Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

July 08, 2008 08:00 ET

Probe Mines Commences First-Phase Drilling on its McFauld's West Property, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - July 8, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that drilling is now underway on their 100%-owned McFauld's West Project, immediately adjacent to Noront Resources' Eagle One high-grade nickel-copper-PGE discovery. A minimum of eight holes is planned to test selected targets displaying coincident magnetic and electromagnetic (EM) responses identified by geophysical surveys completed in the winter. Included in these targets is the eastern magnetic anomaly, which also displays a significant nickel-copper mobile metal ion (MMI) soil anomaly. The ground geophysical program also identified a number of deeper targets, which would not have been detected by the airborne survey and will be tested in this program.

The program will begin on the western side of the property with the first hole testing a geophysical anomaly associated with the mafic intrusive identified in outcrop and move east from there. It is expected the drilling will take two to three weeks to complete, at which point an update will be provided to shareholders.

Management is encouraged by the geophysical and geochemical results on the McFauld's West property and its proximity to the Eagle One deposit, a significant, high-grade, nickel-copper-PGE discovery. The property lies less than 450m from Eagle One and hosts a number of geophysical targets similar to the discovery. A resource estimate for the Eagle One deposit has been released by Noront Resources with an indicated resource of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5 g/t Pt+ Pd and an inferred resource of 1,087,000 tonnes grading 2.39% Ni, 1.27% Cu and 5.8 g/t Pt+Pd.

Victory Project

The Company would like to update shareholders that it is still waiting for assay results from the sulphide mineralized ultramafic intrusive intersected during drilling of the Victory Project, 30 km to the east of the McFauld's West property and Eagle One Ni-Cu discovery. Results are expected in one to two weeks and will be released as soon as they have been reviewed by management.

Mineralization consists of pyrrhotite and chalcopyrite occurring predominantly as disseminated grains interstitial to silicate minerals and more rarely as narrow, massive bands within the ultramafic. Visual inspection suggests the sulphides are primary and may therefore be part of a larger mineralized system occurring along strike and/or at depth in the intrusive. Most of the world's major Ni-Cu-PGE deposits are hosted by primary magmatic sulphides in mafic-ultramfic intrusions.

Probe Mines has been established in the McFauld's Lake area since 2003 and also owns the nearby Tamarack property, under option to Mantis Mineral Corp and the Victory Project, comprising 484 claims over an associated volcanic belt. 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 Probe Mines' 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 Mineral 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.

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.

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