Probe Mines Limited Announces Initial Resource Estimate for its Borden Lake Gold Project: by 24hgold

Keywords : Diamond | Gold | Gold Discovery | Silver |

Re: News Releases - Tuesday, August 23, 2011
Title: Probe Mines Announces Initial Resource Estimate for its Borden Lake Gold Project:

Highlights:

- Borden Lake gold zone estimated to contain an Indicated Resource of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold

- Borden Lake zone also contains a resource of 323,000 ounces of silver in the indicated category, and 5,017,000 ounces of silver in the inferred category

- Three "satellite" gold zones identified which were not included in this Initial Resource Estimate

Toronto, August 23, 2011 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that the Company has received the initial mineral resource estimate for its Borden Lake gold deposit from Micon International Limited ("Micon").

The resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on an initial 78 Diamond drill holes that tested the gold horizon along approximately 1600 metres (m) of strike length and to a vertical depth of approximately 340 m at a spacing of between 50 m to 100 m. Mineralization at Borden Lake is comprised of a volcano-/meta-sedimentary horizon containing a thick, continuous and consistent zone of gold-bearing disseminated sulphide mineralization. As well, three additional gold zones were identified from the assay data, and will require further delineation before potentially being added to the resource. The deposit remains open in all directions.

The following two tables summarize the Borden Lake gold mineral resource estimate in the indicated and inferred resource categories, respectively, at various cut-off grades. The figures are cumulative for each successive cut-off grade. For the purpose of this press release, the Company is reporting the figures at the 0.3 g/t cut-off grade:

INDICATED MINERAL RESOURCE ESTIMATE

Cut-Off Au g/t	Cumulative Tonnes	Average Au g/t	Cumulative Au oz	Average Ag g/t	Cumulative Ag oz
2	478,000	3.22	50,000	1.2	19,000
1	2,635,000	1.68	142,000	1.1	93,000
0.75	4,628,000	1.33	197,000	1	156,000
0.5	7,426,000	1.06	253,000	1	227,000


0.3	11,607,000	0.82	305,000	0.9	323,000


0.25	13,388,000	0.74	320,000	0.8	354,000
0.2	15,056,000	0.69	332,000	0.8	386,000
0.1	18,596,000	0.58	350,000	0.8	450,000

INFERRED MINERAL RESOURCE ESTIMATE

Cut-Off Au g/t	Cumulative Tonnes	Average Au g/t	Cumulative Tonnes ^1,²	Average Ag g/t	Cumulative Ag oz ^1,²
2	2,424,000	2.41	188,000	1.3	103,000
1	30,888,000	1.42	1,406,000	0.9	890,000
0.75	52,771,000	1.19	2,012,000	0.9	1,567,000
0.5	92,665,000	0.94	2,796,000	0.9	2,794,000


0.3	169,322,000	0.69	3,755,000	0.9	5,017,000


0.25	193,039,000	0.64	3,965,000	0.9	5,857,000
0.2	215,763,000	0.6	4,130,000	0.9	6,439,000
0.1	253,427,000	0.53	4,317,000	0.9	7,171,000

1. Tonnes and ounces have been rounded to the nearest thousand
2. Figures/numbers for resource tonnes and ounces may not tally due to rounding

Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. Micon is currently in the process of completing the NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.

The mineral resource estimate was calculated using both Ordinary Kriging and Inverse Distance Cubed methods, which gave similar results. The reported figures are taken from the Inverse Distance Cubed modeling, which provides better definition of the higher grade portions. The mineralized material was classified into the Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) position of blocks in relation to the range of influence as defined by the variographic analysis and (c) and the search ellipse ranges The Borden Lake gold deposit Indicated resource has been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation.

The reported cut-off grade of 0.3 g/t Au is based on consideration of other gold deposits that show similarity in volume and grade to Borden Lake.

The on-going drill program at Borden Lake is now on Hole BL11-108 and it is expected that the pending assay results from these holes will facilitate the upgrading of much of the resource from the inferred category. In addition to infill drilling within the area of the resource estimate, drilling is also focused on expanding the limits of the mineralization and further defining the satellite gold zones identified in the current report. The Company anticipates the commissioning of an updated resource estimate as the drilling progresses. Preliminary metallurgical investigations are already in progress and all future resource updates will be constrained within a pit shell.

David Palmer, President of Probe states "We are extremely pleased with the results of the initial resource estimate. To delineate such a significant volume of mineralization in less than nine months is a testament to the untapped potential of the Borden Lake Project. The lack of previous exploration in this area has provided us with an incredible opportunity and the Company will be focussed on adding to the successes we have seen thus far."

Micon International Limited

Charley Murahwi, M.Sc., P.Geo., MAusIMM, was assisted by Ing. Alan San Martin, MAusIMM, in the preparation of this resource estimate. Both are employees of Micon and are independent of Probe. Charley Murahwi is a Qualified Person as defined in NI 43-101. Micon acknowledges that it has read this press release and there are no errors contained herein. Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Additional information about Micon can be found at www.micon-international.com.

About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $23MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery 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 is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains 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 � 2011 PROBE MINES LTD. (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 Aug 23, 2011 at 8:18:19 AM Pacific Time

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