Probe Mines Limited Announces Additional Assay Results for its Borden Lake Gold Project, Continued Expansion of Gold Min by 24hgold

Keywords : Diamond | Gold | Gold Production | Nsa |

Re: News Releases - Tuesday, July 31, 2012
Title: Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project, Continued Expansion of Gold Mineralized Zones; Goldex Royalty Update

Toronto, July 31, 2012 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for Diamond drill holes BL12-197 to BL12-226 were received and continue to expand the Borden Lake gold zone to depth and confirm its continuity through infill drilling. Twenty of the thirty new holes represent expansion drilling of the gold mineralization. A new series of holes are also being drilled to identify possible parallel mineralized zones, near surface, above the main mineralized zone, commonly referred to as the "Hanging Wall" side. These Hanging Wall holes were designed to delineate and expand other shallow gold zones in the potential open pit area. The remaining 10 holes were drilled on infill sections, and were successful in confirming the continuity of the main mineralized horizon.

Deeper expansion drilling on the main mineralized zone suggests that, although narrowing somewhat, gold grades are generally improving, with many intervals returning gold averages greater than 1 g/t gold ("Au"). This indicates that the higher-grade gold zone is persisting to depth. Hole BL12-226 returned a thick intersection of 46.9 metres averaging 1.4 g/t Au, including 19 metres of 2.4 g/t Au, representing new mineralization which is at or above the grades identified in the higher-grade core of the recently updated gold Resource Estimate (see release dated April 2, 2012). In addition, Hole BL12-209 intersected a significant 19 metre interval averaging 4.4 g/t Au, approximately three times the average grade of the Borden Lake higher-grade gold resource. These two intervals are separated by approximately 1,600 metres of strike length, suggesting that the higher-grade mineralization is laterally extensive at depth, similar to that observed in shallower sections. Highlights also include: 61.4 metres averaging 1 g/t Au in Hole BL12-208; and 36 metres grading 1.7 g/t Au in Hole BL12-198.

Although the Hanging Wall drilling program has just started, it has already been successful in delineating other potential gold zones parallel to the main mineralized horizon. The majority of the holes have intersected gold-bearing intervals above the main zone. The intervals are typically narrow, but can contain above average grades and may potentially be added to future Resource Estimates if their continuity is confirmed. Continued drilling on this program will be required to more thoroughly evaluate the presence of other potential gold mineralization in the Hanging Wall area. Highlights include 5.8 metres averaging 1.2 g/t Au in Hole BL12-225 and 7.7 metres of 1 g/t Au in Hole BL12-218.

The following tables show selected results from Depth Extension, Hanging Wall and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-198, -200, -204, -205, -209, -211, -213, -216 and -222 true width is approximately 85% of drilled width. The drilling program is currently on Hole BL12-256, and final assay results are pending. The Company is well financed to continue drilling at its current pace until 2014.

Updated plan and section maps are available on the Company's website at www.probemines.com.

Depth Extension Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-198	700m SE	311.0	347.0	36.0	1.7
including		339.0	341.0	2.0	21.1
BL12-198		362.0	392.0	30.0	0.7
including		363.0	370.0	7.0	1.0


BL12-207	200m NW	NSA*


BL12-208	900m SE	315.6	377.0	61.4	1.0
including		323.0	329.0	6.0	1.6
also including		345.2	377.0	31.8	1.3


BL12-210	900m SE	292.9	298.0	5.1	1.6
BL12-210		311.3	371.0	59.7	1.0
including		328.0	340.0	12.0	2.1


BL12-211	900m SE	319.0	327.0	8.0	0.8
BL12-211		350.0	398.5	48.5	1.0
including		357.0	359.0	2.0	4.7


BL12-213	200m NW	139.0	146.0	7.0	0.8
BL12-213		376.0	396.0	20.0	1.9
including		380.4	386.0	5.6	2.4
also including		390.9	394.7	3.8	3.8


BL12-213		554.0	569.7	15.7	0.5


BL12-215	1000m SE	321.4	355.4	34.0	1.3
including		337.3	345.0	7.7	2.5


BL12-219	1000m SE	301.0	308.0	7.0	0.9
BL12-219		320.0	353.0	33.0	1.2


BL12-221	300m NW	433.5	436.5	3.0	2.0


BL12-222	1000m SE	293.0	303.7	10.7	0.8
BL12-222		311.0	313.0	2.0	1.5
BL12-222		321.0	374.0	53.0	0.9


BL12-226	1100m SE	315.1	362.0	46.9	1.4
including		330.0	349.0	19.0	2.4

*NSA -- no significant assays

Hanging Wall Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-212	800m NW	198.0	203.0	5.0	0.8
BL12-212		235.3	281.8	46.5	0.8
including		246.1	270.0	23.9	1.2
including		257.8	264.0	6.2	1.2


