Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

October 17, 2008 08:00 ET

Probe Mines Exploration Update

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB)("Probe") are pleased to announce that sampling of the remaining peridotite encountered on the McFaulds West property has commenced. Three of nine samples from the 60m intersection in hole MW08-08 returned significant and highly anomalous values in platinum, palladium and gold, including a one metre section of peridotite at 136 metres depth with a combined 2.1g/t of platinum, palladium and gold. Only representative sampling of the interval was undertaken during the drilling program and as a result core on either side of the platinum group element (PGE)-enriched zone remains to be assayed. The current sampling program will see the entire 60 metre interval split and sampled for analysis. Sampling will take approximately two days, with results expected within two to three weeks of submission. The Company will also take additional samples from the peridotite intersected in hole MW08-02, located 150 metres from hole MW08-08.

The preliminary assay results for the McFauld's West core samples are very encouraging and suggest that the peridotite on the McFauld's West property has the potential to host PGE mineralization in addition to other metals, such as nickel and copper. The discovery was made approximately one kilometre northwest of the Eagle One high-grade nickel-copper PGE sulphide deposit which has a reported estimated resource (indicated) of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum, palladium and gold.

Probe is currently planning follow up drilling programs on its McFauld's Lake properties, however, scheduling has not been set. Shareholders will be updated as soon as an exploration schedule has been determined.

Options Granted

Options in respect of an aggregate of 1,000,000 common shares exercisable at $0.15 per share for a five year term were granted on October 16, 2008 to directors, staff and consultants of the Company. The options were granted pursuant to a stock option plan approved by shareholders on October 9, 2008. The new option plan reduces the number of options available for granting from 4,500,000 to 3,351,647, representing 10% of the issued and outstanding shares of the Company.

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

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