Dec 08, 2003
Probe Mines Limited To Acquire Gold Properties Within Holmer Gold/Tom Exploration Trend, Timmins Area, Ontario.
Toronto, December 08, 2003 - Probe Mines Limited (YPB: TSX-V) is pleased to announce the proposed acquisition of two mineral properties situated between the high-profile Holmer Gold Mines' (HGM: TSX-V) showing (up to 66 ft. of 1.51 oz/ton Au (uncut) in recent drilling) and Tom Exploration's (TUM: TSX-V) Bristol Property (intersections of 1.6 ft. of 5.1 oz/ton and 7.5 ft of 0.29 oz/ton), in Bristol Township, subject only to regulatory approval. The 100% owned properties comprise 27 claim units (432 hectares) located on the western boundary of the historic Timmins mining district, and straddle multiple shear zones, including the extensive deformation zone hosting the two gold showings. The claims, which were only recently opened for staking, have been under patent since the turn of the century and only limited assessment work is recorded for the area. More importantly, no records of any past core drilling exist for the property, suggesting the properties are virtually unexplored.
The properties cover 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 discoveries, and along the mineralized structure, suggests a high potential for the presence of similar gold mineralization within the claim group. Historically, little work has been published for the properties, however, what is available indicates that a number of untested Induced Polarization (IP) anomalies exist within their boundaries. These types of geophysical signatures are indicative of goldbearing sulphide mineralization. Probe Mines is planning a comprehensive exploration program in the upcoming months, in order to fully evaluate the potential extension of the known gold mineralization onto its properties. The first priority is to re-locate and assess known geophysical anomalies, as well as identifying new targets in un-surveyed portions of the property. These targets will be tested by diamond drilling immediately following interpretation of the geophysical results.
The properties are to be acquired for consideration of a cash payment of $5,000 and 100,000 shares of Probe. The vendors maintain a 3% Net Smelter Royalty (NSR) interest, while Probe retains an option to buy back 2% of the NSR for $1,500,000. In exchange, Probe Mines acquires 100% ownership of the properties. This agreement is subject to regulatory approval.
Probe Mines Limited is a publicly traded exploration company with a long history in the minerals industry. For the benefit of our shareholders, we are currently undergoing a major revitalization, under new management, in order to take advantage of the exciting opportunities currently available in this reemerging industry. Probe's strength lies in its dedicated and dynamic approach to exploration, at the heart of which is the considerable technical, financial and managerial experience of Probe's directors and staff. We believe that success, and ultimately investor value, will be achieved through this combination of drive and expertise.
For further information please contact:
Harry J. Hodge
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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