Providence Resources Corp.

Providence Resources Corp.

February 16, 2012 11:00 ET

Providence Resources Appoints Gary Freeman to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Providence Resources Corp. (TSX VENTURE:PV) ("Providence" or the "Company") is pleased to announce it has appointed Gary Freeman to the Board of Directors.

Mr. Freeman is a Vancouver based entrepreneur and financier who has held a number of executive positions and been instrumental in financing, marketing and shareholder relations' capacities with several junior exploration companies. Mr. Freeman has over 23 years of valuable experience in the industry, including a number of years in the brokerage industry. Mr. Freeman is currently the President and CEO of Ethos Capital Corp and Indico Resources Ltd. Mr. Freeman was also President and CEO of Pediment Gold Corp until it was acquired by Argonaut Gold Inc. in January 2011.

The Company has granted 450,000 stock options to purchase common shares of the Company to directors of the Company. The stock options are exercisable at $0.30 per share and will expire on February 16, 2017. The stock option grants are subject to filing with the TSX Venture Exchange ("Exchange").

Martin Bajic has resigned from the board of directors. The Company would like to thank him for his services. Mr. Freeman fills the vacancy created by Mr. Bajic's resignation.

Iron Range Project Summary

The Iron Range deposits were originally staked in 1897, and were covered by Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains Resources Ltd. ("Eagle Plains") staked the current claims immediately after the Crown grants reverted in 2000, and has been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, diamond drilling and a 690-line-kilometre airborne geophysical survey.

The Iron Range project is owned 100 per cent by Eagle Plains and holds no underlying royalties or encumbrances. An additional 35,800 hectares of claims were added to the original land package, resulting in a total of 56,200 hectares -- an area approximately 11 km by 50 km. The land package now covers over 30 km of the Iron Range structure, most of it unexplored. The claims also overlie rocks of the Aldridge formation, including the same stratigraphic time horizon that hosts the world-class Sullivan deposit located 70 km to the northeast. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore including three billion ounces of silver, eight million tonnes of zinc and eight million tonnes of lead, collectively worth over $30-billion at current metal prices. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Iron Range property.

Providence Option Agreement

The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years.

Vince Sorace
President, Providence Resources

For further information regarding Providence, please email or visit our website at

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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