BL12-214	800m NW	158.0	179.0	21.0	0.6
including		158.8	161.0	2.2	1.3


BL12-216	800m NW	NSA*


BL12-217	700m NW	122.0	127.1	5.1	1.0
BL12-217		132.0	142.0	10.0	0.6


BL12-218	700m NW	188.3	196.0	7.7	1.0
BL12-218		243.2	248.0	4.8	1.1
BL12-218		255.0	278.0	23.0	0.6
including		256.0	259.0	3.0	1.3


BL12-220	700m NW	NSA*


BL12-223	700m NW	NSA*


BL12-224	600m NW	103.0	105.0	2.0	1.1


BL12-225	600m NW	122.2	128.0	5.8	1.2
BL12-225		145.2	154.0	8.8	0.7

*NSA - no significant assays

Infill Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-197	650m NW	149.8	158.2	8.4	1.7
BL12-197		171.0	197.0	26.0	0.5
including		183.0	189.0	6.0	1.4
BL12-197		214.0	228.0	14.0	1.3
including		225.0	228.0	3.0	3.1
BL12-197		266.2	281.0	14.8	0.5
BL12-197		324.0	325	1.0	13.7
BL12-197		342.0	348.0	6.0	0.8


BL12-199	150m NW	468.0	472.0	4.0	0.7


BL12-200	650m NW	93.0	108.0	15.0	0.4
BL12-200		367.0	379.0	12.0	0.5
BL12-200		400.0	418.0	18.0	0.9
including		413.0	418.0	5.0	1.6


BL12-201	650m SE	219.3	244.0	24.7	0.6
BL12-201		279.0	294.0	15.0	1.2


BL12-202	650m SE	241.6	313.0	71.4	1.1
including		268.0	286.0	18.0	2.0
including		279.0	284.5	5.5	3.2


BL12-203	550m NW	180.3	191.6	11.3	0.7
BL12-203		278.0	303.0	25.0	0.7


BL12-204	150m NW	492.0	499.0	7.0	0.6


BL12-205	650m SE	233.0	253.5	20.5	1.0
BL12-205		269.0	339.0	70.0	1.3
including		289.0	318.6	29.6	2.4
including		295.0	299.0	4.0	9.9


BL12-206	550m NW	138.2	140.0	1.8	1.2
BL12-206		310.2	363.0	52.8	0.5


BL12-209	550m NW	197.6	212.0	14.4	0.9
BL12-209		251.0	270.0	19.0	4.4
including		264.0	268.6	4.6	13.0
BL12-209		284.0	288.9	4.9	1.3

Goldex Royalty Update

On July 25, 2012 Agnico-Eagle Mines Ltd. announced that its Board has approved the development of the M and E Zones of the Goldex Mine in Val d'Or, Quebec, with the first gold production beginning in 2014. Based on a Preliminary Economic Assessment, the operations are expected to produce 300,000 ounces of gold over a 4-year mine life. The cash flow generated from the operations is expected to help fund further exploration and development around the mine site, including the D Zone.

This announcement could have a potential positive impact on Probe, as the Company holds a 5% net smelter royalty ("NSR") on a portion of the Goldex mine site, which includes 100% coverage of the M Zone deposit currently slated for production. The royalty area may also include extensions to other deposits, such as the D Zone, where further exploration is planned.

The M Zone currently contains a reported Indicated Resource (underground) of approximately 257,000 ounces Au, and a reported Inferred Resource (underground) of approximately 56,000 ounces Au.

The Company will keep Shareholders apprised of any updates to planned development and production at Goldex.

Dr. David Palmer, President and CEO of Probe, states "We are very pleased with the continuing results coming out of our Borden Lake gold project and the recent developments with Goldex. Probe has a portfolio of high-quality assets, each with the potential to add considerable value to the Company. Hopefully this recent news will serve to alert investors to not only the progress we are making at Borden, but also the potential value of other assets like Goldex and our Black Creek chromite deposit, a strategic asset located next to Cliffs Natural Resources proposed chromite development project in the Ring of Fire. The Board and Management of Probe will continue to work diligently on Shareholders' behalf to realize the maximum value on all of our projects".

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.

About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $31MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource 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 also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec and 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, or contact:

David Palmer
President
Tel: (416) 777-6703

Karen Willoughby
Investor Relations
Tel: (866) 936-6766

Forward-Looking Statements

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. 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.

Copyright � 2012 PROBE MINES LIMITED (PRB) All rights reserved. For more information visit our website at http://www.probemines.com/ or send email to info@probemines.com ..
Message sent on Tue Jul 31, 2012 at 5:39:04 AM Pacific Time

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