Prominex Resource Corp.

Prominex Resource Corp.

December 29, 2006 17:43 ET

Prominex Closes $600,000 Private Placement With MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2006) -

Mr. Allen Rose reports:

Prominex Resource Corp. (TSX VENTURE:PXR) announced today it has closed its private placement with the MineralFields Group of 3,333,333 Units at a price of $0.18 per Unit for a total amount of $600,000. Each Flow-Through Unit will consist of one Flow-Through Share and one Share Purchase Warrant (collectively the "FT Units"). The terms of the Share Purchase Warrant entitled the holder to purchase one additional Common Share for 24 months from the closing date at a price of $0.40 per share for the first 12 months and $0.50 for the remaining 12 months.

Limited Market Dealer Inc. (LMD) received a cash commission equal to 5% of the gross proceeds. The Company also issued Options to LMD to acquire Units in an amount equal to 8% of the total number of FT Units purchased by the MineralFields Group on the same terms as the FT Units.

The flow-through common share and the warrant contained in the Unit and the underlying common shares to the warrants will be subject to a resale restriction for a period of four months following the closing date.

The net proceeds of the offering of the units will be primarily be used for exploration work on the Company's flagship Tulks Hill Property located near Buchans, NL, and a portion on its Burtons Pond property located on the Baie Verte Peninsula, NL.

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at


T. Allen Rose, Director

We seek Safe Harbour.

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

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