PPG

Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG)
reports that assay results have been received from all twelve holes of the
recently completed spring drill program of 2,652 m of drilling on its 100
percent owned Kiyuk Lake gold property (the "Property") located in southern
Nunavut.


The last hole of the spring program, KI12-012, (at a new zone named "Amundsen")
was sited to test multiple magnetic highs in an area where surface sampling of
boulders returned grades ranging from below detection limit to 15 g/t Au with 7
of 14 samples returning greater than 2 g/t Au. The Amundsen hole was abandoned
at 212.4 m depth whilst in mineralization, due to a drilling problem. The last
part of the hole from 170 m cut a wide variably mineralized zone containing
silicified, brecciated and veined conglomerate and siltstone that returned 42.4
m at 0.97 g/t Au including 12 m at 2.3 g/t Au from 170 m (Table 1). The breccia
matrix and veins consist primarily of actinolite, chlorite, albite, and calcite,
with variable amounts of pyrrhotite and rare biotite. This style of
mineralization is similar to that observed at other Kiyuk zones. Further
drilling at Amundsen, including deepening Hole KI12-12, is warranted to further
assess this new discovery.


Amundsen is now the fourth gold zone at Kiyuk to provide interesting drill
results (following Rusty, Cobalt and Gold Point). It is located approximately
1km southwest of the Cobalt gold zone.


In a previous news release dated May 7, 2012, results of the first three holes
of the spring 2012 program at the Rusty zone were reported, including 61.5 m at
3.3 g/t Au from 159 m in Hole KI12-003 (Table 1).


The remaining nine holes were drilled at two other known mineralized zones, Gold
Point and Cobalt, and two previously undrilled targets, North Snake and
Amundsen. Of these, the most encouraging results were from Hole KI12-006 at Gold
Point that intersected two mineralized zones which returned 12 m at 2.4 g/t Au
from 120 m, and 12 m at 3.9 g/t Au from 163.5 m. Drilling at Cobalt returned
encouraging results in Hole KI12-008 including 9 m at 2.05 g/t Au from 57 m and
18 m at 1.36 g/t Au from 73.5 m.


"The spring drill program, which had to be terminated early due to unseasonably
warm conditions met our goals of further testing the three drill discoveries
made in 2011 and drilling two new targets. The indication of a new discovery at
Amundsen is an excellent development. There are now four zones of gold
mineralization at Kiyuk which need more evaluation." Comments Adrian Fleming,
Prosperity CEO. "Not only did this spring drilling confirm the substantial
potential at the Rusty Zone but it has further confirmed that additional
exploration needs to be done on other yet to be drill tested targets on the
property. We are now planning a summer exploration program which is expected to
commence at the beginning of July."


Table 1 summarizes composite assay results from the entire twelve hole 2652 m
spring drill program. Table 2 lists the collar coordinate and orientation for
each drill hole.




Table 1: Composited assay results from the 12 hole Spring drill program 
------------------------------------------------------------------------
------------------------------------------------------------------------
Hole_ID           Zone                From (m)   Length (m)    Au g/t(1)
------------------------------------------------------------------------
KI12-001          Rusty                   20.0         15.0         1.08
                  Rusty                   81.5         23.0         1.49
                  Rusty                  115.0         10.5         3.87
                  Rusty                  128.5         10.5         4.56
                  Rusty                  166.1          8.9         5.10
KI12-002          Rusty                  137.0          9.0         5.40
                  Rusty                  156.5         18.0         3.47
                  Rusty                  195.5          7.5         2.82
                  Rusty                  218.0         22.5         1.80
                                                                        
KI12-003          Rusty                   19.5         19.5         3.49
                  Rusty                  108.0         10.5         7.17
                  Rusty                  159.0         61.5         3.34
  Including(2)    Rusty                  169.5          7.5         3.70
  Including(2)    Rusty                  181.5         15.0         6.69
KI12-004          Gold Point         No significant Au mineralization   
KI12-005          Gold Point         No significant Au mineralization   
KI12-006          Gold Point               120           12         2.43
                  Gold Point             163.5           12         3.99
KI12-007          North Snake        No significant Au mineralization   
KI12-008          Cobalt                    57            9         2.05
                  Cobalt                  73.5           18         1.36
KI12-009          Cobalt                    68            9         1.00
KI12-010          North Snake        No significant Au mineralization   
KI12-011          Cobalt             No significant Au mineralization   
KI12-012          Amundsen                 170           12         2.33
------------------------------------------------------------------------
(1) weighted averages calculated using a 0.5 g/t cut off, minimum       
 composite grade of 1.0 g/t, minimum composite length of 6m, and maximum
 internal dilution length and grade of 3m and 100 ppb respectively.     
(2) weighted averages for sub intervals calculated using a 1.0 g/t cut  
 off, minimum composite grade of 3.0 g/t, minimum composite length of   
 6m, and no internal dilution                                           
------------------------------------------------------------------------
------------------------------------------------------------------------
                                                                        
Table 2: Drill hole collar coordinates                                    
--------------------------------------------------------------------------
--------------------------------------------------------------------------
                                   Elevation                   Total depth
Hole_ID     Easting(1) Northing(1)       (m)   Azimuth     Dip         (m)
--------------------------------------------------------------------------
KI12-001        425904     6700019       332        90      50       233.5
KI12-002        425750     6699846       325        90     -50       273.1
KI12-003        425801     6699873       332        90     -50       291.7
KI12-004        419018     6698290       340       155     -50       203.3
KI12-005        419018     6698290       340               -90       264.2
KI12-006        418948     6698318       339       155     -55       191.1
KI12-007        426100     6701328       313        90     -70      245.97
KI12-008        425919     6703474       320       105     -50      172.28
KI12-009        425919     6703474       320       100     -70      197.21
KI12-010        426029     6701179       308        90     -50      178.92
KI12-011        425908     6703538       325       105     -50      188.29
KI12-012        425582     6702576       331       140     -50      212.45
--------------------------------------------------------------------------
(1) Coordinate System: UTM NAD 83, Zone 14N                               
--------------------------------------------------------------------------
--------------------------------------------------------------------------



The Kiyuk Lake property covers 590 square kilometers and contains at least four
other targets requiring further exploration and drilling. The exploration
program is being directed by Adrian Fleming, CEO and a Director of Prosperity.
Additional technical guidance for the program including specialist expertise in
geology, geochemistry and geophysics is being provided by Revelation Geoscience
Ltd.


A comprehensive QA/QC program is in place to monitor precision and accuracy of
assay results. Drill core samples are being submitted with certified reference
materials and were analyzed by SGS Minerals Services, Red Lake, Ontario. The
QA/QC data are routinely plotted and assessed against industry standard quality
assurance guidelines. Gold analyses are by fire assay using a 30g charge and an
atomic absorption spectrometry finish. Over-range assays greater than 10 g/t are
re-assayed using a gravimetric finish. SGS Mineral Services is ISO 9001
accredited.


Adrian Fleming RPGeo is a Qualified Person and is responsible for the technical
content of this press release. Dennis Arne PGeo (BC) is a Qualified Person
responsible for the quality of the data referred to in this press 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.

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