Toronto, December 3, 2007 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that Mr. Dennis H. Peterson has been
appointed as a director of Probe Mines and will fill the seat left by Mr.
Harry J. Hodge, who has resigned his position as a director of the Company
in order to focus on his other business activities. Mr. Peterson's
appointment and Mr. Hodge's resignation are effective immediately.. In
addition to Mr. Peterson, the board is now comprised of Mr. Patrick Reid,
Dr. John Gammon and Dr. David Palmer.
Patrick Reid, Chairman of Probe, stated "Harry has been a director of
Probe Mines since it's restructuring in 2001, and has played a key role in
developing the Company into an active junior explorer. His wisdom and keen
sense of the industry will be missed. On behalf of the Board, we wish to
thank him for his many contributions and wish him well in his future
endeavors. Although we have lost one experienced Board member, we have
gained another and are extremely pleased to have Dennis back with us at
Probe. His corporate knowledge and experience are unparalleled, and he will
be instrumental in assisting with the Company's growth."
Mr. Peterson has 20 years experience as a corporate securities lawyer
specializing in corporate finance matters for small cap companies, and
served as a director of Probe from 2001 to 2006. Most of Mr. Peterson's
practice focuses on junior natural resource companies, and he has extensive
experience with all aspects of prospectus financings, private placements,
mergers and acquisitions in the junior public markets. Companies he has worked
with are listed on the Toronto Stock Exchange and the TSX Venture Exchange.
Probe's
Board represents an aggressive team comprising a level of technical and
corporate expertise that will be instrumental in generating growth and
increasing shareholder value. One area of focus will be the Company's
McFauld's Lake properties, which are proximal to a recent high-grade
nickel-copper-platinum-palladium discovery made by Noront Resources.
Probe's McFauld's West property is situated approximately 450 metres from
the nickel discovery and fieldwork is currently underway to prepare for a
winter drill program expected to begin early in 2008. Further details of
the program will be released shortly. In all, Probe owns 931 claims
covering almost 15,000 hectares of land in the McFauld's Lake area.
Exploration plans are currently being developed for all of the properties,
to be completed during 2008. As well, the Company is actively pursuing new
acquisitions to complement its current property portfolio.
On December 3, 2007, Mr. Peterson was granted options to acquire up to
200,000 common shares of the Corporation exercisable at a price of $0.74
per share for a five-year term. Directors and officers are not paid any
salaries or fees for acting as such. The options were granted pursuant to a
stock option plan approved by shareholders on October 21, 2002.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration
company with 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. This includes a 100% interest in 12
claims (192 hectares) situated less than 450 metres from the site of
Noront's significant new nickel-copper discovery and represents one of the
closest properties to the discovery. Probe currently has joint venture
agreements on its Bristol Township gold project (West Timmins Mining Inc.)
and Tamarack base metal project (Mantis Minerals Corp.). The Bristol
Project is adjacent to the million-plus ounce gold deposit owned by Lake
Shore Gold Corp., which has recently announced a positive pre-feasibility
study for the project. Probe also maintains a 5% net smelter royalty on a
portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for
production in 2008.. The company's shares trade on the TSX Venture Exchange
under the symbol PRB.
Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to PRB@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
To find out more about Probe Mines Limited, visit our website at
www.probemines.com, or contact:
David Palmer, Ph.D.
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 365-4724
AGORACOM Investor Relations
http://www.agoracom.com/IR/Probemines
prb@agoracom.com
Forward-Looking Statements
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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