Probe Mines Limited

TSX VENTURE : PRB


Probe Mines Limited

May 05, 2014 06:00 ET

Probe Mines Appoints New Chief Operating Officer

TORONTO, ONTARIO--(Marketwired - May 5, 2014) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that Yves Dessureault has been appointed Chief Operating Officer, replacing Michael Petrina, who has decided to leave the Company to pursue other interests. The Company would like to thank Mike for his contribution in advancing the Borden Gold project and wish him the very best in his future endeavors.

Mr. Dessureault brings over 25 years of international mining experience in operations, consulting and engineering with a focus in the last 15 years on project evaluation, development and execution. Mr. Dessureault previously held leadership positions with Rio Tinto PLC and Hatch Ltd., and more recently was a partner at BBA Inc. where he was leading their Toronto operations. At BBA and Hatch, he was responsible for managing engineering projects, especially in the area of project development or feasibility studies for mining clients including Rio Tinto PLC, Sherwood Copper Corp., Teck Resources Limited and Potash Corp. Since 2012, he has been the main consultant to Probe and been part of the Borden Gold project development. For 10 years at Rio Tinto, Mr. Dessureault held several operational roles including the Project Director for a C$600 million project. Throughout his career, he has managed development of greenfield and brownfield projects valued between C$110 million and C$1,200 million, and covered many commodities including gold. Mr. Dessureault is a Professional Engineer, he holds a B.Eng., M.Sc.A. and Ph.D. from École Polytechnique of Montréal and an MBA from HEC Montreal.

Dr. David Palmer, President and CEO of Probe, states, "The depth and breadth of Yves' industry experience and his close involvement in the Borden Project over the past three years make him the ideal person to lead our operating team. Yves has been actively involved in the development and growth of the Borden Gold project as our lead consultant since 2012 and we are pleased that he will now guide the development of the project from within as an integral member of the team. We are all looking forward to working closely with him as we continue to advance the project".

Mr. Dessureault will be granted options to acquire 250,000 common shares of Probe for a period of five years with an exercise price of $2.50 per share.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of January 31, 2014, the Company is well-positioned with approximately $29.4 million in treasury. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. The Company's shares trade on the TSX Venture Exchange under the symbol PRB.

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: 75,784,727

Contact Information

  • Probe Mines Limited
    Karen Willoughby
    Director of Corporate Communications
    (866) 936-6766
    info@probemines.com

    Probe Mines Limited
    Patrick Langlois
    Vice President, Corporate Development
    (416) 777-6703
    patrick@probemines.com