Providence/Eagle Plains Expand Potential of the Talon Zone

Providence Resources Corp. (TSX VENTURE:PV) ("Providence" or the "Company") and
Eagle Plains Resources Ltd. (TSX VENTURE:EPL) ("Eagle Plains") are pleased to
announce results from a surface Induced Polarization ("IP") geophysical survey
carried out over the Talon Zone (Iron Range JV project) located near Creston
British Columbia (see Fig. 1).


Scott Geophysics conducted an IP and ground magnetic orientation survey over the
Talon Zone in order to determine 1.) if disseminated sulphide mineralization can
be detected using geophysics and 2,) if the data could be used to guide follow
up drilling in Q2, 2012. Known gold-lead-zinc-silver mineralization is
coincident with modeled IP chargeability anomalies (Fig. 1). Two anomalies from
the IP survey will be tested as part of the 2012 drilling program.


Highlights:



--  Anomaly 1 -- anomaly is coincident with the gold-lead-zinc-silver
    mineralization intercepted in 2010 - 2011 drilling in the Talon Zone. 
--  Anomaly 2 -- A second anomaly was detected and may represent a
    previously unknown mineralized zone. 
--  IP survey suggests that the Talon Zone could extend 250 meters beyond
    previously known mineralization. 
--  Two holes will be drilled in the Talon Zone based on the 2011 IP
    interpretation.



"Anomalies obtained from the surface IP test-survey show a strong spatial
association with gold-lead-zinc-silver mineralization defined by 2010-2011
drilling," stated Providence Resources Corp.'s President and CEO Vince Sorace.
"The results suggest that the Talon Zone could extend at least 250 meters
northeast across the Iron Range Fault. This is potentially a significant
increase in strike length and warrants drill testing as part of the 2012
drilling program."


IP Survey Results

A total of 3.8 line kilometers of IP and magnetic data were collected across 4
individual lines (Fig. 1). The purpose of the survey was to determine if
disseminated sulphides associated with the Talon Zone and it's alteration
envelope could be detected using IP. The survey produced 2 chargeability
anomalies (likely related) that together extend across all 4 survey lines.
Anomaly 1 corresponds with Talon Zone mineralization as defined by the 2010-2011
drill programs and provides good evidence that the geophysical method can be
relied upon. The second anomaly, present on lines 1 and 2 has not yet been drill
tested but could represent an additional northeast-trending mineralized zone.
Anomaly 2 was not closed by the survey and is open to the south and the east.


To view Figure 1, visit the following link:
http://media3.marketwire.com/docs/PVandEPL_Figure1.jpg


IP Survey Specifications

The pole-dipole array was used for this survey. Readings were collected with an
"a" spacing of 50 metres and at "n" separations of 1 to 12. The on line current
electrode was located to the east of the potential electrodes. Total field
magnetometer readings were taken at 12.5 metre intervals and corrected for
diurnal variation against a fixed base station cycling at 10 second intervals.
GPS readings were taken at each station subject to satellite reception.
Elevation measurements are barometric altimeter readings, calibrated to GPS
altitude at the beginning of each line. A total of 3.8 kilometres of surface IP
and magnetometer survey were performed.


2012 Exploration Program

The Company intends to execute a full exploration program beginning in April,
2012 (subject to receipt of permits) with the objective of systematically
evaluating all existing exploration data, utilizing geophysical data acquired in
2011 (VTEM, ZTEM, IP), field evaluating all resulting anomalies and ultimately
drill testing the highest priority targets. The 2012 Iron Range exploration
program includes:




--  Evaluating the 2011 airborne gravity geophysical survey results - it is
    anticipated that results from this work will be available in late March,
    2012. 
--  Commencing a winter drill program of approximately 3500-4500 meters on
    the Row, Canyon and 6 Mile target areas. It is anticipated that the
    drill program will commence during or before the first week of April
    2012. 
--  Commencing a 60 day field program in the summer of 2012 with the
    objective of bringing remaining targets to the drill testing stage for
    Phase II drilling in late 2012.



Qualified Persons

Data acquisition and IP inversion models were carried out under the supervision
of Alan Scott, P.Geo. Alan graduated from UBC with a B.Sc. in Geophysics in 1970
and with an MBA in 1982. Alan worked as a geophysicist with Gulf Minerals,
Cominco, Anaconda Canada, and as an independent contractor prior to founding
Scott Geophysics Ltd. in 1986.


Iron Range Project

The Iron Range deposits were originally staked in 1897, and were covered by
Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains
staked the current claims immediately after the Crown grants reverted in 2000,
and it has been exploring the property since then. Exploration work to date
includes geological mapping, geochemical surveys, diamond drilling and a
690-line-kilometre airborne geophysical survey.


An additional 35,800 hectares of claims were added to the original land package,
resulting in a total of 56,200 hectares -- an area approximately 11 km by 50 km.
The land package now covers over 30 km of the Iron Range structure, most of it
unexplored. The claims also overlie rocks of the Aldridge formation, including
the same stratigraphic time horizon that hosts the world-class Sullivan deposit
located 70 km to the northeast. Over its 100-year lifetime, Sullivan produced
approximately 150 million tonnes of ore including three billion ounces of
silver, eight million tonnes of zinc and eight million tonnes of lead,
collectively worth over $30-billion at current metal prices. The parties caution
that past results or discoveries on proximate land are not necessarily
indicative of the results that may be achieved on the Iron Range property.


About Providence Resources

Providence Resources is a precious and base metal junior exploration company
focused on creating shareholder value through acquisition and aggressive
exploration in established, highly endowed mineral belts. On March 1st, 2012,
Providence exercised its option with Eagle Plains and earned a 60% undivided
right, title and interest in and to the Iron Range Project. Providence earned
its interest by making aggregate cash payments of $500,000, issuing a total of
1,000,000 common shares and completing exploration expenditures of $3,000,000.
The parties have entered into a formal joint venture agreement.


Vince Sorace, President, Providence Resources

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.