Prominex Resource Corp.

Prominex Resource Corp.

October 26, 2006 14:43 ET

Prominex Resource Corp.: Exploration Update on Tulks Hill

Prominex Confirms Zinc-Rich Massive Sulphides in T-4 Lens at Tulks Hill Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2006) -

Mr. Lorne King reports:

Prominex Resource Corp. (TSX VENTURE:PXR) announced today that Phase 1 drilling has intersected high grade massive sulphides on the T-4 lense at its Tulks Hill Property located in central Newfoundland.

Drill hole TH-06-21 encountered a 44.45 meter wide alteration zone hosting multiple, narrow, high grade intersections of zinc throughout, with associated high grade copper intersections.

From To Width Zinc Copper Lead Silver Gold
Hole Azimuth Dip (m) (m) (m) (%) (%) (%) (g/t)(ppb)
---- ------- --- ---- -- ----- ----- ------ ----- ------ ----

TH-06-21 150 55
deg- deg-
rees rees 199.75 201.35 1.60 1.80 0.65 27.64
205.25 205.55 0.30 3.30 2.49 31.20
210.35 212.40 2.05 1.89 13.89
including 1.05 3.40 1.43 23.60
213.80 214.90 1.10 1.11 7.28
220.00 221.50 1.50 0.75
233.45 234.20 0.75 6.60 0.68 45.90 889
239.30 241.30 2.00 0.44
242.30 244.20 1.90 0.76 14.23
including 0.60 1.12 32.50

To date the company has completed 18 holes to test for the down dip/down plunge extensions of the known lenses T-1, T-3 and T-4. Assay results from the first 6 holes (TH-06-01 to TH-06-06) have been previously reported (August 1, 2006 and August 23, 2005). Results from holes TH-06-07 to TH-06-20 did not return any significant assay results, however, extensive alteration zones (30-80 metres wide) having local, moderate to high grade intersections (albeit, of narrow widths) were encountered below all three lenses. The mineralization is affected by a pronounced deformation fabric due to tight folding of the host volcanic sequence. This has resulted in attenuation and desegregation of individual mineralized lenses in places, contrasted by a thickening and/or enrichment of the mineralization elsewhere, both along strike and down-dip (this aspect of the mineralization is observed on a local scale within the massive sulphide zones comprising T1, T2, T3 and T4 lenses). Management believes there is excellent potential for additional significant zinc and copper-rich sulphide zones further down-dip or down-plunge from the presently-known lenses. Further analysis and interpretation of the alteration zones and structural setting will be performed over the winter to further evaluate this potential.

To date, the Company has drill-tested two of several geophysical targets identified on the property, one being a coincident Gravity and Electromagnetic anomaly and the other a Gravity anomaly. Holes TH-06-17 to TH-06-20 were drilled to vertical depth of 100 metres but no mineralization was encountered. Exploration of the remaining Electromagnetic and Gravity anomalies will be planned in 2007 once management has undertaken further interpretation and analysis of the reports in conjunction with digital mapping of the property.

The company is earning a 51% interest in the Tulks Hill property from Buchans River Inc. (TSX VENTURE:BUV) (refer to news release of November 14, 2005). The property is located in the Tulks Volcanic Belt in central Newfoundland and is 12 kms northeast of the base metal discoveries by Messina Minerals Inc. (TSX VENTURE:MMI).

The Company also announces that it has accepted Allan M. Frew's resignation as Chairman of the Board.


Exploration on the Tulks Hill property is being conducted under the supervision of Paul O'Brien, B.Sc., P.Eng., Prominex's Vice President of Exploration and Development and a "qualified person" as defined by National Instrument 43-101. Mr. O'Brien is responsible for the preparation of technical information in this news release including information provided by project geologist Wilson Jacobs, B.Sc., P.Geo., who is also a qualified person as defined by N.I. 43-101. Drilling was conducted by Petro Drilling Company, an independent Canadian contractor with an office in Springdale, NL.

The company has instituted a strict chain of control of the core in that it is securely boxed at the drill site from where the company takes possession and transports it directly to the core processing facility at Buchans, where it is kept in a secured building until logged and sampled. The core is cut in half with a diamond saw, with one half being placed in the core tray for future reference and study, and the other half being bagged as a sample for direct transport to the laboratory by the geologist-in-charge.

All samples were collected in accordance with industry standards and are submitted to Eastern Analytical Limited, Springdale Newfoundland. The company has implemented a Quality Control and Quality Assessment procedure which involves inclusion of blanks, standards, and every tenth sample is quartered with one quarter going to Eastern Analytical and the other going to Loring Labs, Calgary, AB for check assays.


Lorne King, President and Chief Executive Officer

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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