| ||July 28, 2009|
West Timmins Mining to Continue Option on Probe Mines' Bristol Gold Property,
| ||Toronto, July 28, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that the Company has received notification from West Timmins Mining Inc. ("WTM") that West Timmins will be continuing its option on Probe's 100%-owned Bristol Township Gold Project (see map at www.probemines.com) and is planning a drill program on the property. |
Previous drilling on the southwestern section of the Bristol property, proximal to Lakeshore Gold Corp's ("Lakeshore") Timmins Mine Project and other recent gold discoveries, identified alteration similar to that associated with peripheral phases of WTM's recent high-grade porphyry zone discovery on the adjacent Thunder Creek property. WTM has indicated to Probe that this target warrants further testing and a drill program is currently slated for late summer or early fall 2009.
The Bristol Township project consists of two blocks totaling 832 hectares in 52 claims and is strategically located adjacent to Lakeshore's 1.2M ounce Timmins Mine Project and less than one kilometre from Lakeshore's and WTM's recent high-grade gold intersection in the Rusk Zone on the Thunder Creek Joint Venture. The Rusk Zone intersection represents one of the broadest intercepts reported from the West Timmins camp grading 12.75 g/t gold over an extraordinary 83.4m.
The Company is encouraged by recent exploration results in close proximity to the Bristol Project and believes the property has the potential to host similar gold mineralization. West Timmins has an option to earn a 55% interest in the Bristol Township Project by completing $1,000,000 in exploration expenditures and making cash and share payments over a 4-year period ending in June 2010. West Timmins can earn a further 15% by presenting a 43-101-compliant resource report within two years of vesting their 55% interest and making additional cash and share payments.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.2M in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares, including joint venture properties with Noront Resources covering 87 of these claims. Probe currently has an option-joint venture agreement with West Timmins Mining on its Bristol Township gold project adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp. Recent exploration results from Lakeshore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also 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. The Company has only 33,516,472 shares issued and outstanding, which 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:
Tel: (416) 777-6703
Tel: (866) 365-4724
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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