Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

May 16, 2006 18:54 ET

Prominex Closes Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) -

Mr. Allen Rose reports:

Prominex Resource Corp. (TSX VENTURE:PXR) announced today that it has received final acceptance from the TSX Venture Exchange for the 2nd Tranche of the private placement announced December 2, 2005 and reconfirmed on March 27 and March 31, 2006. The 2nd Tranche is being closed for 841,750 units at a price of $0.20 per unit for total proceeds of $168,350. Each unit consists of one common share and a one non-transferable share purchase warrant entitling the holder to purchase an additional common share at $0.30 per share in the first year and at a price of $0.40 per share in the second year. Finders' Fees representing of $10,830 will be paid to arms-length persons.

The Private Placement was oversubscribed at 2,256,750 ($451,350 in proceeds) versus the original target of 2,000,000 units. The funds are being used in conjunction with the exploration of the Tulks Hill Zn-Cu-Pb-Ag-Au Property located in Central Newfoundland and 12 kilometers northeast of Messina Minerals Inc.'s (TSX VENTURE:MMI) Boomerang and Domino base metal discoveries and 5 kilometers southwest of their Tulks East Deposit.

ON BEHALF OF THE BOARD OF DIRECTORS:

T. Allen Rose, Director

This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements'. 'Forward-looking statements' are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. 'Forward-looking statements' in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur.


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