Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

May 18, 2010 08:11 ET

Probe Mines Commences 43-101 Resource Estimate on Black Creek Chromite Zone, McFauld's Lake, Northern Ontario

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that Micon International Limited ("Micon") have been contracted to prepare a 43-101-compliant resource estimate on its Black Creek Chromite Deposit located in the McFauld's Lake area of Northern Ontario. The Black Creek Zone was discovered in 2009 on the Probe-Noront Resources ("Noront") joint venture property and represents a key segment of the chromite mineralized horizon situated between Cliffs Natural Resources ("Cliffs") Black Thor deposit and the Cliffs-Spider Resources-KWG Resources Big Daddy deposit. The Black Creek zone is currently drilled on 50 metre spacing along a 200 metre strike length and to a vertical depth of approximately 200 metres, and remains open in all directions. A site visit to the property has been scheduled for June 8, 2010 and it is expected that the report will be completed within six to eight weeks of this date.

Micon has been providing consulting services to the mining industry since 1988 and during the last two years has undertaken significant work on the chromite deposits in the Ring of Fire, producing 43-101-compliant resource estimates for the Blackbird and Big Daddy chromite deposits immediately southwest of Black Creek.

Dr. David Palmer, President of Probe Mines, states "Our McFauld's Lake projects will be a priority for Probe this year and we are fortunate to have Micon working with us on the resource estimate for Black Creek. They have considerable experience in both resource estimation and the Ring of Fire chromite deposits and we look forward to their insight and recommendations on Black Creek."

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM in treasury and 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, including joint venture properties with Noront Resources covering 87 of these claims. In addition Probe has recently acquired two new gold projects, Cree Lake and Borden Lake, which show early potential for hosting significant mineralization. Probe currently 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 34,116,472 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: 34,116,472

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) 365-4724