Aug 09, 2010
Probe Mines to Acquire 100% interest in Black Creek Chromite Deposit and Dissolve Joint Venture Agreement with Noront Resources
Toronto, August 9, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that Probe and Noront Resources Ltd. (TSX-V-NOT) ("Noront") have come to an agreement to dissolve the current joint venture agreement in the Ring of Fire, James Bay Lowlands and divide the joint venture claims between the two companies. As part of the agreement, Probe will acquire a 100% interest in the Black Creek chromite deposit and another claim along the chromite trend, while Noront will acquire a 100% interest in claims surrounding their Eagle's Nest nickel deposit and north of their Thunderbird vanadium deposit.
"We see this as a very positive step for Probe in the Ring of Fire", stated Dr. David Palmer, President of Probe. "With 100% ownership Probe can now focus its attention on the Black Creek chromite discovery, where plans to resume drilling operations designed to extend the massive chromite zone at depth and along strike are currently underway. We expect mobilization of crews to begin within the next two weeks."
Concurrent with drilling on the Black Creek chromite, additional ground survey work will be conducted on the Company's Tamarack and Victory projects in order to evaluate existing targets for follow-up drilling.
Under the terms of the agreement Noront and Probe will each acquire a 100% undivided interest in their respective claims. No cash or share payments will be made as part of the agreement, being a straight transfer of interests in the mineral properties.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore 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 36,338,693 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) 936-6766
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