Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 22, 2011 08:00 ET

Probe Mines Announces Assay Results for the Cree Lake Gold Project, Swayze Belt, Ontario

TORONTO, ONTARIO--(Marketwire - June 22, 2011) -Probe Mines Limited (TSX VENTURE:PRB)("Probe" or the "Company") is pleased to announce that the Company has received assay results from a recently completed second-phase diamond drilling program on its Cree Lake Project, currently under option from Mantis Mineral Corp (CNSX:MYN) ("Mantis").

The drill program, which comprised five drill holes, successfully identified the low-grade gold zone discovered by Mantis in 2009 and has extended the mineralization 50 metres to the east of the discovery hole. Hole CL11-17 intersected 12.7 metres grading 1.3 g/t Au at 29 metres depth, representing the eastern extension of the 2009 discovery of a 15.5 metre-wide interval averaging 2.05 g/t Au (see Mantis news release 09/09/2009). Drill holes CL11-16 and CL11-17 represent the first holes to be drilled to the east of the 2009 discovery area. The following table provides highlights of the drilling program. All sections are referenced from the Discovery Section, taken as 0 metres East. These intervals do not represent true widths:

Drilling Highlights – Cree Lake 2011
DDHSectionFrom
(m)
To
(m)
Width
(m)
Au
(g/t)
CL11-1650E29.141.812.71.3
including36.237.21.010.9
CL11-1750E54.365.811.50.5
CL11-180E39.843.03.10.9

Drill holes CL11-14 and CL11-15 were drilled 50 metres west of the discovery section and failed to intersect any significant mineralization. Holes CL11-16 and CL11-17 were drilled 50 metres east of the discovery and tested the horizon at vertical depths of 29 metres and 54 metres, respectively. Hole CL11-18 was designed to test below the original discovery hole, CL09-06, and intersected a narrow zone of low-grade gold.

The drilling was designed to follow up on results from a 2010 summer drill program by Probe that returned numerous, zones of gold mineralization including a five (5) metre section grading 2.3 g/t Au and individual assays of up to 8 g/t Au proximal to the Mantis discovery. The property also hosts the historical Flintrock showing, where one hole from the summer program intersected 24 g/t Au over one metre.

Probe is currently earning up to a 70% interest in the Cree Lake property from Mantis. Mantis has agreed to extend the first anniversary date of the Probe-Mantis Option agreement to November 15, 2011.

The Mantis occurrence represents a new gold discovery in the Swayze Belt and is represented by a quartz stockwork system carrying significant gold values along substantial drill hole widths. The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $25MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. 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 www.probemines.com.

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: 56,340,915

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.

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    (416) 777-6703

    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766
    www.probemines.com