Prominex Resource Corp.: Tulks Hill Joint Venture Update

On January 10th, 2012, Prominex (TSX VENTURE:PXR) announced that Buchans
Minerals Corporation ("Buchans") had previously declined to participate in this
2011 exploration program at Tulks Hill in favour of dilution, however Prominex
provided Buchans with a report indicating that the actual expenditures are below
85% of the budgeted amount. As per the joint venture agreement, Buchans had 30
days from January 6, 2012, to elect whether or not to participate in the program
on a pro-rate basis to maintain its interest. Prominex holds an undivided 51%
interest in the Tulks Hill joint venture and is the operator.


On January 26th, 2012, Buchans Minerals Corporation announced that they had
entered into a definitive agreement with SG Spirit Gold Inc. with respect to the
sale of certain base metal properties in central Newfoundland including their
49% interest in the Tulks Hill joint venture. For full details see news releases
Buchans Minerals Corporation, December 13, 2011, January 26th, 2012 and SG
Spirit Gold news release February 6th, 2012.


Prominex has granted Buchans Minerals Corporation an extension to April 15th,
2012 to allow them time to finalize their agreement with SG Spirit Gold and
allow the new management team to elect whether or not to participate in the
program on a pro-rate basis to maintain its interest.


We congratulate Buchans Minerals Corporation and SG Spirit Gold on their
agreement. This is a significant step forward for mineral exploration in central
Newfoundland and for the town of Buchans.


ON BEHALF OF THE BOARD

Gordon Barron, President and CEO