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Re: News Releases - Tuesday, April 13, 2010
Probe Mines Provides Exploration Update for Its McFauld's Lake
Projects; Options Granted
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Toronto, April 13, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to provide shareholders with an update of
the Company's exploration plans for its McFauld's Lake properties
during the upcoming 2010 season. Programs are currently being planned
for all four of the Company's projects in the Ring of Fire, and will be
focused on: 1) nickel-copper potential adjacent to Noront Resources'
Eagle's Nest deposit; 2) further evaluation of the Company's Black
Creek chromite discovery; 3) exploration for additional chromite
mineralization along the main ultramafic horizon; 4) base-metal
volcanogenic massive sulphide (VMS) mineralization on the Tamarack and
Victory projects; and 5) evaluation of nickel-copper-PGM potential on
the Company's Victory and McFauld's West projects. Projects will
commence once ground conditions permit and First Nation's communities
have been consulted. Further details will be announced prior to
commencement of the various programs.
Dr. David Palmer, President of Probe, states "We are very encouraged by
results from our projects in the Ring of Fire to date and we have
committed to an extensive exploration program for 2010. This will be
the first year in which all of our properties will see concurrent work
programs, and we are optimistic that they will generate positive
results. We are pleased that our joint venture partner, Noront, is
taking an active role in the exploration programs on the JV claims and
look forward to their input.
A summary of proposed work is, as follows:
Probe-Noront JV
The JV project comprises 87 claim units which are strategically located
along the heart of the Ring of Fire complex. Probe shares equal
interest in the project with Noront Resources ("Noront"). The
properties are host to the Black Creek chromite discovery and also
include claims immediately adjacent to Noront's Eagle's Nest
nickel-copper-PGM discovery as well as claims covering the northeast
extension of the ultramafic horizon hosting Cliffs Natural Resources
("Cliffs") Black Thor chromite deposit.
Exploration programs to be undertaken will focus on the Eagle's Nest
area claims, which will be covered by a deep-penetrating geophysical
survey that forms part of a larger survey being conducted by Noront
over the Eagle's Nest area. This will be followed by drilling of
targets identified by this survey, as well as untested targets
identified in previous geophysical and geochemical programs, including
ZTEM airborne conductors, MMI soil anomalies and a deep Insight
chargeability anomaly, the latter occurring approximately 400m due
north of Eagle's Nest.
Evaluation of the results for a recent high-resolution airborne
geophysical survey is now being completed for all of the claims in the
JV project. This evaluation will concentrate on the Eagle's Nest area
as well as the predicted northeast extension of the chromite-bearing
horizon hosting Cliffs Black Thor deposit, and will assist in planning
further programs, if warranted.
In addition, approval has been given by the JV technical committee to
proceed with a 43-101 resource estimate on the Black Creek chromite
deposit.
Tamarack
The 100%-owned Tamarack Project consists of 360 claim units hosting
both the northern extension of the McFauld's volcanogenic massive
sulphide ("VMS") horizon as well as the northeast extension of the Ring
of Fire mafic-ultramafic complex, representing the two most prospective
geological settings in the area.
During the 2010 field season soil surveys will be conducted over the
area hosting the Company's copper-rich, A-Zone VMS discovery and a
number of untested geophysical anomalies along the prospective horizon.
The results of the survey will be used to evaluate geophysical targets
for follow-up drilling.
Victory
The 100%-owned Victory project is comprised of 452 claim units staked
in two blocks, West and East. Exploration during 2010 will focus on
the East Block where sulphide-bearing ultramafic rocks were discovered
in 2009. A soil survey will be conducted over a number of untested,
coincident magnetic-electromagnetic airborne anomalies proximal to the
ultramafic horizon, in preparation for a follow-up drill program.
McFauld's West
The 100%-owned McFauld's West project is situated approximately four
kilometres northwest of the Eagle's Nest area and was staked in 2008
following the discovery of the Eagle One nickel-copper deposit. No
work has previously been conducted on the 46-claim unit block, and a
high-resolution magnetic-electromagnetic survey is now being scheduled
as a first-phase evaluation. The claims lie along a regional contact
which intersects the predicted northwest extension of structures
interpreted to be associated with emplacement of Eagle's Nest host
rocks. The proposed airborne survey will be used to evaluate the
claims for associated ultramafic intrusives and potential nickel-copper
massive sulphide mineralization.
Options Granted
Subject to regulatory approval, an aggregate amount of 600,000 options
have been granted to directors and consultants of the Company at a
price of $0.38 per share. The options are exercisable for a period of
five years, and will expire on April 12th, 2015.
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. 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 34,066,472 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 Apr 13, 2010 at 5:16:17 AM Pacific Time
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