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Published in Business and Finance on Tuesday, February 14th 2012 at 10:00 GMT by Market Wire
February 14, 2012 12:55 ET
Prominex Plans Lake Bond Exploration
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2012) - Prominex Resource Corp. (TSX VENTURE:PXR) plans a $150,000 exploration program at its Lake Bond property located in central Newfoundland within the Buchans-Robert's Arm Belt. The 870 hectare property is easily accessed by road from the town of Grand Falls-Windsor, a major commerce center in central Newfoundland.
In excess of 50 volcanogenic sulphide mineral occurrences have been documented throughout the Buchans-Robert's Arm Belt as well as past producers including the renowned Buchans Mine, located approximately 60 kilometers southwest and the Gullbridge Mine located 12 kilometres to the northeast of the property.
The Lake Bond Property has been explored during several periods since 1953 through to 1997. This activity has defined three areas of concentrated mineralization; the Main Zone; Zone 2 and Zone 3. In 1989, MacRee Resources Incorporated announced an adjustment of resource figures for the property. They estimated indicated and possible reserves for the main zone totalling 507,998 tons at 4.15% Zn and 0.62% Cu. A lower grade estimate of 2.6 million ton grading 2.09% Zn and 0.3% Cu was also reported.
The resource estimate quoted herein is based on data and reports that were prepared by previous operators. The Company is not treating the mineral resource estimates as NI 43-101 defined resources verified by a qualified person. The Company cautions the reader that it has not completed the work necessary to verify the classification of the mineral resource estimates and that the historical estimates should not be relied upon.
The company is earning a 100% interest in the property and will do so by incurring $50,000 in exploration expenditures. The property is subject to a 2% Net Smelter Royalty (NSR). The company retains the right to buy back 1% of the NSR for $1,000,000.
The exploration program will include the re-sampling of mineralization in the Main Zone, Zone 2 and 3, detailed prospecting, and geophysical surveys.
ON BEHALF OF THE BOARD
Gordon Barron, President and CEO
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has approved or disapproved of the contents of this release.
