Jan 05, 2004
PROBE MINES LIMITED Commences 2nd Phase Drilling on Bristol Gold Zones, Timmins, Ontario
The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce that the second phase diamond drill program has commenced on its two new gold zones discovered in November at the Bristol Township Gold Project in Timmins Ontario. The two zones, which represent new and significant discoveries in the Timmins Camp, comprise an 11m intersection averaging 1.9g/t Au, including five samples (5m) ranging between 2.71 and 4.15 g/t Au; and a six-meter intersection grading 2.4 g/t Au, with three samples containing between 5 and 6g/t Au (see Press Release of December 1, 2004). The gold zones lie less than two kilometers from, and along strike of, the Holmer Gold Deposit of Lakeshore Gold (TSX-V: LSG), which is reported to contain 724,000 inferred ounces of gold. Probe's gold zones share a number of geological similarities with it.
The drill program, contracted to Norex Drilling of Porcupine, Ontario, will consist of six holes totalling 900 to 1,000 meters, three into each new zone, designed to test the mineralization at 50m intervals on either side of each of the original intersections and at depth. This program is expected to provide much better definition of the mineralization in three dimensions, as well as information on gold distribution and the spatial associations within the mineralized zones. Given the similarities to the Holmer Gold Depos it, Probe expects gold grades to increase with depth, as is the case at the Holmer Gold Deposit.
Options in respect of an aggregate of 800,000 common shares exercisable at $0.40 per share for a five year term were granted on January 5, 2005 to directors. Directors are not paid any salaries or fees for acting as such. The options were granted pursuant to a stock option plan approved by shareholders on October 21, 2002.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to the positive results from the Bristol Gold Project, Probe has recently identified three separate base metal-enriched horizons on the McFauld's Lake property, with a total potential strike length of more than 10km. As well, Probe Mines maintains a 5% net smelter royalty interest in claims covering part of Agnico-Eagle Mines Limited (TSX: AGE) Goldex Mine property in Val d'Or, Quebec, which is currently undergoing feasibility studies. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.
Dr. David Palmer, P.Geo. is the qualified person for all technical information in this release.
To find out more about Probe Mines Limited (TSX-V: PRB), visit our website at www.probemines.com or contact:
President, Probe Mines Limited
Tel: 416-777-6703, Fax: (6705)
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376, Fax: (4606)
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 forwardlooking 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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