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.