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Today's PR from Evolving Gold's 37% owned spinoff, Prosperity Goldfields...


Prosperity Goldfields Corp. Kiyuk Gold Project Update; Additional Assay Results, Spring Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Prosperity Goldfields Corp. (TSX VENTURE:PPG.V; OTC:PSPGF - News) ("Prosperity Goldfields") is pleased to provide an update on its 100% controlled Kiyuk Gold Project in Nunavut.

Metallic Screen Gold Assays

Prosperity Goldfields has recently received metallic screen assays for select drill intervals first reported in a news release dated September 15, 2011. Metallic screen assay results for the single drill hole (RU11-001) that tested the Rusty Zone show an increase in average gold grade of 11% from 1.70 gpt Au to 1.92 gpt Au from surface to 157.6 meters total depth. The interval 5.2 - 35.7 meters increased 14% from 4.91 gpt to 5.69 gpt Au. Results of metallic screen fire assays for the Gold Point Zone and the Cobalt Zone are more variable, showing both increases and decreases in the gold assay results for the longer assay intervals (greater than 10 meters). Statistical analysis of the metallic screen assays versus initial fire assay data indicates a positive variance of 0.04 grams per tonne Au based on a population of 423 samples. However, the data show a minor, yet systematic, increase in gold captured by the metallic screening process: +0.18, +0.52, and +2.67 grams per tonne gold for samples that register greater than 1.0, greater than 5.0, and greater than 10.0 grams per tonne Au, respectively.

Results for the longer assay intervals (greater than 10 meters) from drill holes at the three zones are shown in the tables below.

Summary of Metallic Screen Results from the Rusty Zone 
 ---------------------------------------------------------------------------- 
   
                                       Gold     Gold            Gold     Gold 
                                     (gpt)-   (gpt)-          (opt)-   (opt)- 
                                    Initial Metallic         Initial Metallic 
              From      To  Length     Fire   Screen  Length    Fire   Screen 
 Hole      (meters)(meters)(meters)   Assay    Assay   (feet)  Assay    Assay 
 ---------------------------------------------------------------------------- 
 RU11-001      0.0   157.6   157.6     1.70     1.92   516.9   0.050    0.056 
 including     0.0    52.4    52.4     3.27     3.82   171.9   0.095    0.112 
 including     5.2    35.7    30.5     4.90     5.68   100.0   0.143    0.166 
 including    16.5    35.7    19.2     6.17     7.49    63.0   0.180    0.219 
 including    28.0    31.1     3.1    20.84    30.55    10.2   0.609    0.892 
 including    76.8    86.3     9.5     3.31     3.58    31.2   0.097    0.105 
 ---------------------------------------------------------------------------- 
 Summary of Metallic Screen Results from the Gold Point Zone 
 ---------------------------------------------------------------------------- 
                                                Gold            Gold     Gold                                      Gold   (gpt)-          (opt)-   (opt)- 
                                     (grams Metallic         Initial Metallic 
              From      To  Length      per   Screen  Length    Fire   Screen 
 Hole      (meters)(meters)(meters)   tonne)   Assay   (feet)  Assay    Assay 
 ---------------------------------------------------------------------------- 
 GP11-002    102.7   121.0    18.3     1.41     1.54    60.0   0.041    0.045 
 including   104.3   108.8     4.5     3.21     3.38    14.8   0.094    0.099 
   
 GP11-003     99.4   104.0     4.6     6.10     4.99    15.1   0.178    0.146 
             148.6   212.2    63.6     2.84     2.77   208.6   0.083    0.081 
 including   148.6   187.2    38.6     4.15     4.12   126.6   0.121    0.120 
 including   151.2   156.6     5.4    11.64    10.58    17.7   0.340    0.309 
 including   177.1   182.9     5.8     8.58     8.41    19.0   0.251    0.246 
                                                                    
 GP11-005    108.8   122.6    13.8     2.06     2.35    45.3   0.060    0.069 
             178.0   191.2    13.2     2.32     2.57    43.3   0.068    0.075 
   
