territory.

The agreement sets out a clear understanding between the parties of the
opportunities and benefits that may result from such an undertaking,
while taking into consideration the challenges relating to economic
sustainability and responsible environmental stewardship. The document
itself reflects the clear and forthright communication present throughout
the negotiating process and further underscores the mutual respect of all
parties.

Spokesperson for Taku River Tlingit First Nation, John Ward, stated that,
"It is important that when a mining company comes into Tlingit territory
to explore and develop mineral resources, that they first come and talk
to us about the proposed activity, and get our consent. The Tlingit
people need to be assured that a mining project can and will be carried
out in a manner that contributes to, and does not undermine, the
sustainability of the Tlingit culture and land-based economy. Negotiating
this agreement with the Yellowjacket joint venture shows that this goal
can be achieved in a fair and responsible manner with all parties
benefiting. We look forward to a productive relationship with
Yellowjacket."

Tim Termuende, President and CEO of Eagle Plains Resources stated
recently, "The Agreement marks an important milestone for the
Yellowjacket Project and the British Columbia mining industry as a whole.
It demonstrates clearly that cooperation and mutually beneficial
relationships between First Nations and the mining industry are both
possible and preferable. I would like to thank the TRTFN Leadership and
members of the negotiating team for this rewarding experience, and look
forward to working further with TRTFN".

"It is a great pleasure to announce the signing of the IBA," stated
Feisal Somji, chairman of Prize Mining. "I look forward to working
alongside the Taku River Tlingit First Nations as we develop the
Yellowjacket Project. The TRTFN have been invaluable advisors during this
process and I am proud of our joint commitment to environmental
responsibility and the local community. Our negotiations have been
amicable and beneficial for all parties involved and I look forward to
our continued work with the TRTFN."

About the Yellowjacket Gold Project

The Yellowjacket Project received a Small Mines Act Permit in July of
2009 for the development and production of gold from the British Columbia
Ministry of Energy, Mines and Petroleum Resources (see EPL/PRZ news
release dated July 13, 2009). The Permit allows for the development and
operation of an open pit gold mine and onsite concentrator processing up
to 75,000 tons per year of ore. The TRTFN were active participants in the
review and approval of the Permit.

Commissioning and test work on the mill facility was completed earlier
this season, and excavation activity took place from mid-August to
mid-September. Approximately 50,000 tonnes of material was mined, with
approximately 11,000 tonnes of material stockpiled for processing. Mining
and milling activity for the 2009 season was completed in early October.
Metallurgical test work and plant engineering designs show that expected
gravity concentration gold recoveries will be between 73% and 80%, with
no chemicals used in the extraction process. Production activity is
presently seasonal, but the potential exist for year-round operations.

A detailed history of the project and recently updated photo-gallery may
be found here: http://www.eagleplains.com/projects/bc/yellowjacket/

About TRTFN

The Taku River Tlingit First Nation are the indigenous people who have
Aboriginal title and rights to some 40,000 square kilometers in northwest
corner of British Columbia, comprising the Taku watershed and a major
portion of the Atlin plateau. The area is largely unroaded, and is rich
in wildlife and fish resources upon which the Tlingit depend. The main
place of residence for Tlingit citizens is Atlin, British Columbia,
located 9km west of the Yellowjacket gold mine. The TRTFN are currently
in the BC treaty process to resolve the outstanding issues of ownership
and jurisdiction in the Tlingit territory. The TRTFN are supportive of
mining activity in the territory if it can be done in a sustainable
fashion and in a way agreeable to TRTFN government.

About Prize Mining

Prize Mining Corporation (TSX VENTURE: PRZ) is dedicated to the
exploration, discovery and development of precious metal deposits. Prize
is exploring for gold in the Atlin area of northwestern British Columbia,
Canada and for nickel-copper-palladium and platinum on the Muskox Layered
Intrusion in Nunavut, Arctic Canada.

About Eagle Plains Resources

Eagle Plains continues to conduct
research, acquire and explore metal projects in western Canada. In
addition to holding mining royalties on various projects, the Company
controls over 35 gold, base-metal and uranium projects, several with
third parties including Waterloo Resources Ltd. and XO Gold Resources
Ltd. (a private B.C. company). In recent years, Eagle Plains has
completed option agreements with Teck Limited, Alexco Resource Corp.,
Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott
Exploration and numerous other junior exploration companies, resulting in
over 53,000m (158,500') of drilling and over $27.0 million in exploration
spending on its projects since 1998.

Expenditures during 2008 on Eagle Plains' projects were approximately
$6,000,000, funded equally between Eagle Plains and third party partners.
This work resulted in approximately 6,300m of drilling and extensive
ground-based exploration work and facilitated the advancement of numerous
projects at various stages of development.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Jim Glass, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.

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.

Contacts:
Prize Mining Corporation
Jamie Mathers
Investor Relations
604-684-4743 ext 236 or Toll Free: 1-866-684-4743 ext. 236
info@prizemining.com
www.prizemining.com

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