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Re: News Releases - Tuesday, May 18, 2010
Probe Mines Commences 43-101 Resource Estimate on Black Creek
Chromite Zone, McFauld's Lake, Northern Ontario
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Toronto, May 18, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that Micon International Limited
("Micon") have been contracted to prepare a 43-101-compliant resource
estimate on its Black Creek Chromite Deposit located in the McFauld's
Lake area of Northern Ontario. The Black Creek Zone was discovered in
2009 on the Probe-Noront Resources ("Noront") joint venture property
and represents a key segment of the chromite mineralized horizon
situated between Cliffs Natural Resources ("Cliffs") Black Thor deposit
and the Cliffs-Spider Resources-KWG Resources Big Daddy deposit. The
Black Creek zone is currently drilled on 50 metre spacing along a 200
metre strike length and to a vertical depth of approximately 200
metres, and remains open in all directions. A site visit to the
property has been scheduled for June 8, 2010 and it is expected that
the report will be completed within six to eight weeks of this date.
Micon has been providing consulting services to the mining industry
since 1988 and during the last two years has undertaken significant
work on the chromite deposits in the Ring of Fire, producing
43-101-compliant resource estimates for the Blackbird and Big Daddy
chromite deposits immediately southwest of Black Creek.
Dr. David Palmer, President of Probe Mines, states "Our McFauld's Lake
projects will be a priority for Probe this year and we are fortunate to
have Micon working with us on the resource estimate for Black Creek.
They have considerable experience in both resource estimation and the
Ring of Fire chromite deposits and we look forward to their insight and
recommendations on Black Creek."
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4MM in treasury and 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, including joint venture properties
with Noront Resources covering 87 of these claims. In addition Probe
has recently acquired two new gold projects, Cree Lake and Borden Lake,
which show early potential for hosting significant mineralization.
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
34,116,472 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:
David Palmer
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 365-4724
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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Copyright (c) 2010 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 Tue May 18, 2010 at 5:06:32 AM Pacific Time
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