🕐13.03.12 - 12:27 Uhr

PRODIGY DISCOVERS NEW HIGH GRADE ZONE: 10.0 METRES GRADING 8.55 GPT GOLD IN FOOT
WALL OF MAIN MAGINO DEPOSIT



======================================================================= News Release - March 13, 2012 Prodigy Discovers New High Grade Zone: 10.0 metres grading 8.55 gpt Gold in Footwall of Main Magino Deposit ======================================================================= Vancouver, British Columbia, March 13, 2012 � Prodigy Gold Incorporated (PDG: TSX.V; "Prodigy") is pleased to announce that it has discovered a significant thick zone of high grade gold mineralization in the footwall of the main Magino deposit: Drill hole MA11-205 cut 10.0 metres (83.0 - 93.0 metres) grading 8.55 gpt gold within a thicker zone of 24.0 metres grading 4.22 gpt gold (82.0 - 106.0 metres, please see cross section of the "Grif" zone below).�This drill intercept correlates with a district scale zone of higher grade gold mineralization that extends from drill hole MA11-205 through the main Magino deposit and continues to the east to the Island zone being mined by Richmont Mines east of the Magino property (please see map below).�This drill hole was targeted to confirm geologic interpretations by the Prodigy geologic staff; the results are significant for several reasons: The high grade mineralization seen in MA11-205 defines a distinct high grade structural zone at shallow levels in the Magino system.�The gold mineralization in MA11-205 is in the footwall of the main Magino deposit, within the outline of the proposed open pit mining operation, and expands the gold resource potential of the Magino project.�The gold zone is open at depth and along strike. The structural interpretation that led to the discovery confirms the model developed by the Prodigy geologic team.�Deeper drilling along the structure, below the currently proposed open pit mining operation, will focus on the high grade zone cut by MA11-205.�The potential for significant volumes of high grade gold mineralization, similar to the deep high grade zones at the adjacent Island mine, has been confirmed by this drill hole. Gold mineralization in drill hole MA11-205 is hosted by quartz-carbonate altered mafic metavolcanic rocks and associated iron formation.�This is the first significant drill intercept by Prodigy in these host rocks and greatly expands potential target areas for additional high grade metavolcanic rock hosted gold mineralization. Prodigy has also received the final results from its 2011 drilling program at Magino.�Resource expansion drilling on the southwest end of the Magino gold deposit continues to document thick intervals of potentially bulk minable gold mineralization, results are tabulated below.�Prodigy expects to release drilling results from early 2012 drilling at Magino shortly. For further details and to review the full news release, please click here or visit http://prodigygold.com/_resources/news/nr_2012_03_13.pdf. 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 2,176,000 ounces grading 1.00 gpt gold (67.6 million tonnes), and 1,721,000 ounces of Inferred gold resources grading 0.99 gpt gold (54.2 million tonnes) at a cut off grade of 0.35 gpt gold.�A Preliminary Economic Assessment (PEA) shows a pre-tax NPV of $939 million and an IRR of 36% using a 5% discount rate for the project (see Press Release dated December 22, 2011 and technical report available on SEDAR or Prodigys web site).�The proposed operation would have total gold production of 2,614,000 ounces and an average annual gold output of 249,300 ounces a year during an eleven year project life.�Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability.

The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

There is no certainty that the preliminary assessment will be realized.

A full feasibility study for the proposed open pit mining project at Magino is scheduled for completion in 2012.�Bringing the Magino mine project through the feasibility process and towards production, is a catalyst 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%.

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. ======================================================================= Click or copy and paste the link below to unsubscribe from this list http://dissemination.blendermedia.com:81/u?id=3168290N&n=T&l=prodigygold_com =======================================================================



Products & Services | Jobs