Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

January 30, 2008 07:00 ET

Probe Mines Commences Fieldwork on Its McFauld's West Project, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) are pleased to announce that fieldwork has commenced on the Company's 100%-owned McFauld's West Project, located immediately north of Noront Resources' high-grade nickel-copper-platinum group element (PGE) discovery in the McFauld's Lake area. Fieldwork will consist of grid establishment followed by a ground geophysical survey employing Insight Geophysics' deep penetrating Resistivity/Induced Polarization system. The Insight survey will have an effective depth penetration of up to 400 metres, and will cover two priority magnetic anomalies identified on Probe's claims.

One of these magnetic targets has a coincident nickel-copper-cobalt-silver-gold soil geochemical anomaly recently delineated by Probe. The soil geochemical survey returned a consistent anomalous profile of base and precious metal response ratios of up to 9.1, 36, 18 and 14.5 times background, for nickel, copper, silver, cobalt respectively, while gold consistently showed values of 4 times background. The Mobile Metal Ion (MMI) technique employed for the analysis considers values of 2 anomalous and values of 5 significantly anomalous.

The program is expected to be completed in February and is designed to identify zones of anomalous conductivity and/or polarization for the upcoming winter drill program. The geophysical survey will be read as an initial gradient survey, which will be used to identify areas for the deep-penetrating Insight sections. The Insight technique uses a proprietary IP array providing high-density readings and better resolution of the IP/Resistivity signature than traditional surveys. This will allow more accurate target location for the drilling program.

Owing to the presence of coincident magnetic and geochemical anomalies, management believes this ground geophysical program will be effective in evaluating the potential of the property to host magmatic massive sulphide mineralization (and/or disseminated mineralization) similar to that discovered by Noront Resources.

The McFauld's area is receiving considerable attention with the continuing reports of high-grade nickel-copper-PGE mineralization on Noront Resources Eagle One property. The most recent drilling intersection returned the highest grade material to date averaging 6.25% nickel, 2.75% copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver over 46.6 meters. Located only 450m from the Eagle One zone, management is encouraged by the proximity of the McFauld's West property to this significant discovery and believes there is a strong potential for the property to also host mineralization. Probe Mines has been established in the McFauld's Lake area since 2003 and also owns the nearby Tamarack property, under option to Mantis Minerals, as well as significant holdings to the east comprising the Victory Project. In addition to Noront's nickel-copper discovery, the McFauld's Lake area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is located on the Tamarack claims, and management believes the area has the potential to develop into Canada's next major mining camp.

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's 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 http://www.agoracom.com/IR/Probemines 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 PRB@agoracom.com 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 www.probemines.com.

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.
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com