Probe Mines Limited

Probe Mines Limited

January 28, 2008 07:00 ET

Probe Mines Appoints Carmelo Marrelli as Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) are pleased to announce the appointment of Carmelo Marrelli as Chief Financial Officer of the Company.

Mr. Marrelli, B.Comm, CA, CGA, ACIS, is a Chartered Accountant, Certified General Accountant and a member of the Institute of Chartered Secretaries and Administrators of Canada. Mr. Marrelli is partner of Marrelli & Drake Corporate Services (formerly Duguay & Ringler Corporate Services), which provides accounting and corporate secretarial services to the resource industry.

Mr. Marrelli will be a valuable addition to Probe's senior management team, which is working to advance the Company through project acquisition and exploration. Management would like to take this opportunity to welcome Carmelo to the Probe organization. In addition to Mr. Marrelli, the Company's directors and officers consist of Patrick Reid (Chairman), John Gammon, Dennis Peterson and David Palmer.

As part of his compensation package, Mr. Marrelli was granted stock options to acquire up to 150,000 common shares of the Corporation exercisable at a price of $0.61 per share for a five-year term, subject to shareholder and regulatory approval. 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 the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront Resourcs 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 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.

To find out more about Probe Mines Limited, visit our website at

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
    Karen Willoughby
    Investor Relations