Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 28, 2006 07:00 ET

Probe Mines Confirms Base Metal-Bearing Horizons in First Phase Drilling Program on Greenlaw Project, Chapleau, Ontario; Second-Phase Drilling Planned for Norway Lake Zinc Project, Ontario

TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) are pleased to announce that a recently completed diamond drilling program on their Greenlaw base metal project in the Shunsby Volcanic Belt has confirmed the presence of base metal-rich volcanic horizons on the property. Mineralization occurs as disseminated and stringer-type sphalerite and galena, with minor chalcopyrite, hosted by quartz-rich horizons within a felsic volcanic sequence.

Assay results indicate at least two base metal zones in the eastern portion of the property, with a southern zone averaging 1.8% Zn, 0.4% Pb and 0.1% Cu over 7m, including a 3.6m section assaying 3.3% Zn, 0.8% Pb and 0.2% Cu, and a second, thicker zone to the north that returned highly anomalous values of up to 2.1% combined Zn-Pb within a 23m interval of sulphide mineralization. A third zone of anomalous base metal mineralization was identified near the western boundary of the property, which assayed up to 0.22% combined Cu-Zn in an 11m wide section of stringer sulphide mineralization.

The diamond drilling was successful in confirming the presence of a previously drill-tested mineralized horizon and a second sulphide zone identified on surface to the north of the historic drill discovery. A number of other geophysical conductors were tested during the program, with two explained by sulphide mineralization similar in setting to the base metal zones, and occurring along the folded strike extent of the eastern horizons, and three by graphitic metasediments. Results are encouraging for sulphide mineralized horizons; with drill results indicating a significant strike potential for the host volcanic layer and sulphide mineralization. Numerous conductors still remain to be tested on the property, and will be the focus of future exploration.

A second phase of drilling is now being planned for Probe Mines' Norway Lake Project, which returned significant zinc, gold and silver values from the summer drilling program. Values of up to 16.8% zinc (re-assayed sample), 9.7 g/t gold (0.34 oz/t) and 118 g/t silver (4.2 oz/t) where returned from the mineralized horizon identified along the entire 200m strike length tested during this program. Results also indicate that sulphide mineralization is thickening to the west and at depth, and suggests a strong potential for economic mineralization. The zone is still open in all directions. The second phase program will focus on the western strike extension of the horizon identified in Phase I, and will also be used to test other parallel induced polarization (IP) targets in the area.

About the Company:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has only recently acquired the Greenlaw and Norway Lake base metal projects, which both host numerous base metal occurrences and untested conductors. Probe also owns the Tamarack project in the James Bay Lowlands, Ontario, site of a significant copper VMS discovery, and a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, slated for production in 2008. In addition, Probe has signed a joint venture agreement with West Timmins Mining Inc. on our Bristol Township Project adjacent to Lake Shore Gold Corp's million-plus ounce gold deposit. Probe'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.

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
    Harry J. Hodge, P.Eng.
    Director
    (416) 363-4376
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com