Pro Minerals Inc.

Pro Minerals Inc.

May 05, 2010 10:30 ET

Pro Minerals Inc.: Disco Lake Project Expanded

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2010) - Pro Minerals Inc. (TSX VENTURE:PRM); and its Board of Directors are pleased to announce that the company has expanded its wholly owned Disco Lake Project by purchasing 20 claims or 5,218 acres, located due south of the current claim package. This brings the total number of claims to 55. The project now extends 21 kilometres North to South, and nearly 28 kilometres East to West covering 17,129 acres. These new claims cover all high priority exploration targets. Pursuant to the terms of three Agreements, Pro Minerals has acquired a 100-percent interest in the claims by paying the vendors a total of 850,000 common shares of the company, and $63,000.00

The vendors will receive a 2.0% Net Smelter Return ("NSR"), on their respective claims, of which the Company may purchase one-half of the Royalty for the sum of $1,000,000. The Company also retains a First Right of Refusal on the balance of the NSR. The shares to be issued to the optionor will be subject to a hold period in accordance with the policies of the TSX Venture Exchange. The agreement is subject to the approval of the TSX Venture Exchange.

The following are Disco Lake Project Highlights:

The Disco Lake Project is located in the Fort Hope area of Ontario, Canada. It consists of 55 claims, or 17,129 Acres, spanning roughly 21 kilometers North to South and nearly 28 kilometres East to West. The primary target commodities are copper, zinc, gold and silver. Located a relatively short distance from the renowned James Bay Lowlands / Ring of Fire region, the Disco Lake Project represents an opportunity to open up a brand new region for poly-metallic VMS discoveries of merit. The Disco Lake Project covers several volcanogenic base metal massive sulphide (VMS) prospects with high potential for significant gold and silver credits. Previous exploration carried out by Falconbridge in 1990 generated drilling targets from airborne and ground electromagnetic and magnetic surveying, geological mapping, trenching and sampling. Noranda Mining and Exploration flew an airborne E.M. survey covering the South Main area in 1995. Pro Minerals has obtained all digital data of the above which was completed by Falconbridge and Noranda Exploration in the 90's. All drill holes have been capped and identified in the field. All drill core from both the Falconbridge and Noranda Drill campaigns is stored at Disco Lake and Auger Lake. Base metal (Cu & Zn) values are significant with precious metal mineralization also highly anomalous, with silver values ranging from tens to hundreds of grams per ton and gold assays to 2 grams per ton. Seven significant zones of mineralization were outlined of which 5 were drill tested to a maximum depth of 150 meters. Though only a limited amount of drilling has ever been undertaken, Mineralization in the drilled occurrences remains open along strike and down dip. None of the previous exploration companies on the property assayed for gold in any systematic manner. Entire drill holes were never assayed for gold and gold intersections that were obtained received no follow-up work. In addition geophysical anomalies with base metal type signatures are present along strike from the known occurrences and remain to be drill tested. In early 2010 Pro Minerals carried out two exploration programs at Disco Lake. Phase 1 consisted of line cutting, as well as surface and borehole geophysical surveys. Phase 2 consisted of additional line cutting, extensive surface sampling and mapping. The company is now reviewing data collected from the two programs, and will be designing and scheduling a follow up program shortly.


Adrian O'Brien – President/COO

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