Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

July 25, 2011 08:00 ET

Probe Mines Receives Preliminary Geophysical Results for a New Target at Borden Lake

TORONTO, ONTARIO--(Marketwire - July 25, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received geophysical results for an Induced Polarization ("IP") survey currently being conducted just north of its Borden Lake gold discovery near Chapleau, Ontario. The ground geophysical program is targeting approximately seven kilometers of interpreted strike length of the Borden Lake Belt, on-trend with the known gold mineralization. These preliminary results are being obtained in the area of an airborne anomaly referred to as the "Nose" target, which is situated in a fold hinge, commonly called a "fold nose", located less than three kilometers, on strike, from the Borden Lake Zone.

The IP results over the Nose Target are encouraging and closely resemble those obtained for the Borden Lake gold zone through a previous IP survey, which showed a distinctive signature over the gold mineralization. Although very similar, the new IP anomaly is also slightly stronger, and possibly thicker, than the one obtained over the Borden Lake Gold Zone. In addition, an unexpected, second, parallel anomaly, showing the same signature, was also identified in the Nose area and has become another priority target. Both new targets are on Probe's 100%-owned claims.

At present there is no supporting evidence indicating that the anomalies are related to gold mineralization, however, they are of sufficient interest to warrant drill testing, which is now scheduled to start in the second or third week of August following a scheduled break from drilling operations.

David Palmer, President of Probe, states, "While these results are very encouraging, we are still on a learning-curve with respect to our understanding of the mineralizing system. These exploration programs will contribute significantly to that knowledge and help to guide future programs."

The IP geophysical survey, which is being carried out by R.J. Meikle & Associates, is now approximately 20% complete.

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