Prism Resources, Inc. announced that it has reached an agreement in principal with Miranda Gold Corp. to acquire up to a 70% interest in the Cerro Oro Project. The Cerro Oro Project is currently under lease with Miranda and pursuant to which Miranda has made application to convert to exploration licenses.

The company's obligations under the transaction include, $4,000,000 in exploration expenditures to acquire the initial 51% interest, and assumption of lease and maintenance payments of approximately $600,000 over the next five years. Prism will have no obligations until the current Cerro Oro Project applications are converted to exploration licenses by the Columbian Ministry of Mines and Energy.