Feb 17, 2004
PROBE MINES LIMITED Doubles Size of Bristol Township Gold Project, Timmins Camp, Ontario
The Directors of PROBE MINES LIMITED (PRB: TSX-V) are pleased to announce the acquisition of twenty-five mineral claims, containing numerous untested Induced Polarization (IP) anomalies similar to those typically associated with gold mineralization, adjacent to its Bristol Township gold property. The new claims double the project size from 432 hectares to 840 hectares, extending the property to Holmer Gold Mines' (HGM:TSX-V) north and south boundaries, and Tom Exploration's (TUM:TSX-V) western boundary. The new land package covers most of the area between the two gold discoveries, and contains all of the key geological and structural elements associated with both types of gold mineralization.
Both Holmer Gold Mines and Tom Exploration have been generating significant news with their recent gold discoveries, and Probe is anticipating positive results from its property, which sits between the two zones of mineralization. The Bristol Project covers part of an extensive volcano-sedimentary sequence, which is characteristic of the geology of most mineral deposits in the Timmins camp. The Holmer Gold and Tom Exploration gold deposits are both characterized by highly altered deformation zones, which acted as the conduit for gold-mineralizing fluids. The strategic location of Probe Mine's claim groups, between the recent discoveries, and along the mineralized structure, suggests a high potential for the presence of similar gold mineralization within the claim group. The properties were acquired for consideration of a cash payment of $6,000 and 100,000 shares of Probe Mines Limited. The vendor maintains a 3% Net Smelter Royalty (NSR) interest, while Probe Mines retains an option to buy back 2% of the NSR for $1,500,000. In exchange, Probe Mines Limited acquires 100% ownership of the properties. This agreement is subject to regulatory approval.
An exploration program is currently being planned to evaluate the property, and will comprise property-scale geochemical surveys, utilizing MMIÒ sampling techniques, followed by geophysical surveys, to relocate known IP anomalies and identify new conductors, and diamond drilling of selected targets.
Dr. David Palmer, Ph.D., P.Geo., is the qualified person responsible for the technical information in this news release.
Probe Mines Limited is a base and precious metal exploration company with a long history in the minerals industry. We are generating a portfolio of high-quality mineral properties, including the McFauld's Lake Project, which sits less than 3 kilometers from Spider Resources (SPQ:TSX-V) recent base metal discoveries in the James Bay Lowlands. Probe also maintains a 5% Net Smelter Royalty (NSR) on a portion of Agnico-Eagle Mines Limited's (AGE:TSX-V) Goldex Mine property.
For further information please visit our website at www.probemines.com, or contact:
Probe Mines Limited
Harry J. Hodge
Probe Mines Limited
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.
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