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Re: News Releases - Wednesday, September 07, 2011
Probe Mines Announces Memorandum of Understanding With Brunswick
House, Chapleau Cree and Chapleau Ojibwe First Nations for Its
Borden Lake Gold Project, Chapleau, Ontario
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TORONTO, ONTARIO--(Marketwire - Sept. 7, 2011) - Probe Mines Limited
(TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce
that it has entered into a Memorandum of Understanding ("MOU") with the
Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations
communities near Chapleau, Ontario. The MOU establishes a commitment by
Probe to develop an ongoing relationship with the three communities in
the area of the Company's Borden Lake Gold Project and provides the
communities with an opportunity to participate in the benefits of the
project through training, ongoing communication and business
development. An Elders Committee (the "Committee") will be created to
provide advice to the Company on traditional values and local cultural
and environmental matters during the exploration phase. Probe has also
agreed to negotiate an Impact Benefit Agreement with the communities
should the project proceed to production.
David Palmer, President of Probe, states "The signing of the MOU is an
important first step in building a relationship based on mutual respect
and cooperation with the First Nations communities. We are looking
forward to working with the communities and receiving their input as we
explore the Borden Lake area. Their contribution of local knowledge
will be invaluable in helping us create a socially responsible
exploration program to the benefit of all involved."
On behalf of the three First Nation communities, Chief Keeter Corston
of the Chapleau Cree First Nation commented, "An agreement in writing
with our First Nations is essential to doing business in this
territory. That's why we're so pleased with this agreement with Probe -
it's a good start to the relationship. It's nice to see Probe recognize
and acknowledge First Nations constitutionally protected rights, and
work together with us to ensure our First Nations have an element of
control over, and participation in, this project. This agreement will
help Probe move smoothly through regulatory processes, and make it
easier for our First Nations to benefit from the business and
employment opportunities this project will bring, while also ensuring
high environmental standards are maintained."
In addition to Probe's commitment to training, communication and
business development, the Company has also agreed to the issuance of
50,000 common shares of the Company to each of the three First Nations
communities vesting over a period of 18 months, for an aggregate of
150,000 common shares. These share grants recognize the ongoing
contributions of the First Nations communities and will allow each
community to directly participate in any potential successes of Probe.
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.
Forward-Looking Statements
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.
Shares Issued: 56,623,480
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FOR FURTHER INFORMATION PLEASE CONTACT:
Probe Mines Limited
David Palmer
President
(416) 777-6703
OR
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
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.
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Copyright (c) 2011 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at http://www.probemines.com/ or
send mailto:info@probemines.com
Message sent on Wed Sep 7, 2011 at 5:09:10 AM Pacific Time
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