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Business and Finance
Mon, July 9, 2012 Prominex Commences Exploration Program at Lake Bond Cu/Zn Project in Central Newfoundland
July 09, 2012 09:00 ET
Prominex Commences Exploration Program at Lake Bond Cu/Zn Project in Central Newfoundland
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - Prominex Resource Corp. (TSX VENTURE:PXR) has received exploration application approval from the Department of Mines in St. John's, NL for the Lake Bond property located in central Newfoundland. The planned exploration program will commence on July 10, 2012.
The Company is earning a 100% interest in the Lake Bond property. In order to acquire the Option, the Company must expend $50,000 on exploration and development prior to September 30th, 2012. The property is subject to a net smelter return royalty of 2%, of which the Company can purchase 1% for $1,000,000.
The Lake Bond property is easily accessed by road from the town of Grand Falls-Windsor, the major commerce center in central Newfoundland. The property has been explored during several periods since 1953 through to 1997. This activity has defined three areas of concentrated mineral occurrences; the Main Zone; Zone 2 and Zone 3. Previous operators focused their efforts in the area of the 1.4 kilometer long, north-south trending Main Zone and reported a pre-NI Policy 43-101 non-economic resource of 1.1 million tonnes grading 0.31 % copper and 2.12 % zinc. The Company is not relying on the historic resource figures of earlier operators nor should the reader.
The program will involve sampling and evaluation of known zones of mineralization, in addition to prospecting and soil sampling of selected areas within the property. Results and recommendations for further exploration will be released upon completion of the 90 day program.
ON BEHALF OF THE BOARD OF DIRECTORS:
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.
