Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

January 14, 2008 07:00 ET

Probe Mines Identifies Significant Ni-Cu-Ag-Co Soil Geochemical Anomalies on McFauld's West Project, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - Jan. 14, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) are pleased to announce that geochemical results for a soil sampling program conducted in September 2007 on the Company's 100%-owned McFauld's West Project have been received and indicate significant anomalies in nickel, copper, cobalt and silver, as well as anomalous values in gold. The samples, comprising eight soil samples in a single 350m long profile coincident with the eastern of two magnetic anomalies on Probe's property, are located approximately one kilometer northwest of Noront Resources high-grade nickel-copper-platinum group element (PGE) discovery on their "Ring of Fire" project.

The positive results from the soil program support the potential for nickel- and copper-bearing sulphide mineralization on the McFauld's West Project, and the property will be a focus for exploration in 2008.

Significant Nickel-Copper-Silver-Cobalt Anomalies

Within a 200m section of the profile, samples displayed highly anomalous values for nickel, copper, silver and cobalt with response ratios of up to 9.1, 36, 18 and 14.5 times background, respectively, while gold consistently showed values of 4 times background. The results suggest the potential of a buried, sulphide-bearing, mafic-ultramafic intrusive. In addition, results show a strong correlation between nickel and cobalt, while copper, silver and gold also parallel one another. This internal consistency to the data is encouraging as it indicates these elements, typically found in sulphide mineralized mafic-ultramafic intrusives, are traveling together and most likely derived from a unique source.

The samples were analyzed using the Mobile Metal Ion (MMI) technique, which has been shown to accurately locate buried mineral targets in boreal climates. Owing to the nature of the analytical technique, the metal concentrations are calculated as response ratios (times concentration above background), with response ratios of two (2) or more considered anomalous, and response ratios above five (5) considered significantly anomalous. Within the McFauld's data set a number of samples contain significantly anomalous ratios for nickel, copper, cobalt and silver and warrant immediate follow up.

The Company is now planning a ground geophysical program focused on the area containing the coincident geochemical and magnetic anomaly, as well as other geophysical anomalies identified from airborne geophysical surveys. This program will be followed by a diamond drilling program to test the anomalies.

The McFauld's area is receiving considerable attention with the discovery of high-grade nickel-copper-PGE mineralization by Noront Resources. The most recent drilling continues to intersect high-grade nickel-copper-PGE mineralization, with hole NOT07-18 returning 124m averaging 2.39% Ni, 1.09% Cu, 1.12 g/t Pt, 3.86 g/t Pd, 0.28 g/t Au and 3.89 g/t Ag, including an 18.8 meter massive sulphide mineralized interval grading 7.38% Ni, 3.18% Cu, 1.05 g/t Pt, 10.16 g/t Pd, 0.23g/t Au and 8.92 g/t Ag. With Probe's McFauld's West property located only 450m from the discovery zone, management is encouraged by the proximity to this significant discovery and believes there is a potential for this property to also host mineralization. Probe Mines has been established in the McFauld's Lake area since 2003 and also owns the nearby Tamarack property, under option to Mantis Minerals, as well as significant holdings to the east comprising the Victory Project. 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, and management believes the area has the potential to develop into Canada's next major mining camp.

Samples were collected in the field by Probe Mines and sent to SGS Laboratories in Toronto, Ontario where they were analyzed using the MMI-M5 package. David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release.

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 Minerals 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, 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.

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