Prominex Resource Corp.

Prominex Resource Corp.

March 27, 2006 14:12 ET

Prominex Resource Corp.: Private Placement Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2006) - Prominex Resource Corp. (TSX VENTURE:PXR) -

Mr. Allen Rose reports:

Prominex Resource Corp. announced today that the non-flow through Private Placement announced on December 2, 2005 is proceeding as announced and will be submitted to the TSX-Venture Exchange for filing prior to March 31, 2006.

The Company will be raising up to $400,000 through the issuance of Regular Units priced at $0.20. Each Regular Unit will consist of one Common Share and one Common Share Purchase Warrant. Each Common Share Purchase Warrant will entitle the holder to purchase one additional Common Share for 24 months from the closing date at a price of $0.30 per share for the first 12 months and $0.40 for the remaining 12 months.

The proceeds from this financing will be used for exploration expenditures on its mineral properties in Newfoundland and general working capital. A finder's fee of up to 10% may be paid to arms length parties with respect to the private placement.


T. Allen Rose, Director

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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