Prosperity Goldfields Drills 24 m of 2.5 g/t Gold in Final Winter Drilling Results, Kiyuk Lake, Nunavut

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2013) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) announces final assay results for its 20 hole, 4,427 m winter drill program on its 100% owned Kiyuk Lake, Nunavut gold project (the "Property"). Final assay results from the Rusty discovery include 24 m at 2.52 g/t Au from 184 m, 24 m at 1.47 g/t Au from 10 m and 28 m of 1.05 g/t Au from 38 m in three separate drill holes. The winter program completed eleven holes at the Rusty Zone and nine holes at other prospects (see Figure 1, Rusty drill plan, & Figure 2, Winter drill locations).

Highlights from 2013 Winter Drilling

  • 35.9 metres of 4.95 g/t Au from 134.1 m at the Rusty Zone (previously reported on April 9, 2013).
  • Multiple gold intersections greater than 20 m at 0.5 g/t Au cut-off from five other holes at Rusty proving continuity of gold mineralization.
  • Rusty Zone still open at depth, at surface, and to the south east.
  • Anomalous gold grades (>0.5 g/t Au over 2 metres) were intersected in 17 of the 20 drill holes completed during the 2013 winter program suggesting a large hydrothermal system exists on the Property.

"The 2013 winter drill program was a combination of further defining the Rusty Zone and testing other prospects, some of which had not previously been drilled. The Rusty Zone results were strong and demonstrated continuity of mineralization as well as defining limits to part of the system", commented Prosperity CEO Adrian Fleming. "Rusty is still open and needs more drilling to define a resource. The wildcat drilling at other prospects did not deliver a discovery but follow-up drilling is warranted at the newly identified hydrothermal centers at North Snake and Anderson, and many other prospects remain untested."

At the Rusty Zone, drilling has defined the limits of the breccia hosted gold mineralization to the north west and south west, however the zone is still open. Including the discovery hole at Rusty drilled in 2011, which returned 37.8 m at 4.18 g/t Au from 2.44 m, a total of 15 holes have been completed at the Rusty Zone. Ten of these holes contain significant gold intercepts at a 0.5 g/t Au cut-off as summarized in Table 1 and shown in the cross section, Figure 3. Of these ten holes, six were drilled in 2013. Previously unreleased intercepts include 24 m at 2.52 g/t Au from 184m (KI13-011), 24.0 m at 1.47 g/t Au from 10.0 m (KI13-013) and 28 m at 1.05 g/t Au from 38 m (KI13-015). Hole KI13-011 experienced drilling difficulties at 208 m and the rod string was lost in the hole. The last 24 metres of core prior to the hole being lost containing 24 m of 2.52 g/t Au suggests that mineralization could extend further to depth.

Three dimensional modeling of this winter drill data clearly shows that the Rusty Zone is open at the surface to the south east and at depth.

The nine exploratory drill holes completed this winter were at the Rasmussen, North Snake, Bancroft, Cobalt and Anderson prospects (Figure 2). Hole KI13-012 at North Snake intersected pyrrhotite and magnetite-bearing brecciated mudstone and returned 6 m at 1.33 g/t Au from 24 m at a 0.5 g/t cut-off. The other prospects' assays did not make the Company's strict 0.5 g/t Au and 6m minimum length intercept criteria, however, sporadic gold mineralization was intersected. At Bancroft, (3 exploratory holes) a 54 m interval in hole KI13-006 returned anomalous grades up to 1.4 g/t Au from 14 metres; at Cobalt KI13-019 returned a 44 m interval of anomalous grades up to 1.4 g/t Au from 122 metres; and at Anderson KI13-020 returned anomalous grades up to 1.5 g/t Au in two intervals. These wildcat drill results, although lower grade, emphasize that these prospects as worthy of further exploration and demonstrate that multiple hydrothermal centers, in addition to Rusty, exist on the property.

A summary of drill holes assays at the Property, outside of the Rusty Zone, with significant mineralized intercepts, at a 0.5 g/t Au cut-off is provided below in Table 2.

