Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

August 12, 2011 09:00 ET

Prominex Resource Corp.: Newfoundland Exploration Plans

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2011) - Prominex Resource Corp. (TSX VENTURE:PXR) is pleased to announce that the summer/fall exploration program on its Tulks Hill volcanogenic massive sulphide (VMS) project located in central Newfoundland, will commence on August 29th, 2011. Prominex is the operator of the Tulks Hill Project with a 51% interest in a joint venture with Buchans Mineral Corporation which holds the remaining 49% interest.

In accordance with the terms of the joint venture agreement, Buchans Minerals Corporation has notified the Company that it will not be participating in this year's exploration program and will dilute its interest, which may be approximately 10% upon completion of the $500,000 program planned for 2011.

The 2011 exploration program will consist of prospecting and surface evaluation in areas identified in the 2006 exploration program and a 2,800 metre diamond drilling program.

The objectives of drilling program are to:

  • Carry out in-fill drilling to better outline mineralized zones of the T1, T2 and T4 Lenses, which were intersected in past drilling completed by ASARCO. (see NI 43.101 Technical Report on Tulks Hill filed on SEDAR on August 5th, 2008)(www.sedar.com)
  • The program will test the western and eastern extensions of the T1, T2 and T4 Lens.
  • Drill test geophysical targets which have similar EM and magnetic responses as T1 and T2 in the eastern part of the property, but have not yet been sufficiently tested.
  • Compile previous drill results and generate an assay database for an update of the Mineral Resources of the Tulks Hill deposit.

Technical content of this press release has been reviewed by Mr. Hrayr Agnerian, P.Geo., who is a "qualified person" as set out in the definitions of National Instrument 43-101 ("NI 43-101"). Mr Agnerian is the Project Manager and is responsible for the planning and supervising of the drilling program.

ON BEHALF OF THE BOARD

Gordon Barron, President and CEO

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

Contact Information

  • Prominex Resource Corp.
    Gordon Barron
    President and CEO
    1.604.566.1094
    www.prominex.ca