Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 11, 2010 14:03 ET

Probe Mines Announces Grant of Options

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2010) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") announce that a total of 1,200,000 stock options to purchase Probe common shares have been granted to directors, officers and a consultant at an exercise price of $1.40 per share, expiring on November 11, 2015. The grant of options is subject to regulatory approval.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on two areas: McFauld's Lake, where it owns 875 claims covering approximately 14,000 hectares; and its Borden Lake gold project, which returned very encouraging initial results including a 91m intersection averaging 2 g/t Au. Probe also has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also 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. The Company has only 36,902,581 shares issued and outstanding, which 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". 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.

Shares Issued: 36,902,581

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
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766
    www.probemines.com