Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

April 23, 2008 07:00 ET

Probe Mines Completes AeroTEM III Airborne Geophysical Survey on the Victory Project, McFauld's Lake Area, Ontario

TORONTO, ONTARIO--(Marketwire - April 23, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that an AeroTEM III helicopter-borne magnetic/electromagnetic survey has been completed on the Company's 100%-owned Victory Property, located less than 30 kilometres to the east of the Eagle One nickel-copper-PGE discovery in the McFauld's Lake area. The AeroTEM survey was flown in order to bring numerous conductors identified in previous geophysical surveys to drill readiness.

The survey, comprising approximately 1,400 line kilometers of high-resolution, helicopter-borne AeroTEM III magnetics and electromagnetics, was completed on the Victory property during March. Results are still pending, and will be released as soon as they are received. The Victory property comprises 484 claims covering 7,744 hectares within a 60 kilometre long greenstone belt associated with the McFauld's Lake Belt. In 2005 Probe Mines flew the first airborne survey over the Victory volcanics and acquired all of the priority bedrock conductors. The new high-resolution survey will provide deeper penetration and better discrimination of the targets, and will be used to advance the conductors to a drill-ready stage. A drilling program is currently being planned for Summer 2008, following drilling of Probe's McFauld's West property, which is scheduled to begin at the end of May.

Previous airborne surveys have identified in excess of 40 conductors on the property, with past drilling focused on volcanogenic massive sulphide (VMS) targets. Owing to the discovery of high-grade nickel mineralization in the McFauld's Belt, the Company is reevaluating its previous geophysical results on the Victory project in areas where mafic rocks were intersected during drilling.

The McFauld's area is receiving considerable attention with continuing reports of high-grade nickel-copper-PGE mineralization from the Eagle One discovery. The most recent drilling intersection returned the highest grade material to date averaging 6.25% nickel, 2.75% copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver over 46.6 meters. Probe Mines has been established in the McFauld's Lake area since 2003 and also owns the Tamarack property, under option to Mantis Mineral Corp, and the McFauld's West project, situated less than 450m from the Eagle One discovery. In addition to Noront's nickel-copper discovery, the McFauld's Lake area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is located on the Tamarack claims. Management believes the area has the potential to develop into Canada's next major mining camp.

About Probe Mines:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. In addition to the Victory project, exploration is being conducted on the 100%-owned McFauld's West Project, situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, and the Tamarack Project, under option to Mantis Mineral Corp. Probe also has an option agreement on its Bristol Township gold project with West Timmins Mining Inc., adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp and maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.

Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to PRB@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

The AeroTEM survey was contracted to Aeroquest International through Billiken Management. David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.

Forward-Looking Statements

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer, Ph.D.
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com