Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

February 20, 2008 07:30 ET

Probe Mines McFauld's West Project Update

TORONTO, ONTARIO--(Marketwire - Feb. 20, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that a ground grid has been established on the McFauld's Lake Project, located immediately adjacent Noront Resources' high-grade nickel-copper-PGE discovery. Geophysical crews will be mobilizing to the property within the next few days to begin surveying. The geophysical program, which will utilize Insight Geophysics' deep-penetrating resistivity/induced polarization system, is expected to take two to three weeks to complete and is designed to identify targets for diamond drilling. The Company is currently negotiating a contract for a diamond drill, which will be available in early March, coinciding with the completion of the ground geophysical program.

In addition to its close proximity to the Eagle One massive sulphide discovery, the McFauld's West property has returned encouraging results from both airborne geophysical surveys and soil geochemical surveys. The property hosts two distinct magnetic anomalies to the north and northwest of the high grade nickel-copper mineralization comprising Eagle one, which resemble the Noront discovery. A recent soil mobile metal ion (MMI) geochemical survey completed over the eastern of the two magnetic anomalies on Probe's property returned significantly anomalous base and precious metal results over a 200m long section of the profile. Samples displayed highly anomalous values for nickel, copper, silver and cobalt with response ratios of up to 9.1, 36, 18 and 14.5 times background, respectively, while gold consistently showed values of 4 times background. In addition, the results show a strong internal consistency to the data suggesting that these elements, typically found in sulphide mineralized mafic-ultramafic intrusives, are traveling together and most likely derived from a unique source.

The Company is encouraged by the preliminary geophysical and geochemical results, which suggest the potential of a buried, sulphide-bearing, mafic-ultramafic intrusive. Management will continue to keep investors updated as our field programs continue.

The McFauld's area is receiving considerable attention with continuing reports of high-grade nickel-copper-PGE mineralization from the Eagle One discovery. The most recent drilling intersection 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., as well as significant holdings to the east comprising the Victory Project. 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 the 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