Sep 07, 2011
Probe Mines Announces Memorandum of Understanding With Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations for Its Borden Lake Gold Project, Chapleau, Ontario
TORONTO, ONTARIO--(Marketwire - Sept. 7, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with the Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations communities near Chapleau, Ontario. The MOU establishes a commitment by Probe to develop an ongoing relationship with the three communities in the area of the Company's Borden Lake Gold Project and provides the communities with an opportunity to participate in the benefits of the project through training, ongoing communication and business development. An Elders Committee (the "Committee") will be created to provide advice to the Company on traditional values and local cultural and environmental matters during the exploration phase. Probe has also agreed to negotiate an Impact Benefit Agreement with the communities should the project proceed to production.
David Palmer, President of Probe, states "The signing of the MOU is an important first step in building a relationship based on mutual respect and cooperation with the First Nations communities. We are looking forward to working with the communities and receiving their input as we explore the Borden Lake area. Their contribution of local knowledge will be invaluable in helping us create a socially responsible exploration program to the benefit of all involved."
On behalf of the three First Nation communities, Chief Keeter Corston of the Chapleau Cree First Nation commented, "An agreement in writing with our First Nations is essential to doing business in this territory. That's why we're so pleased with this agreement with Probe - it's a good start to the relationship. It's nice to see Probe recognize and acknowledge First Nations constitutionally protected rights, and work together with us to ensure our First Nations have an element of control over, and participation in, this project. This agreement will help Probe move smoothly through regulatory processes, and make it easier for our First Nations to benefit from the business and employment opportunities this project will bring, while also ensuring high environmental standards are maintained."
In addition to Probe's commitment to training, communication and business development, the Company has also agreed to the issuance of 50,000 common shares of the Company to each of the three First Nations communities vesting over a period of 18 months, for an aggregate of 150,000 common shares. These share grants recognize the ongoing contributions of the First Nations communities and will allow each community to directly participate in any potential successes of Probe.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $23MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. The Company'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.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 56,623,480
FOR FURTHER INFORMATION PLEASE CONTACT:
Probe Mines Limited
Probe Mines Limited
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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