Prosperity Goldfields Mobilizes Nunavut Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2013) - Prosperity Goldfields Corp. (TSX VENTURE:PPG) (the "Company" or "Prosperity") announces the mobilization of personnel to Kiyuk Lake, Nunavut in preparation for the two-drill, 4000m winter drill program, previously discussed in a News Release dated January 14, 2013: http://prosperitygoldfields.com/winter2013/. Drilling is expected to commence in the next few days and assay results from the first few holes are expected in early April.

The primary objectives of this program are:

• Drilling at the Rusty Zone to expand and further define known gold mineralization;
• Testing an undrilled area directly up-ice of till samples showing anomalous number of pristine gold grains at the Cobalt target;
• Wildcat drilling at two new targets, Bancroft and Rasmussen, identified by 2012 prospecting; and
• Drilling at the Amundsen target will test for an extension to surface and along strike of known gold mineralization;

"Our exploration team is excited to get started with another round of drilling at Kiyuk Lake," commented Prosperity CEO, Adrian Fleming. "We believe that our aggressive exploration approach will expand the gold deposit at Rusty, and also establish additional gold zones at targets that were identified by the Summer 2012 exploration program."

The locations of the targets being tested in the upcoming program and the possible number of holes at each target are shown in the following map: http://media3.marketwire.com/docs/ppg227i.pdf

Following encouraging results from previous drilling, the focus of the upcoming drill program is testing for extension of mineralization at the Rusty Zone that in 2011 and 2012 returned intercepts including 37.8 m grading 4.18 g/t Au from surface and 61.5m grading 3.34 g/t from 159 m (previously released May 7, 2012: http://prosperitygoldfields.com/prosperity-goldfields-reports-61-5-m-at-3-3-gt-au-including-15-0-m-at-6-7-gt-au-from-core-drilling-at-rusty-zone-kiyuk-lake-nunavut/).

While drilling will continue to work towards defining a resource at the Rusty Zone, drilling is also planned for, in order of priority, the Bancroft and Rasmussen showings, and Cobalt and Amundsen Zones.

The Bancroft and Rasmussen showings are new drill targets identified during the summer of 2012. The Bancroft showing was highlighted by detailed grid till sampling that outlined a well-defined gold-in-till dispersal ribbon extending in a southwest direction for 2000 m. This southwest oriented dispersion is consistent with the direction of ice flow and till transport. Drilling will focus at the northern limit or 'head' of the ribbon which is interpreted to approximate the location of the bedrock source of the till anomaly. This location coincides with surface boulder samples that range from below detection limit and 6.7 g/t Au, and an undrilled chargeability anomaly. The gold values in till samples at the head of the dispersal ribbon at Bancroft are of the same magnitude as that found directly over the Rusty Zone.

The Rasmussen showing, also identified during prospecting in 2012, is defined by gold mineralization in frost heaved boulders which are interpreted to have undergone minimal glacial transport. Gold values in these boulders range from 0.1 to 6.9 g/t Au.

New gold grain results from till samples at the Cobalt Zone have defined a new drill target. Drilling will test an area directly up-ice of a till samples with a highly anomalous number of pristine gold grains (762 of 943 grains) and several mineralized boulders with Au grades from below detection to 14 g/t Au. One of the planned drill holes at Cobalt will test an undrilled chargeability anomaly.

Drilling at the Amundsen Zone will test for an extension to surface and along strike of the known gold mineralization (42.4 m grading 0.97 g/t Au) intersected during drilling in 2012.

Technical Information

As with previous sampling programs conducted by Prosperity, a comprehensive QA/QC program will be in place to track chain of custody of sample shipments, and to monitor precision and accuracy of assay results. Analysis will be completed by SGS laboratories, Red Lake, Ontario, at an ISO 9001 accredited Laboratory.

Adrian Fleming, RPGeo, MAusIMM(CP), is a Qualified Person and is responsible for the technical content of this news release.

Technical support for the drill program is being provided by CSA Global Canada Geoscience Ltd.

Additional information including maps and cross sections displaying all 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.