Probe Mines Limited

Probe Mines Limited

December 03, 2007 13:28 ET

Probe Mines Announces Appointment of Dennis H. Peterson to the Board of Directors and Resignation of Harry J. Hodge from the Board of Directors

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2007) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that Mr. Dennis H. Peterson has been appointed as a director of Probe Mines and will fill the seat left by Mr. Harry J. Hodge, who has resigned his position as a director of the Company in order to focus on his other business activities. Mr. Peterson's appointment and Mr. Hodge's resignation are effective immediately. In addition to Mr. Peterson, the board is now comprised of Mr. Patrick Reid, Dr. John Gammon and Dr. David Palmer.

Patrick Reid, Chairman of Probe, stated "Harry has been a director of Probe Mines since it's restructuring in 2001, and has played a key role in developing the Company into an active junior explorer. His wisdom and keen sense of the industry will be missed. On behalf of the Board, we wish to thank him for his many contributions and wish him well in his future endeavors. Although we have lost one experienced Board member, we have gained another and are extremely pleased to have Dennis back with us at Probe. His corporate knowledge and experience are unparalleled, and he will be instrumental in assisting with the Company's growth."

Mr. Peterson has 20 years experience as a corporate securities lawyer specializing in corporate finance matters for small cap companies, and served as a director of Probe from 2001 to 2006. Most of Mr. Peterson's practice focuses on junior natural resource companies, and he has extensive experience with all aspects of prospectus financings, private placements, mergers and acquisitions in the junior public markets. Companies he has worked with are listed on the Toronto Stock Exchange and the TSX Venture Exchange.

Probe's Board represents an aggressive team comprising a level of technical and corporate expertise that will be instrumental in generating growth and increasing shareholder value. One area of focus will be the Company's McFauld's Lake properties, which are proximal to a recent high-grade nickel-copper-platinum-palladium discovery made by Noront Resources. Probe's McFauld's West property is situated approximately 450 metres from the nickel discovery and fieldwork is currently underway to prepare for a winter drill program expected to begin early in 2008. Further details of the program will be released shortly. In all, Probe owns 931 claims covering almost 15,000 hectares of land in the McFauld's Lake area. Exploration plans are currently being developed for all of the properties, to be completed during 2008. As well, the Company is actively pursuing new acquisitions to complement its current property portfolio.

On December 3, 2007, Mr. Peterson was granted options to acquire up to 200,000 common shares of the Corporation exercisable at a price of $0.74 per share for a five-year term. Directors and officers are not paid any salaries or fees for acting as such. The options were granted pursuant to a stock option plan approved by shareholders on October 21, 2002.

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 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery and represents 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 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 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.
    (416) 777-6703
    Probe Mines Limited
    Harry J. Hodge, P.Eng.
    (416) 363-4376
    Probe Mines Limited
    Karen Willoughby
    Investor Relations