Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

November 27, 2011 16:58 ET

Prominex Resource Corp.: Tulks Hill 2011 Exploration Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2011) - Prominex Resource Corp. (TSX VENTURE:PXR) is pleased to announce that it has completed the 2011 exploration on its Tulks Hill Property located in west-central Newfoundland, which hosts four volcanogenic massive sulphide (VMS) lenses; (see NI 43-101 report on Tulks Hill on www.sedar.com filed on July 22nd, 2009, and at the Company website: www.prominex.ca). Prominex is the operator of the Tulks Hill Project with a 51% interest in a joint venture with Buchans Mineral Corporation (TSX VENTURE:BMC), which holds the remaining 49% interest. The program commenced on August 29, 2011, and ended on November 23, 2011 (see news release of August 12, 2011).

The drilling planned for 2011 was curtailed by the onset of an early winter in the high terrain of Tulks Hill, although the Company did complete five diamond drill holes (331 m of infill drilling) to better outline mineralized zones of the T1 and T2 lenses. The Company continues to compile previous drill results and generate an assay database for an update of the Mineral Resources of the Tulks Hill deposit. The objective of the compilation program is to better assess the mineral potential of the Tulks Hill Property.

Results of the 2011 drilling program indicate that the five holes intersected moderately to intensely altered felsic volcanic rocks with intersections of massive to semi-massive sulphide mineralization. Prominex is encouraged with the 2011 exploration and compilation results. Assay data, however, are not yet available. The results of the 2011 exploration program will be released when all data have been received, compiled, and verified, at which time the 2012 exploration program will be announced.

The Company did not complete any drilling to test the eastern and western extensions of the T1 and T2, lenses, nor was the infill drilling of the T4 lens. The Company notes that geophysical targets located in the eastern part of the property have not yet been sufficiently tested by drilling. These geophysical targets have a similar EM and magnetic responses as the T1 and T2 lenses.

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 person planning and supervising 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