Pasireotide (SOM230) With or Without Everolimus in Treating Patients With Hormone Resistant, Chemotherapy Naive Prostate Cancer

Inclusion Criteria:

* Age minimum: 18 years old
* Histological confirmation of prostatic adenocarcinoma
* PSA \> or = to 2 ng/ml
* PSA progression (serially rises on two occasions each at least one week apart) OR disease progression on imaging studies (CT scan or bone scan).
* Minimally symptomatic - no symptoms attributed to prostate cancer greater than Grade I based on NCI CTCAE Version 4.0 grading of toxicities
* Discontinuation of all antiandrogen, ketoconazole and investigational drugs for at least 4 weeks (6 weeks for bicalutamide) prior to study initiation
* Maintain castrate levels of testosterone (\<50ng/dL)
* Karnofsky Performance Status \> or = to 60%
* Life expectancy \> 3 months
* Adequate hematologic, renal, and liver function

Exclusion Criteria:

* Currently active second malignancy other than non-melanoma skin cancers.
* Clinically significant cardiovascular disease: EF \< 30%, NHYA Class III or greater congestive heart failure, myocardial infarction/unstable angina within 6 months prior to study enrollment, or significant ECG abnormalities such as QRS/QT prolongation (see Section 5.3).
* Progressive pulmonary disease, such as advanced COPD, pulmonary fibrosis, or supplemental O2 requirement.
* Known CNS disease, except for treated brain metastases.
* Poorly controlled diabetes mellitus (HbA1c \> 7 %) or fasting blood glucose level \>126 mg/dL in non-diabetic patients or \> 189 mg/dL in diabetic patients (can be enrolled after initiation or titration of anti-diabetic agent(s)).
* Poorly controlled hypercholesterolemia (fasting serum cholesterol \>300 mg/dL) or hypertriglyceridemia (\> 2.5 x ULN). Patients above either threshold can be included after initiation of appropriate lipid lowering medication.
* Current use of chronic steroids (equivalent of 20mg prednisone daily). Inhaled steroids are acceptable.
* Active gallbladder disease or hepatitis (AST or ALT \> 2.0, or bilirubin \> 1.5x ULN), liver cirrhosis, or severe liver impairment (Child-Pugh class C). It is highly recommended that patients positive for HBV-DNA or HBsAg are treated prophylactically with an antiviral for 1-2 weeks prior to receiving study drug.
* Serum creatinine \>1.5 upper limit of normal or on dialysis.
* Prior use of a somatostatin analog or mTOR inhibitor for the treatment of PC.