Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 26, 2008 08:00 ET

Probe Mines Intersects Ultramafic Intrusive on Victory Project; Drilling Operations to Commence on McFauld's West Property, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - June 26, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that a total of nine holes have been completed on the Company's 100%-owned Victory Project, with a thick (30m) horizon of coarse-grained, sulphide-mineralized ultramafic intrusive rock intersected in diamond drill hole V08-27. The sulphide mineralization in drill hole V08-27 is comprised predominantly of pyrrhotite and chalcopyrite occurring as coarse interstitial grains and narrow (less than 1m) massive bands in the ultramafic unit. The presence of sulphide mineralized ultramafic intrusive is encouraging, as it represents a potential nickel-copper-PGE host. Owing to the drill results, Probe is now planning further geophysics in the area to better define the mineralized horizon in advance of continued drilling. The unit occurs near the edge of the volcanic belt underlying the Victory Project and is associated with a discrete, positive magnetic anomaly. Sampling of the zone has been completed and the samples submitted for assay. Results will be released as soon as they have been received and reviewed by the Company, which is expected to take two to three weeks. The remaining anomalies tested by this drilling program were explained by sulphide-rich horizons within the felsic volcanic package, and indicate an additional potential for volcanogenic massive sulphide (VMS) deposits on the Victory Project.

McFauld's West Project Drilling

The diamond drill used for the Victory drilling has been mobilized to the Company's 100%-owned McFauld's West Project adjacent Noront Resources' Eagle One high-grade nickel-copper-PGE discovery. Drilling will commence on July 7th, after a ten-day break from field operations. The first hole will test a geophysical anomaly identified on the western mafic intrusive, discovered in outcrop during the winter program. The Company is planning a minimum of eight holes to test selected anomalies identified on the property, including some deeper targets.

The McFauld's West property is located approximately 450m from the Eagle One discovery and the current program represents the first drilling to be conducted on the claims. Probe is encouraged by the recent geophysical, geochemical and geological results, which indicate the potential of the property to host mineralization similar to that on Noront's property. The most recent drilling intersection from Eagle One 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.

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

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