Prominex Resource Corp. Press Release: Corporate Update
2014年5月30日 - 7:00PM
Marketwired
Prominex Resource Corp. Press Release: Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) -
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.
Prominex Resource Corp.Gordon
Barron1.604.566.1094www.prominex.ca
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