Prince Resource Corporation Announces Revocation of Cease Trade Orders

CALGARY, ALBERTA--(Marketwire - July 11, 2012) - Prince Resource Corporation (TSX VENTURE:PNR.H) (the "Company") is pleased to announce that the cease trade orders issued by the Alberta Securities Commission and the British Columbia Securities Commission dated September 26, 2003 and September 17, 2003, respectively (together, the "CTOs"), were fully revoked by applicable securities regulatory authorities on July 3, 2012 and July 4, 2012 respectively. The CTOs were issued in connection with the Company's delay in filing its audited annual financial statements and related management's discussion and analyses.

Since the date of the CTOs, the Company has filed the following documents in order update its continuous disclosure and to provide current and relevant information regarding the business and affairs of the Company to its shareholders and the public as is otherwise required under applicable securities Laws :

1. On April 20, 2011, the Company filed its annual financial statements, related management's discussion and analysis and certificates of annual filings for the years ended March 31, 2007 through March 31, 2010, and on May 26, 2011, the Company filed its interim unaudited financial statements and certificates of interim filings for the three month period ended June 30, 2010, the six month period ended September 30, 2010, and the nine month period December 31, 2010.
2. On July 13, 2011, the Applicant filed its management's discussion and analysis for the three month period ended June 30, 2010, the six month period ended September 30, 2010 and the nine month period ended December 31, 2010.
3. On October 28, 2011, the Applicant filed its amended and restated annual financial statements, the related amended and restated management's discussion and analysis and certificates of refiled annual filings for the year ended March 31, 2010.
4. On November 4, 2011, the Applicant filed its Form 51-101F3 Report of Management and Directors on Oil and Gas Disclosure for the years ended March 31, 2008 through March 31, 2011.
5. On November 10, 2011, the Applicant filed its annual financial statements, the related management's discussion and analysis and certificates of annual filings for the year ended March 31, 2011.
6. On December 22, 2011, the Applicant filed its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the years ended March 31, 2008 through March 31, 2011.
7. On February 22, 2012, the Applicant filed its amended and restated financial statements, related amended and restated management's discussion and analysis and certificates of refiled interim filings for the interim period ended June 30, 2010; the financial statements, related management's discussion and analysis and certificates of interim filings for the interim period ended June 30, 2011; and the amended and restated annual financial statements, related amended and restated management's discussion and analysis and certificates of refiled annual filings for the year ended March 31, 2011.
8. On April 18, 2012; the Applicant filed its press release and material change report dated April 18, 2012;
9. On May 9, 2012, the Applicant filed its interim financial statements, related management's discussion and analysis and certificates of interim filings for the six month period ended September 30, 2011; the interim financial statements, related management's discussion and analysis and certificates of interim filings for the nine month period ended December 31, 2011; the amended and restated financial statements, related amended and restated management's discussion and analysis and certificates of refiled interim filings for the interim period ended September 30, 2010; and the amended and restated financial statements, related amended and restated management's discussion and analysis and certificates of refiled interim filings for the interim period ended December 31, 2010.

The Company has applied for reinstatement to trading on NEX and intends to focus on completing a reactivation transaction in order to relist the shares of the Company on the TSX Venture Exchange.