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

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.