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Toronto, April 1, 2008 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) ("Probe") are pleased to provide an update on the Company's 100%-owned
McFauld's West property, located approximately 450m from Noront Resources
Eagle One discovery.
Mafic Intrusive Discovered
During recently completed ground geophysical surveys, a mafic intrusive was
discovered in outcrop on the grid indicating a potential extension of the
Eagle One intrusive system on Probe's property. The outcrop represents a
significant find given its composition, being a potential nickel-copper-PGE
host, its proximity to the Eagle One deposit and the lack of rock exposures
in this part of the McFauld's Lake area. The intrusive body corresponds to
an 800 metre long northwest-trending magnetic anomaly stretching across the
property and is coincident with one of the two magnetic anomalies
identified in previous airborne surveys (click here for map).. The presence of this potential nickel host is
important as it confirms the geophysical and geochemical interpretation of
a mafic/ultramafic intrusive system on the McFauld's West property. The sample
is being sent for whole-rock analysis. The property is currently under
three to four feet of snow and a detailed mapping program is planned for
the spring.
Ground Geophysical Program
The ground geophysical program incorporating Insight Geophysics' deep
penetrating electromagnetic system has been completed and the Company is
currently waiting for results. The program comprised an initial gradient
survey over the entire grid followed by four Insight sections covering
areas highlighted by the gradient survey. The Insight technique uses a
spectral IP array providing high-density readings and better resolution of
the electromagnetic signature than traditional surveys and has an effective
depth penetration of 400 metres. The results are currently being processed
using a 2D inversion model in order to accurately locate the anomalies for
drilling and will be released pending final interpretation by Insight.
Following the Insight survey a ground magnetics program was run in order to
better define the magnetic anomalies on the property. The program was
successful in further resolving the two anomalies identified by airborne
surveys. The eastern anomaly occurs as a large, oval, magnetic high over
900 metres in length and 400 metres in width. The anomaly
contains three distinct lobes in the interior, one of which is coincident
with the nickel-copper-silver-gold soil geochemical anomaly identified by
Probe Mines. To the west, the second magnetic anomaly occurs as an 800
metre-long, northwest-trending linear feature and is associated with the
mafic intrusive outcrop discovered during the magnetic survey. This feature
originates from magnetic highs located to the south on Noront Resources'
Double Eagle property hosting the Eagle One nickel-copper-PGE deposit.
Airborne Geophysics
The helicopter borne electromagnetic/magnetic survey has been completed and
final results are expected shortly. The Company will update shareholders on
all of the geophysical data after interpretations have been received.
MMI Soil Anomaly
As previously reported, results from a mobile metal ion (MMI) soil
geochemistry profile indicate the potential for a buried,
nickel/copper/gold/silver-bearing deposit associated with the eastern
magnetic anomaly on the property. Ground magnetic data indicate the MMI
anomaly occurs over the largest of the three magnetic high lobes comprising
the oval anomaly. Within a 200m section of the profile, samples displayed
highly anomalous values for nickel, copper, silver and cobalt with response
ratios of up to 9.1, 36, 18 and 14.5 times background, respectively, while
gold consistently showed values of 4 times background. The strong
correlation between nickel and cobalt, and copper-silver-gold indicate an
internal consistency to the data suggesting these elements, typically found
in sulphide mineralized mafic-ultramafic intrusives, are traveling together
and most likely derived from a unique source.
Diamond Drill Program
Mantis Mineral Corp has advised the Company that the drill originally
planned to mobilize to the McFauld's Lake area has been delayed and will
not be in the area until after breakup. This drill was to be used for the
McFauld's West drilling by Probe, however we are now seeking other
alternatives. Although an unfortunate delay, this will allow us to further
evaluate the results of the recent surveys and continue mapping the
intrusive system on the property. This new timetable will be useful for
refining the drill program and will allow for an expanded program, not
being constrained by winter breakup as the earlier proposed program was.
Probe is currently in discussions with a drill contractor and the new
drilling schedule will be released once a contract has been signed.
Significant Potential
The Company is encouraged by the preliminary geophysical and geochemical
results, which suggest significant potential for multiple buried,
sulphide-bearing, mafic-ultramafic intrusives. David Palmer, President of
Probe Mines states, "The field work conducted to date on the property
has developed into a very compelling story. We have delineated two
prominent magnetic features, identified a strong nickel-copper geochemical
anomaly over one, and discovered mafic intrusive bedrock over the second,
all within a stone's throw from the major high-grade nickel discovery at
Eagle One. The discovery of mafic intrusive in outcrop has raised the
potential of the property significantly from an interpretive stage to a
physical reality, and suggests the Eagle One magmatic system extends well
to the northwest on Probe's property. We are now waiting for the rest of
the geophysical results and will be ready to begin drill testing the
property. We have had encouraging results at each step and we are anxious
to begin the next phase of exploration. Although we have been unavoidably delayed,
this gives us a very good opportunity to thoroughly evaluate our data and
insure that we are designing the most effective drill program with the best
chance of success".
The McFauld's area is receiving considerable attention with continuing
reports of high-grade nickel-copper-PGE mineralization from the Eagle One
discovery. The most recent drilling intersection returned the highest grade
material to date averaging 6.25% nickel, 2.75% copper, 1.85 g/t platinum,
10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver over 46.6 meters.
Probe Mines has been established in the McFauld's Lake area since 2003 and
also owns the nearby Tamarack property, under option to Mantis Mineral Corp
and the Victory Project, comprising 484 claims over an associated volcanic
belt. In addition to Noront's nickel-copper discovery, the McFauld's Lake
area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is
located on the Tamarack claims, and management believes the area has the
potential to develop into Canada's next major mining camp.
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
the McFauld's West Project, comprised of 12 claims (192 hectares) situated
less than 450 metres from the site of Noront's significant new
nickel-copper discovery, representing 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 Mineral 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.
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, Ph.D.
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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