Providence Resources Corp.
TSX VENTURE : PV

Providence Resources Corp.

December 01, 2011 12:24 ET

Providence Resources Corp. Announces Director & Management Changes and Grant of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2011) - Providence Resources Corp. (TSX VENTURE:PV) (the "Company" or "Providence") announces that Mr. Robert Perry has resigned as a director of the Company on November 30, 2011. The Board of Directors would like to thank Robert Perry for his services as a director. The Company has appointed Keith Henderson as a director of the Company effective immediately.

Mr. Henderson is a mining industry executive with 19 years' experience in Africa, Europe, and the Americas. He was educated in Europe, graduating with B.Sc. (Hons) and M.Sc in Geology and has extensive experience in multiple mineral deposit types and commodities including precious metals (gold, silver), base metals (copper, zinc, nickel) and bulk commodities such as metallurgical coal and iron ore.

After several years in consulting roles, Keith worked with Anglo American Exploration in Europe and North America, leading a number of large exploration projects and ultimately he was project manager for Anglo Coal as the company made its first entry into Canada. In 2007, Keith joined the Cardero Group and he is currently Executive Vice-President for Cardero Resource Corp. During this time he played an important role in the development and ultimate sale of the company's Pampa de Pongo iron deposit, which was sold for $100M, having been acquired for less than $1M. Keith also played a crucial role in negotiating the acquisition of Cardero's flagship Carbon Creek coal asset.

The Company also announces the resignation of Mr. Martin Bajic as Chief Financial Officer and Corporate Secretary of the Company. Mr. Martin Bajic will remain on the board of directors of the Company. Mr. Gavin Cooper has been appointed as Chief Financial Officer and Corporate Secretary of the Company.

Mr. Cooper is the principal of Gavin Cooper & Associates, providing consulting and financial and corporate administration services to primarily reporting issuers. Mr. Cooper acts as CFO and corporate secretary and sits on the boards of various TSX Venture Exchange listed companies. Mr. Cooper is the Chief Financial Officer of Nevaro Capital Corporation and was formerly the President and CEO and a Director of Catamaran Ferries International Inc, Director of Finance & Administration at Yarrows Ltd, Vice President and Director Pacific Engineered Materials Inc. Mr. Cooper is a member of the Canadian Institute of Chartered Accountants.

The current directors and management of the Company are as follows:

Vince Sorace - President, Chief Executive Officer, Director and Chairman of the Board
Gavin Cooper - Chief Financial Officer and Corporate Secretary
Dan MacNeil - Vice President Exploration
Steve Bajic - Director
Martin Bajic - Director
Keith Henderson - Director

The Company has granted 650,000 stock options to purchase common shares of the Company to directors and officers of the Company. The stock options are exercisable at $0.26 per share and will expire on November 30, 2016. The stock option grants are subject to filing with the TSX Venture Exchange ("Exchange"). 400,000 of the stock options granted are also subject to disinterested shareholder approval at Providence's next shareholder meeting, in accordance with Exchange policies.

Vince Sorace, President, Providence Resources

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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