Providence Resources Corp |918 – 1030 West Georgia Street |Vancouver, British Columbia |Canada| V6E 2Y3|Telephone: (604) 639-9052|
Facsimile: (604) 647-6613 |www.providenceresources.ca
TSX-V: PV
May 2, 2012
For Immediate Release
Providence/Eagle Plains Announce Airborne Gravity Geophysical Survey
Results
Vancouver, B.C., May 2, 2012: Providence Resources Corp. (TSX-V: PV, OTCQX: PRVSF)
(“Providence” or the “Company”) and Eagle Plains Resources Ltd. (TSX-V:EPL) are pleased to announce
receipt of results from property scale airborne gravity gradiometer geophysical survey carried out over
their Iron Range JV project located near Creston British Columbia (see Fig. 1). In October-December
2011, Fugro Airborne Surveys conducted a high-sensitivity aeromagnetic and HeliFalcon™ survey over
the Iron Range Project. The results have subsequently been processed and interpreted by Condor
Consulting, Inc. The survey produced a total of 45 gravity targets including 8 high priority and 16
secondary priority targets which are slated for follow up exploration as part of the current 2012 drill
program or during the 2012 field program. The anomalies defined by the gravity survey are ranked
according to their association with favourable geology (e.g., lower middle contact Aldridge sedimentary
rocks, tourmalinites and albite alteration), soil lead-zinc-arsenic anomalies, and geophysical anomalies
(magnetic and electromagnetic anomalies).
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.
Geophysical Survey Specifications
Fugro Airborne Surveys conducted a high-sensitivity aeromagnetic and HeliFaclon™ Airborne Gravity
Gradiometer (AGG) survey over the Iron Range Property between October and December of 2011. The
survey area includes 1,113 line kilometers flown at a line spacing of 200 meters. The survey was flown
Providence Resources Corp.
Figure 1. Gridded Fugro airborne gravity gradiometer data (Gdd) superimposed on the Iron Range
property target areas geology. High (red), moderate (blue) and low (green) priority anomalies are
ranked according to their association with geological, geochemical and geophysical anomalies.
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Providence Resources Corp.
in an east-west direction (090˚ azimuth) and includes tie lines (2,000 meter separation) flown at 000
azimuth. The minimum drape height for the survey is 30 meters.
Qualified Person
Aeromagnetic and HeliFALCONTM data collection, quality control and processing were conducted by
Fugro Airborne Surveys. A second and independent review of the gravity data quality was done by
Condor Consulting. Ken Witherly, BSc (Geophysics) hereby designated as a qualified person under
National Instrument 43-101.
Technical geological work on the Iron Range Project is under the supervision of J.K. Ryley while C.C.
Downie, P.Geo. and Daniel MacNeil GIT are hereby identified as the overall project supervisors.
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
For further information regarding Providence, please email investor@pvresources.ca, call toll free at
1-888-705-1128 or visit our website at www.pvresources.ca
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
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