Oct 22, 2010
Probe Mines Acquires Claim on its Borden Lake Project, Ontario
Toronto, October 22, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that the Company is acquiring a 100% interest in a four-unit claim as part of its Borden Lake project near Chapleau, Ontario. The claim can be purchased by the Company for a cash payment of $15,000 and the issuance of 20,000 shares. The vendor will maintain a 0.5% net smelter royalty which can be purchased by the Company for $500,000. The transaction is subject to regulatory approval.
Probe completed an eight-hole diamond drill program on the Borden Lake project during the summer. Assay results from the program are pending and will be released once they have been received.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4 MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. In addition, the Company has acquired two new gold properties, Cree Lake and Borden Lake, which show strong potential through limited previous exploration. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also 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. The Company has only 36,602,581 shares issued and outstanding, which 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, or contact:
Tel: (416) 777-6703
Tel: (866) 936-6766
You can view the Next News Releases item: Tue Nov 2, 2010, Probe Mines Announces Significant Gold Discovery on its Borden Lake Project near Chapleau, Ontario, Including 91 metres of 2.0 g/t Au.
You can view the Previous News Releases item: Wed Sep 29, 2010, Probe Mines Substantially Extends Black Creek Chromite Deposit, James Bay Lowlands, Ontario
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