October 12, 2007 15:51 ET

New Island Resources Inc.: Investment in Prominex Resources Corp.

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 12, 2007) - New Island Resources Inc. (TSX VENTURE:NIS) (New Island) of St. John's, NL is pleased to report that it has subscribed for 8,000,000 units of Prominex Resources Corp.'s (Prominex) (TSX VENTURE:PXR) non-brokered private placement announced October 9, 2007.

Each unit consists of one common share and one common share purchase warrant. The units are priced at $0.10 per share and the warrants can be exercised at a price of $0.13 per share for a period of 18 months from closing.

Under the terms of the subscription $400,000 is payable on closing and $400,000 payable within 45 days.

In respect to its initial investment, New Island will not become a "control person" in respect of Prominex as the term is used in Canadian securities regulations. This will not, however, restrict New Island's ability to acquire further shares in Prominex following the private placement.

As part of the transaction, Prominex will use its best efforts to ensure that two nominees of New Island are elected to Prominex's Board of Directors.

Harold Wareham states that New Island is pleased to attain a position in Prominex which gives it access to a fairly advanced project in a highly prospective base metal region in Central Newfoundland.

Information on the company and its properties can be viewed at

Statements contained in this release that are not historical facts are forward-looking statements, which involve known and unknown risks and uncertainties not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or expectations implied by these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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