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TORONTO, ONTARIO--(Aug. 5, 2008) - The Directors of PROBE MINES
LIMITED (TSX VENTURE:PRB)("Probe") are pleased to
announce that a total of eight holes have been completed during first-phase
drilling on the Company's 100%-owned McFauld's West property in the James
Bay Lowlands. Ultramafic intrusive rock was intersected in three of the
eight holes, and represent three unique bodies. Diamond drill holes MW-02
and MW-08 identified a thick (over 80 metres) peridotite intrusive body,
which closely resembles the host peridotite of the Eagle One nickel-copper
discovery. The holes were designed to test a number of discrete geophysical
anomalies identified through the ground program, however, the anomalies
were not explained by the amount of sulphides observed in the core and
further work is required. Drill hole MW-01 was collared to test the
"mafic" dyke identified in outcrop during the winter geophysical
program and intersected two separate ultramafic dykes at depth. The dykes were barren of sulphide at this
location. The peridotite and ultramafic dykes have been sampled and assay
results will be released once they are received, which is expected to take
three weeks.
Owing to the presence of potential nickel-PGE host rocks and the lack of
explanations for the geophysical and geochemical anomalies, the Company is
now planning further geophysical programs on the property.. A VTEM survey
is currently being designed for both the Victory and McFauld's West
properties to be followed by a deep-penetrating, high resolution ground
geophysical survey on the McFauld's West property. The results of the
drilling indicate that previous surveys lacked either the depth penetration
or resolution and future surveys will correct this in preparation for
second phase drilling, expected to commence in the fall.
Victory Assay Results
Geochemical results have been received for the Company's recently completed
drilling on its 100%-owned Victory project. Core samples from hole V08-27,
which intersected a 30 metre thick unit of sulphide mineralized ultramafic
intrusive, returned anomalous values of nickel, copper, platinum and
palladium throughout the section. The ultramafic is situated at the end of
an over 300 metre long airborne conductor and suggests the potential for
higher-grade and thicker mineralization towards the middle of the zone. A
VTEM airborne survey is now being planned for the area in preparation of
further drilling.
Holes V08-24, V08-26 and V08-27 all returned anomalous values of copper and
zinc within sulphide mineralized sections of the volcanic sequence and
indicate a potential for volcanogenic massive sulphide (VMS) type deposits
within the volcanic package.
Additional McFauld's Lake Properties
Probe Mines owns an additional 75 claim units situated between, and
northeast of, Noront Resources Eagle One and AT-12 massive sulphide
discoveries and exploration is now being planned for these properties. The
claims are located along the trend of ultramafic rocks between Noront's
Double Eagle and Probe's Tamarack Projects, and share boundaries with
Freewest Resources', Fancamp Exploration's and Noront's properties. A
deep-penetrating helicopter-borne survey is now being planned for this area
and will be followed by drilling of airborne targets.
Probe Mines has been established in the McFauld's Lake area since 2003 and
owns approximately 15,000 hectares of ground along the McFauld's and
Victory volcanic Belts. 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 Probe Mines' Tamarack claims.
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.
Forward-Looking Statements
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.
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.
For more information, please contact
Probe Mines Limited
David Palmer, Ph.D.
President
(416) 777-6703
or
Probe Mines Limited
Karen Willoughby
Investor Relations
1-866-365-4724
Website: www.probemines.com
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