Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

August 09, 2011 08:00 ET

Probe Mines Commences Metallurgical Testwork at Borden Lake

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has contracted SGS Mineral Services to begin metallurgical scoping studies on its Borden Lake gold discovery, near Chapleau, Ontario. The Company has drilled a twin hole to BL10-10, on the discovery section, which has been submitted and will be used for the metallurgical tests. The scoping study will focus on the geochemical and mineralogical characteristics of the gold mineralization, as well as testing for the recoverability of gold through gravity, flotation and cyanidation tests. Two sample populations will be examined in the scoping metallurgical work, represented by the higher-grade core zone of the mineralization and the lower-grade envelope.

The metallurgical scoping testwork will provide a detailed mineralogical analysis of the ore zone and evaluate the recoverability and beneficiation requirements of the mineralized zone. This information will form an instrumental part of any future evaluation of the economic potential of the Borden Lake deposit. The scoping study is expected to take approximately 12 weeks to complete. Results will be announced as soon as they are received and evaluated.

The Borden Lake gold zone is a significant new gold discovery in Ontario hosted by unexplored Timiskaming-age metasediments near Chapleau, Ontario, approximately 160km southwest of Timmins, Ontario. Timiskaming-age sediments often show a spatial association with large-scale Archean lode gold deposits such as those found in the Timmins, Kirkland Lake, Hemlo and Red Lake gold camps. The Borden Lake mineralization is comprised of thick (up to 200 metre-wide) zones of gold-bearing sulphides which have been identified over a strike length of 1,700 metres and to vertical depths of up to 340 metres. The discovery is situated less than one kilometer from Highway 101, 10 minutes from major rail lines and 15 minutes from well-developed local infrastructure. The Company is currently in the process of having a NI 43-101-compliant resource estimate calculated for the deposit, which is expected to be finished by the end of August.

The metallurgical scoping study will be conducted from SGS Mineral Services' laboratory in Vancouver, B.C. SGS is one of the world's leading inspection, verification, testing and certification companies. SGS Mineral Services provides quality and quantity inspection and testing for a wide range of commodities.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $23MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. The Company's shares 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". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. 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. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Shares Issued: 56,615,080

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.

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    416) 777-6703

    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766
    www.probemines.com