Probe Mines Limited

Probe Mines Limited

December 06, 2012 16:23 ET

Probe Mines Announces Acquisition of Ivanhoe Property, Chapleau Area, Ontario; Strengthens Investor Relations Capabilities and Grant Options

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has acquired a 100% interest in Platinex Inc's (TSX VENTURE:PTX) ("Platinex") Ivanhoe property, located approximately 20 kilometres east of the Company`s Borden Lake project and contiguous with Probe's recently acquired Ava-Claire property (see News Release dated December 7th, 2012). The Ivanhoe property is comprised of 374 claims covering approximately 59 square kilometres situated at the eastern end of the Borden Lake Belt. The claims are believed to cover the same horizons which host the Borden Lake deposit, discovered by Probe in 2010.

In exchange for a 100% interest in the Ivanhoe property, the Company has agreed to pay Platinex $80,000, issue 50,000 of its common shares, and grant a net smelter royalty ("NSR") of 1.5% on the property. The securities will be subject to a restricted period of four months and one day from the date of issuance. The purchase is subject to TSX Venture Exchange approval.

Dr. David Palmer, President of Probe, states: "The acquisition of the Ivanhoe property is strategic for Probe as it covers the remaining section of the Borden Lake belt in this area. With the addition of Ivanhoe to the property package, Probe now controls over 136 square kilometers of virtually unexplored ground along strike of our discovery."


Probe is pleased to announce that it has retained the services of Proconsul Capital Ltd. ("Proconsul") and Renmark Financial Communications ("Renmark") to provide investor relations services.

In consideration of the services to be provided by Proconsul, founded by Andreas Curkovic, the Company has agreed to pay a monthly retainer of $5,000, plus reimbursement of approved expenses. The agreement is automatically renewable on a monthly basis, subject to termination by either party on 30 days of notice. In addition, the Company shall grant Proconsul incentive stock options, the number of which will be determined by the board of directors, subject to the provisions of the Company's stock option plan and the policies of the TSX Venture Exchange.

In consideration of the services to be provided by Renmark, the Company has agreed to pay a monthly retainer of $7,000, plus reimbursement of approved expenses. The agreement with Renmark has a term of 6 months, commencing December 1, 2012. The Company has the right to terminate the agreement at any time after May 31, 2013 by providing Renmark with a 30-day written notice to that effect.


The Company has granted a total of 180,000 options to purchase common shares of Probe to officers and consultants at an exercise price of $1.90 per share for a period of 5 years.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Lake Gold project in Ontario, Canada. As of July 31, 2012, the Company had approximately $27 million in treasury and a portfolio of highly prospective mineral properties. In addition, Probe disposed of its Goldex royalty on November 29, 2012 and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. The Company's shares trade on the TSX Venture Exchange under the symbol PRB.

About Platinex Inc.:

Platinex has recently revealed strong evidence of a major gold bearing zone on its Shining Tree property as evidenced by a provincially significant, extraordinarily high gold content of soil samples along a nine km long corridor. Platinex is expanding exploration on the Herrick gold deposit with 62 holes drilled to date with an average grade of 2.10 g/tonne gold. Platinex's management team are leaders in the exploration for Platinum Group Elements (PGE's) in North America. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol "PTX", (OTCQX: PANXF.PK) (Frankfurt: 9PX.F).

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

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

Forward-Looking Statements

This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Shares Issued: 65,391,491

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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