Collar coordinates and drill orientations for all 2013 drill holes are shown in Table 3.

All available geologic, geochemical, structural, and geophysical data is currently being evaluated in order to define the scope of the summer field program that is expected to be carried out in July or August 2013.

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 Canada Geoscience Ltd.

A comprehensive QA/QC 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, Ontario. Gold analyses are by fire assay using a 30 g charge and an atomic absorption spectrometry finish. Over-range assays greater than 3 g/t Au are re-assayed 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 web site at www.prosperitygoldfields.com.

ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.

Adrian Fleming, CEO and Director

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prosperity Goldfields Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Prosperity Goldfields Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Table 1: Rusty Zone, + 0.5 g/t Au cut-off drill intercepts, all holes, 2013 holes highlighted

Hole No Area From (m) Length (m) Au g/t g/t * m
RU11-001 Rusty 2.44 37.80 4.18 157.87
RU11-001 Rusty 41.76 13.56 1.22 16.51
RU11-001 Rusty 67.67 18.59 2.31 42.93
RU11-001 Rusty 88.09 11.58 1.52 17.57
RU11-001 Rusty 110.95 7.47 1.19 8.92
KI12-001 Rusty 20.00 15.00 1.08 16.26
KI12-001 Rusty 56.00 7.50 1.26 9.45
KI12-001 Rusty 65.00 7.53 1.19 8.95
KI12-001 Rusty 81.49 23.01 1.49 34.31
KI12-001 Rusty 115.00 24.00 3.73 89.51
KI12-001 Rusty 145.03 7.47 1.68 12.55
KI12-001 Rusty 166.05 8.95 5.10 45.66
KI12-002 Rusty 137.00 9.00 5.40 48.64
KI12-002 Rusty 156.50 18.00 3.47 62.54
KI12-002 Rusty 195.50 7.50 2.82 21.17
KI12-002 Rusty 218.00 22.50 1.80 40.55
KI12-003 Rusty 19.48 19.52 3.49 68.19
KI12-003 Rusty 108.00 10.50 7.17 75.33
KI12-003 Rusty 159.00 61.50 3.34 205.51
KI13-001 Rusty 40.00 6.00 2.12 12.71
KI13-001 Rusty 48.00 6.00 1.27 7.62
KI13-001 Rusty 81.97 8.01 1.28 10.24
KI13-001 Rusty 101.99 8.01 2.53 20.29
KI13-001 Rusty 134.05 35.92 4.95 177.64
KI13-003 Rusty 79.98 12.02 6.61 79.42
KI13-003 Rusty 256.00 8.00 1.30 10.43
KI13-004 Rusty 8.23 11.81 1.46 17.26
KI13-004 Rusty 33.97 24.09 3.40 81.88
KI13-004 Rusty 66.00 28.00 1.53 42.76
KI13-004 Rusty 104.00 14.00 1.70 23.84
KI13-004 Rusty 132.02 9.98 1.72 17.17
KI13-004 Rusty 168.00 8.00 8.24 65.90
KI13-004 Rusty 181.96 8.04 1.17 9.43
KI13-004 Rusty 196.00 10.00 3.01 30.09
KI13-004 Rusty 224.00 30.00 2.87 86.03
KI13-011 Rusty 162.00 8.00 4.01 32.11
KI13-011 Rusty 184.00 24.00 2.52 60.49
KI13-012 North Snake 24.00 6.00 1.33 7.96
KI13-013 Rusty 10.01 23.99 1.47 35.37
KI13-013 Rusty 58.00 10.00 1.39 13.85
KI13-015 Rusty 24.03 7.97 1.71 13.60
KI13-015 Rusty 38.00 28.00 1.05 29.33
KI13-015 Rusty 218.00 12.00 1.87 22.38
KI13-015 Rusty 240.00 8.00 1.14 9.10
Criteria: 0.5 g/t Au cut-off, >1 g/t Au composite average, 4 m internal dilution, apparent thickness

