Prominex Resource Corp.

Prominex Resource Corp.

August 16, 2006 18:21 ET

Prominex Expands Lake Bond Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) -

Mr. Allan Frew reports:

Prominex Resource Corp. (TSX VENTURE:PXR) announced today that it has completed its due diligence activities under the terms of the Letter of Intent (LOI) with Reid Newfoundland Company Limited, as announced on July 19, 2006, to earn a 100% interest in Reid Lot 50, commonly referred to as the Lake Bond Property. The Company's board has approved the transaction subject to a definitive and formal option agreement with Reid Newfoundland Company Limited and the approval of the TSX-Venture Exchange.

In conjunction with its due diligence, the Company has staked an additional 57 mineral claims adjoining and to the east of the Lake Bond Property. These additional claims totalling 1,425 hectares cover all the open prospective Roberts Arm Group volcanic rocks lying to the east of Reid Lot 50. An air-borne geophysical survey completed by Billiton Exploration Canada Limited in 1998 defined several Electromagnet anomalies underlying the area covered by these 57 claims, as well as a very strong anomaly underlying the waters of the north end of Lake Bond which lies within Reid Lot 50.


Allan Frew, President, CEO and Chairman of the Board

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.

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

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