 GP11-006    214.7   222.7     8.0     6.25     5.58    26.2   0.183    0.163 
 including   214.7   218.0     3.3    11.95     9.89    10.8   0.349    0.289 
             319.2   329.4    10.2     1.56     1.17    33.5   0.046    0.034 
 including   325.9   328.0     2.1     4.27     2.50     6.9   0.125    0.073 
 ---------------------------------------------------------------------------- 
 Summary of Metallic Screen Results from the Cobalt Zone                      
 ---------------------------------------------------------------------------- 
                                                Gold            Gold     Gold                                      Gold   (gpt)-          (opt)-   (opt)- 
                                     (grams Metallic         Initial Metallic              
              From      To  Length      per   Screen  Length    Fire   Screen 
 Hole      (meters)(meters)(meters)   tonne)   Assay   (feet)  Assay    Assay 
 ---------------------------------------------------------------------------- 
 CS11-002     52.4    84.5    32.1     1.82     1.91   105.3   0.053    0.056 
 including    64.1    81.4    17.3     2.41     2.70    56.7   0.070    0.079                                                              
                 
 CS11-004     67.7    98.2    30.5     1.20     1.24   100.0   0.035    0.036 
 including    84.5    96.6    12.1     2.01     1.98    39.7   0.059    0.058                                                              
                 
 CS11-005     90.5    96.6     6.1     2.03     1.63    20.0   0.059    0.048                                                              
                 
 CS11-007    104.3   110.4     6.1     4.38     3.46    20.0   0.128    0.101 
 ---------------------------------------------------------------------------- 
 Weighted averages were used to calculate all reported intervals

Spring Drilling Program

The Company plans to commence a 4,500 meter core drill program in early March, 2012. The goals of this program are twofold: 1) to follow up on the positive drill results from the three gold zones, Rusty, Gold Point and Cobalt, that were drilled in 2011, and 2) to drill test new targets that display geochemical and geophysical characteristics similar to the aforementioned mineralized zones.

"The follow up core drilling program should make for a very exciting year for Prosperity Goldfields and the Kiyuk Gold Project," comments Dr. Quinton Hennigh, Chief Geologist for Prosperity Goldfields. "Not only will we be following up on the exciting drill results from 2011, we will also start drill testing several new targets with strong geologic similarities to the discoveries we made in 2011."

About the Kiyuk Gold Project

Gold at Kiyuk is hosted by a sequence of conglomerates and breccias occurring along an unconformity between two thick sedimentary units, the Hurwitz Supergroup and overlying Kiyuk Group. The Kiyuk sub-basin in which numerous gold showings occur, measures roughly 60 km NE-SW and 35 km NW-SE. Gold mineralization is associated with intense magnetite and albite replacement and displays variable geochemical associations with cobalt, nickel, arsenic and uranium. Gold Mineralization at Kiyuk is unusual, both in terms of host-rocks and style of alteration that is dominated by sodic minerals. Although Kiyuk shares some similarities with iron oxide copper-gold deposits, little to no copper has been observed in the system at Kiyuk. The objective of exploration at Kiyuk is to discover multiple deposits of near-surface, bulk mineable gold mineralization. Other bulk mineable gold deposits in Nunavut include Agnico Eagle's Meadowbank mine where gold is produced from open pit deposits with proven and probable reserves of approximately 34 million metric tonnes grading 3.18 grams per tonne gold (source: Agnico Eagle website).

About Prosperity Goldfields Corp.

Prosperity's principal asset is the mineral claims comprising the "Kiyuk Property" near Nueltin Lake in Nunavut over which Prosperity has the option to acquire a 100% interest.

"The expected completion of the recently announced amalgamation of Prosperity Goldfields with Smash Minerals will result in a well financed company with a strong technical team that will assure an effective follow up drill program at Kiyuk," comments R. Bruce Duncan, CEO of Prosperity Goldfields. "The significantly mineralized trends at Kiyuk are spatially extensive and underexplored, as shown by the successful 2011 summer drilling campaign. The combination of these two companies will give us the strength and depth to continue exploration and discovery at Kiyuk, a system that we have really only just begun to explore. Prosperity Goldfields is also pleased to announce the filing of an updated National Instrument 43-101 Technical Report prepared by David Turner, M.Sc., P.Geo., which is now available on Sedar."

Website: http://www.prosperitygoldfields.com

In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo. is the Qualified Person responsible for the accuracy of this news release.

On Behalf of the Board of Directors

PROSPERITY GOLDFIELDS CORP.
R. Bruce Duncan,
CEO and Director

Contact:
R. Bruce Duncan
Prosperity Goldfields Corp.
CEO and Director
905 813-8408
[e-mail]

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