Vancouver, British Columbia, March 5, 2012. Prodigy Gold Incorporated ("Prodigy" or the "Company") has completed its previously announced bought deal financing (the "Offering"). Pursuant to the Offering, the Company has issued 37,500,000 Common Shares at a price of $0.80 per Common Share and 13,158,000 flow-through Common Shares (the "Flow-Through Shares") at a price of $0.95 per Flow-Through Share, for aggregate gross proceeds of $42,500,100.

The syndicate of underwriters was led by Casimir Capital Ltd. and Paradigm Capital Inc., and included National Bank Financial Inc., Byron Capital Markets Ltd. and PI Financial Corp.

The Flow-Through Share proceeds will be used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2012.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, Common Shares or Flow-through Shares in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of Common Shares or Flow-through Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The Common Shares and Flow-through Shares being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.