Jun 03, 2008
PROBE ANNOUNCES DISCUSSIONS WITH NORONT RESOURCES INC. AND MOBILIZATION OF DRILLING PROGRAM
Toronto, June 3, 2008 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") would like to announce that the Company is engaged in ongoing discussions with Noront Resources Inc. Noront owns the Eagle #1 Discovery, located on ground previously held by Condor Diamond Corp. and Greenstone Exploration Company Ltd., immediately south of Probe's 100%-owned McFauld's West property. Probe and Noront are reviewing their ownership interests in these lands, the historical work undertaken by each company on these properties, and the history of their contractual arrangements to determine an optimal strategy for the ownership, exploration and development of these lands that is consistent with the long term interests of both companies. These discussions are ongoing, and it is not possible to determine the nature or outcome of such discussions at this time. Specific developments will be announced by press release. It cannot be presumed that such discussions will lead to a particular outcome, or an outcome which is beneficial or detrimental to either company.
In light of these discussions, the drilling program scheduled to commence on the McFauld's West property is being postponed and the Company is implementing an expanded drill program on its Victory Project. The program, which has already begun mobilizing (drilling is expected to commence on June 7th), will focus on conductors identified in an AeroTEM III airborne survey completed in March 2008 covering the entire project. The survey has delineated more than 60 bedrock conductors on the properties, many of which are coincident with isolated magnetic anomalies and are similar to that associated with the Eagle One nickel discovery. A number of new volcanogenic massive sulphide (VMS) targets have also been identified, and the drilling will focus on both nickel and VMS targets.
Past drilling on the Victory project focused on volcanogenic massive sulphide (VMS) targets. Owing to the discovery of high-grade nickel mineralization in the McFauld's Belt, the Company undertook the 1,500 line kilometer AeroTEM III survey in order to provide deeper penetrating and higher resolution geophysical data, which will bring all of the conductors to drill readiness. The survey was also designed to identify new conductors, which could be included in the drilling program. The program was successful in all respects, identifying many new priority conductors and a reevaluation of the Victory Belt data is encouraging indicating the potential for the area to host both nickel and VMS mineralization.
Probe has contracted a 3000m program with Norex Drilling of Timmins to explore its McFauld's Lake area properties through the summer field season. Results on the drilling will be released when available.
About the Victory Project
The Victory property comprises 484 claims covering 7,744 hectares within a 60 kilometre-long greenstone belt associated with the McFauld's Lake Belt. In 2005 Probe Mines flew the first airborne survey over the Victory volcanics and acquired all of the priority bedrock conductors. Recent exploration activity in the area has resulted in increased staking in the area of the Victory claims, with the result that most of Probe's blocks are enclosed by other companies and now central to a developing play.
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 [email protected] 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, or contact:
David Palmer, Ph.D.
Tel: (416) 777-6703
Tel: (866) 365-4724
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 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.
You can view the Next News Releases item: Mon Jun 9, 2008, PROBE ANNOUNCES TERMINATION OF DISCUSSIONS WITH NORONT RESOURCES INC. AND REACTIVATES DRILLING OF McFAULD's WEST PROPERTY
You can view the Previous News Releases item: Wed Apr 23, 2008, Probe Mines Completes AeroTEM III Airborne Geophysical Survey on the Victory Project, McFauld's Lake Area, Ontario
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