Probe Mines Limited

Probe Mines Limited

September 16, 2014 09:10 ET

Probe Mines Appoints Jamie Sokalsky as Director and Chairman Designate

TORONTO, ONTARIO--(Marketwired - Sept. 16, 2014) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that Jamie Sokalsky has been appointed as a director of the Company effective immediately. Mr. Sokalsky will be appointed as the non-executive Chairman of the Board of Directors of the Company upon the retirement of Mr. Patrick Reid, Probe's current Chairman, effective after the Company's Annual General Meeting to be held on October 29, 2014, where Mr. Reid is not standing for re-election.

Mr. Sokalsky brings to Probe over 20 years of experience as a senior executive in the mining industry, including finance, corporate strategy, project development and operations. Mr. Sokalsky was President and Chief Executive Officer of Barrick Gold Corporation ("Barrick") from June 2012 to September 2014 and Chief Financial Officer of Barrick from 1999 to 2012, prior to which he worked in various other senior finance roles. He holds an Honors Bachelor of Commerce degree from Lakehead University and received his Chartered Accountant designation in 1982.

Dr. David Palmer, President and Chief Executive Officer of Probe, states, "We are excited about the opportunity to work with Jamie. His knowledge, experience and skill will greatly assist Probe as it advances the exploration and development of the Borden Gold project. On behalf of the Board of Directors and management, I welcome Jamie to our team."

The Board of Directors of the Company wishes to thank Patrick Reid for his years of service. Mr. Reid served the Company as Chairman and a director since 2003 during which time it discovered the Black Creek chromite deposit and the Borden Gold project. The Company wishes him the very best for future endeavours.

Mr. Sokalsky has been granted options to acquire 500,000 common shares of Probe for a period of five years with an exercise price of $2.41 per share.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold project near Chapleau in Ontario, Canada. The Company is well-funded to continue advancing and growing a significant gold resource on its Borden Gold project. Probe controls a large land package along the Borden Belt representing over 400km2 of exploration ground. The Company also has a 100% interest in the Black Creek chromite deposit located in Northern Ontario.

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

Forward-Looking Statements

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. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Shares Issued: 84,784,727

Contact Information

  • Probe Mines Limited
    Karen Willoughby
    Director of Corporate Communications
    (866) 936-6766

    Probe Mines Limited
    Patrick Langlois
    Vice President, Corporate Development
    (416) 777-6703