Table 2: + 0.5 g/t Au cut-off drill intercepts, other Prospects, 2013 hole highlighted

Hole No Area From (m) Length (m) Au g/t g/t * m
GP11-002 Gold Point 102.72 6.10 2.62 15.97
GP11-003 Gold Point 148.53 12.10 6.37 77.08
GP11-003 Gold Point 164.84 26.55 3.17 84.26
GP11-003 Gold Point 199.37 8.50 1.76 14.96
GP11-005 Gold Point 108.81 15.24 1.92 29.31
GP11-005 Gold Point 174.19 17.53 2.09 36.59
GP11-006 Gold Point 214.67 7.92 6.20 49.14
GP11-006 Gold Point 319.12 10.21 1.56 15.90
CS11-002 Cobalt 52.43 6.10 1.56 9.52
CS11-002 Cobalt 63.09 21.34 2.15 45.88
CS11-004 Cobalt 84.43 13.72 1.89 25.95
CS11-005 Cobalt 90.53 6.10 2.03 12.38
CS11-007 Cobalt 104.24 6.10 4.38 26.70
KI12-006 Gold Point 120.00 12.00 2.43 29.16
KI12-006 Gold Point 163.50 12.00 3.99 47.88
KI12-008 Cobalt 57.00 9.00 2.05 18.46
KI12-008 Cobalt 73.50 18.00 1.36 24.50
KI12-009 Cobalt 68.00 9.03 1.00 9.03
KI12-012 Amundsen 170.00 12.02 2.33 28.01
KI13-012 North Snake 24.00 6.00 1.33 7.96
Criteria: 0.5 g/t Au cut-off, >1 g/t Au composite average, 4 m internal dilution, apparent thickness

Table 3: 2013 drill collar coordinates

Hole ID Easting1 Northing1 Elevation (m) Azimuth Dip Total Depth (m)
KI13-001 425843.8 6699965.8 329.5 243.06 140 243.06
KI13-002 425762.5 6699905.4 327.8 273.41 146 273.41
KI13-003 425898.7 6699898.2 331.35 276.45 140 276.45
KI13-004 426017.1 6700038.1 328.23 268.48 230 268.48
KI13-005 425896.8 6699681.2 317.56 203.3 230 203.3
KI13-006 425901.7 6702116.2 301.63 197.21 90 197.21
KI13-007 425580.1 6699878.7 324.63 236.83 140 236.83
KI13-008 425955.8 6702223 303.13 194.16 90 194.16
KI13-009 425916.5 6700094.4 337.02 233.78 140 233.78
KI13-010 425979.6 6702274.3 307.04 188.22 90 188.22
KI13-011 425779.6 6700007.2 333.85 208.79 141 208.79
KI13-012 426232.1 6701370.1 307.21 154.53 90 154.53
KI13-013 425891.8 6699960.6 325.19 215.49 320 215.49
KI13-014 426179.9 6701328.6 309 209.4 90 209.4
KI13-015 425912.2 6699993.9 329.325 279.2 140 279.2
KI13-016 412829.1 6692824.9 335.17 185.01 140 185.01
KI13-017 425853.8 6699898.3 326.6 230.73 270 230.73
KI13-018 412829.1 6692824.9 335.17 185.01 140 185.01
KI13-019 425845 6703228.6 319.95 224.64 140 224.64
KI13-020 426648.8 6703122.6 307.3 218.54 90 218.54
1 Coordinate System: UTM NAD 83, Zone 14N

Note: To view Figures 1, 2 and 3 associated with this release, please click the following link: http://media3.marketwire.com/docs/ppg0509.pdf.

Contact:
Prosperity Goldfields Corp.
Dwane Brosseau
Investor Relations
Toll Free: 1 855 237 6274 or Direct: 604 662 3380
info@prosperitygoldfields.com
www.prosperitygoldfields.com
Frontline Communications
Leo Karabelas
Mobile: 416 543 3120

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