Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

June 11, 2009 11:03 ET

Prominex Closes Oversubscribed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2009) - Prominex Resource Corp. (TSX VENTURE:PXR) announced today its Private Placement, announced on May 29, 2009, has been oversubscribed and closed pending acceptance from the TSX Venture Exchange and other regulatory approvals.

Prominex is a junior mining exploration company with focus on their Tulks Hill and Lake Bond projects. The most advanced of these two projects is the Tulks Hill Property, located approximately 40 kilometers southwest of the former mining town of Buchans, 25 kilometers southwest of the Duck Pond base metal deposit, 12 kilometers northeast of Messina's Boomerang base metal discovery and 5 kilometers southwest of their Tulks East Deposit.

On November 12, 2007 The Company announced it had earned a 51% interest in the Tulks Hill Property from Buchans River Ltd. which was amalgamated with Royal Roads Corp. (TSX VENTURE:RRO) in July 2008. Prominex Resource Corp., as operator of the Tulks Hill Property, will focus on Tulks Hill in the upcoming months for further exploration.

Initially discovered in 1961 by Asarco Ltd., the Tulks Hill prospect was subjected to extensive exploration by the Asarco/Abitibi-Price Ltd. Joint Venture between 1961 and 1981. This exploration included 190 diamond drill holes that resulted in outlining four massive sulfide lenses termed T1, T2, T3, and T4.

In 2006, The Company undertook a program to qualify resource estimates as NI 43-101 defined resources verified by a qualified person. During the 2006 exploration program Prominex conducted an airborne survey, re-gridded the entire property to metric, performed a gravity survey and diamond drilled 28 holes to test the T1 and T2 (6 holes), T3 (16 holes) and T4 (2 holes) and an additional 4 holes on a gravity anomaly defined during the summer exploration program.

In December 2006, the company retained Scott Wilson Roscoe Postle Associates Inc., geological and mining consultants, of Toronto to prepare a NI 43-101 technical report on the Tulks Hill property.

On July 16th, 2007, Scott Wilson RPA reported that the new Prominex drilling results TH06 - 23, 24, 25, 26, 27, and 28 demonstrate that copper and zinc are present at the same general grade level as the historic Asarco results.

On July 17, 2008 Prominex announced completion of the NI 43-101 resource estimate compliant with CIM Guidelines and NI 43-101 regulations for disclosure of the T3 Lens at the Company's Tulks Hill zinc-lead-copper-silver-gold project in central Newfoundland. These initial resource estimates, completed independently by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA), incorporate all drilling completed at Tulks Hill to date, and are reviewed in detail in the July 17, 2008 news release. Mr. Hrayr Agnerian, M.Sc. (Applied), P.Geo., is the Qualified Person and author of the report entitled "Technical Report on the Tulks Hill Cu-Zn Property, Newfoundland", prepared for Prominex Resource Corp., and dated June 17, 2008. Based on a review of technical reports on past exploration and publications, Scott Wilson RPA concludes that:

- In general, independent sampling by Scott Wilson RPA confirms the presence of copper and zinc values at essentially the same order of magnitude as the Prominex or Asarco assays. The differences are considered to be due to the variability in base and precious metal values between the two halves of the core, and due, possibly, to the different assay methodologies at the two laboratories, Asarco's lab at Buchans and SGS, and are not material, in Scott Wilson RPA's view.

- There is good potential for the discovery of additional Cu-Zn-Pb-Ag-Au mineralization northeast, southwest, and southeast of the T3 Lens and at other targets within Mineral Licence 10212M. These targets have geological and geophysical characteristics that are similar to the T3 Lens.

ON BEHALF OF THE BOARD OF DIRECTORS:

James O'Reilly

Daren Collins

Harold Wareham

Paul O'Brien

Michael Collins

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

Contact Information