Welcome!

News Feed Item

Prominex Resource Corp. Press Release: Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/30/14 -- Prominex Resource Corp. (the "Company" or "Prominex") (TSX VENTURE: PXR) is providing the following update on the status of its base metal projects in central Newfoundland and its evaluation of opportunities in the Hemp and Medical Marijuana industries. The company continues to seek financing to continue exploration of its mineral projects.

Tulks Hill

On January 27, 2014, Prominex announced that it had received a Mining Lease issued by the Department of Natural Resources in St. John's, Newfoundland and Labrador for a portion of the Tulks Hill property located in central Newfoundland. The mining lease is 72.5 hectares (ha) in size and covers the Tulks Hill volcanogenic massive sulphide (VMS) deposit. On May 13, 2014, the Tulks Hill joint venture acquired 20 claims (Licence 022215M) that surround the Tulks Hill Mining lease. The mining lease requires an annual payment of $5,827.60. The recently acquired claims require an expenditure of $1,200 by June 2015.

The Tulks Hill property is a joint venture between Prominex (51% operator) and Buchans Mineral Corporation (Buchans). Buchans is now a 100% owned subsidiary of Minco Plc (MIO-AIM); (refer to news release dated January 27th, 2014).

Reid Lot 50

On May 1, 2014, the Department of Natural Resources in St. John's, NL accepted the Company's assessment report for exploration completed on the Reid Lot 50 project. The project is in good standing until December 31, 2018 and thereafter requires expenditures of $10,888 on an annual basis. Prominex holds a 100% interest in the Reid Lot 50 property, which is subject to a 2% Net Smelter Return (NSR) royalty in favour of Reid Newfoundland Limited of St. John's, NL. The Company retains the option of purchasing 1% of the NSR for $1,000,000.

Subject to suitable financing, the Company plans a 2,000 m diamond drill program at the Reid Lot 50 project for the fall of 2014. At the present time Prominex is seeking funding to further its exploration efforts. (refer to news release dated November 20, 2013).

Hemp and Medical Marijuana Industry

On March 25th, 2014 the Company announced its plans to evaluate opportunities in the Hemp and Medical Marijuana industries within Canada. The Company continues to evaluate opportunities within these industries. (refer to news release dated March 25, 2014). At this time, no transactions are in place, nor is there any assurance that a new project will be concluded in the future.

Non-Brokered Private Placement

On April 1, 2014, the Company announced a non-brokered private placement of $300,000. The private placement has been extended to June 30th, 2014. All other terms of the offering remain the same. (refer to news release dated April 1, 2014).

About Prominex

Prominex is a TSX-Venture listed mineral exploration and development company trading under the symbol "PXR". During the past several years, Prominex has been exploring primarily for zinc-lead-copper-silver-gold mineral deposits. Currently, Prominex is evaluating two projects within a base metal rich area of central Newfoundland, home to formerly producing world-class base metal deposits at Buchans. The Company's two major assets are the historic Tulks Hill and Reid Lot 50 projects, both situated in central Newfoundland.

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.

Contacts:
Prominex Resource Corp.
Gordon Barron
1.604.566.1094
www.prominex.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...