Probe Mines Limited

Probe Mines Limited

November 20, 2008 16:15 ET

Probe Mines Corporate and Exploration Updates

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") would like to update shareholders on the Company's recent corporate and exploration developments. Owing to the financial turmoil in recent weeks and its effect on the capital markets, the Company is now reviewing its finances in order to reduce overhead costs and preserve capital. Probe is fortunate to have a strong treasury, which will not only see it through this downturn in the markets, but also allow the Company to capitalize on potential corporate development opportunities that are beginning to present themselves.

McFauld's Lake Projects

Probe will continue to explore its key assets in the McFauld's Lake area, and the Company is waiting for final results from a recently completed airborne geophysical survey over its Victory and McFauld's West properties. Exploration programs will be advanced after a thorough evaluation of previous results and airborne survey data.

Assay results have been received for the entire intervals of peridotite in Holes MW08-02 and MW08-08. Results were disappointing, with the previously reported platinum, palladium and gold results from drill hole MW08-08 remaining the highest values obtained. Samples from either side show only weakly anomalous and background values. Core samples from hole MW08-02 also returned only weakly anomalous and background values for platinum, palladium and gold.

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. This includes a 100% interest in the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which commenced production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.

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

Forward-Looking Statements

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Probe Mines Limited
    David Palmer, Ph.D.
    (416) 777-6703
    Probe Mines Limited
    Karen Willoughby
    Investor Relations