Jun 19, 2006
Probe Mines to Option Greenlaw Base Metal Property Near Chapleau, Ontario
Press Release - 09/2006
Toronto, June 19, 2006 - The Directors of Probe Mines Limited (TSX-V: PRB) are pleased to announce that an agreement has been reached to option the Greenlaw property in Greenlaw Township near Chapleau, Ontario. The Greenlaw property falls within the Shunsby Volcanic Belt, which is host to numerous volcanogenic massive sulphide (VMS) occurrences, including at least two base-metal zones discovered within Probe's claim boundaries. Previous work on the property, including limited diamond drilling, resulted in drill intersections of up to 0.27% Cu, 5.73% Pb, 2.17% Zn and 0.32 oz/t Ag over a width of 4.8m and the discovery of a separate base-metal zone, exposed in trenching, which has not been representatively sampled or drilled. In addition, numerous untested conductors occur on the property, including two that are considered high-priority. The VMS mineralization and untested geophysical targets will be the focus of an upcoming exploration program, which will comprise geophysics and diamond drilling. Fieldwork is expected to begin this summer, culminating in a diamond drilling program.
Probe has the right to earn a 100% interest in the property by making cash payments totaling $35,000 and issuing 200,000 shares over the three-year term of the agreement. The vendors maintain a 3% Net Smelter Royalty (NSR) interest on metals and a 2% gross overriding royalty (GORR) on diamonds and gemstones, while Probe Mines retains an option to buy back 1.5% of the NSR for $1,000,000 and 1% of the GORR for $1,000,000. This agreement is subject to regulatory approval.
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 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 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:
David Palmer, Ph.D.
Tel: (416) 777-6703
Harry J. Hodge, P.Eng.,
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: Mon Jun 26, 2006, Probe Mines Options Lumby Lake Base and Precious Metal Property, Northwestern Ontario
You can view the Previous News Releases item: Tue Apr 25, 2006, Assays Received for Probe Mines' Winter Drilling Program in the McFauld's Lake Area, Ontario, Five New Base Metal-Bearing Zones Identified
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