Jan 30, 2006
Probe Mines to Option Fancamp Property in the McFauld's Lake Area, James Bay Lowlands
Toronto, January 30, 2005 -- The Directors of Probe Mines Limited (TSX-V: PRB) are pleased to announce that an agreement has been reached with Fancamp Exploration Ltd. to option four claims covering 1,024 hectares in the McFauld's Lake area of Northern Ontario. Probe has the right to earn a 100% interest in the property by incurring exploration expenditures of $100,000 over two years, $30,000 of which must be spent prior to March 31, 2006, and issuing 100,000 common shares of Probe upon signing of the agreement and 100,000 common shares on the first anniversary, subject to regulatory approval.
The project comprises 64 claim units, contiguous with the Double Eagle project, optioned by Probe in December, 2005 and approximately 20 kilometres southwest and along strike from Probe's 100%-owned Tamarack Project, formerly known as the McFauld's Lake project. The properties lies within the Sachigo volcanic belt, which hosts several volcanogenic massive sulphide (VMS) occurrences, including Probe's Tamarack discovery zone, the "A-Zone", which yielded 3.1% Cu over 7.8 meters in near-surface mineralization in initial drill testing.
The Fancamp property contains numerous targets identified from both airborne and ground geophysical surveys. As with the Double Eagle project, this ground is drill-ready and has yet to be drill-tested. With this latest acquisition, Probe now has in excess of 50 conductors along strike of the A-Zone and other VMS discoveries in the McFauld's Lake area. Initial drill testing of conductors will commence in conjunction with Probe's upcoming exploration program, the first phase of which is scheduled to begin in February. Probe now has access to over 22,000 hectares of greenstone stratigraphy, representing one of the major land positions in the McFauld's Lake area.
About the Company:
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has made a significant copper VMS discovery during recent drilling on its Tamarack project in the James Bay Lowlands, Ontario, and now has access to over 22,000 hectares of volcanic stratigraphy in the McFauld's Lake area. In addition, Probe has recently signed a joint venture agreement on its Bristol Township project located in the new Timmins West gold camp and adjacent to the Timmins West deposit of Lake Shore Gold Corp. Under the terms of the Bristol Township join venture, Sydney Resource Corp. is required to fund $2,000,000 in exploration over four years (see Probe News Release dated November 8, 2006). Probe'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, or contact:
Dave Palmer, Ph.D.
Tel: (416) 777-6703
Fiona Childe, Ph.D.
Manager of Corp. Communications
Tel: (416) 992-8402
Harry J. Hodge, P.Eng., Director
Tel: (416) 363-4376
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: Tue Feb 21, 2006, Probe Mines Commences McFauld's Lake Area Winter Drill Program
You can view the Previous News Releases item: Mon Jan 23, 2006, Probe Mines Limited announces $1,500,000 non-brokered private placement to explore McFauld's Lake Project
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