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…