Click here to close now.

SYS-CON MEDIA Authors: Elizabeth White, Pat Romanski, Yeshim Deniz, Liz McMillan, Roger Strukhoff

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
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
MeriTalk, a public-private partnership focused on improving the outcomes of government IT, today announced the results of its new report, "The Agile Advantage: Can DevOps Move Cloud to the Fast Lane?" The study, underwritten by Accenture Federal Services, reveals that approximately two-thirds of Feds say DevOps will help agencies shift into the cloud fast lane - improving IT collaboration and migration speed. But help is needed, with 66 percent saying that their agency needs to move IT services ...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 developmen...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...