🕐11.05.11 - 15:54 Uhr

PRODIGY GOLD INC. ELECTS TO ACCELERATE EXPIRY OF WARRANTS



======================================================================= News Release - May 6, 2011 Prodigy Gold Inc.

Elects to Accelerate Expiry of Warrants ======================================================================= Vancouver, British Columbia, May 6, 2011.�Prodigy Gold Inc.

(the "Company") (TSX Venture Exchange � PDG) announces that it has elected to accelerate the expiry of share purchase warrants (the "Warrants") originally issued by the Company on December 16, 2010 and set to expire on December 16, 2013.�The accelerated expiry provision has been satisfied, in that for a period of twenty (20) consecutive trading days the trading price of Common Shares on the TSX Venture Exchange has been greater than $0.60. The Company has elected to accelerate the expiry of the Warrants and the expiry date will now be June 6, 2011.�Notice of the acceleration of the expiry of the Warrants is being mailed to registered holders of the Warrants. Holders of Non-U.S.

Warrants may exercise Warrants before 4:00 pm (Vancouver time) on June 6, 2011 by surrendering to Computershare Trust Company of Canada and Computershare Investor Services Inc.

at 3rd Floor, 510 Burrard Street, Vancouver, British Columbia�Canada, V6C 3B9, the Warrant certificate, together with (i) a duly completed and executed exercise form in the form attached to the Warrant Certificate; (ii) the original Warrant certificate; and (iii) a certified cheque, bank draft, cash or money order in lawful money of Canada payable to Prodigy Gold Inc.

in an amount equal to the purchase price of the number of shares subscribed for. Holders of U.S.

Warrants may exercise Warrants before 4:00 pm (Vancouver time) on June 6, 2011 by surrendering to Computershare Trust Company of Canada and Computershare Investor Services Inc.

at 3rd Floor, 510 Burrard Street, Vancouver, British Columbia�Canada, V6C 3B9, the Warrant certificate, together with (i) a duly completed and executed exercise form in the form attached to the Warrant Certificate; and (ii) the original Warrant certificate. About Prodigy Gold: Prodigy Gold Inc.

(PDG: TSX.V) is currently evaluating the development of the Magino mine gold project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade gold production.�The Magino project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes) (Available on SEDAR or Prodigys web site).�A Preliminary Economic Assessment (PEA) of the project shows a pre-tax NPV of $351million and an IRR of 49% using a 5% discount rate (please see Prodigy press release dated April 4, 2011).�The proposed operation would have an average annual gold output of over 166,000 ounces a year during a nine year project life.�Total gold production is estimated to be 1.50 million ounces at cash costs of approximately US$496 (Cdn$521) per ounce.

Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability. A full feasibility study for the proposed open pit mining project at Magino is scheduled for early 2012.�Bringing the Magino mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy Gold and building substantial value for Prodigy shareholders: Todays Discovery, Tomorrows Future. All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold�s Vice President � Exploration, who is a qualified person under the definitions established by National Instrument 43-101.�Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy Gold personnel.�The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals.�One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy�s sampling facility in a secure, fenced off, area.�Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays.�Samples assaying > 3.0 gpt gold are automatically re-assayed by the metallic screen method.�Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes.

Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino.�As a rough estimate the true thickness of the above intercepts is approximately 76%.� NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.�The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S.

Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S.

Persons unless registered under the U.S.

Securities Act and applicable state securities laws, or unless an exemption from such registration is available. On behalf of the Board of Directors Brian J.

Maher President and Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT: Prodigy Gold Incorporated Email: Website: www.prodigygold.com tel.: 1-604-688-9006 Fax: 1-604-688-9029
This news release includes certain forward-looking statements or information.

All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Companys plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither 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.
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