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Re: News Releases - Monday, July 25, 2011
Probe Mines Receives Preliminary Geophysical Results for a New
Target at Borden Lake
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Toronto, July 25, 2011 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or
the "Company") is pleased to announce that it has received geophysical
results for an Induced Polarization ("IP") survey currently being
conducted just north of its Borden Lake gold discovery near Chapleau,
Ontario. The ground geophysical program is targeting approximately
seven kilometers of interpreted strike length of the Borden Lake Belt,
on-trend with the known gold mineralization. These preliminary results
are being obtained in the area of an airborne anomaly referred to as
the "Nose" target, which is situated in a fold hinge, commonly called a
"fold nose", located less than three kilometers, on strike, from the
Borden Lake Zone.
The IP results over the Nose Target are encouraging and closely
resemble those obtained for the Borden Lake gold zone through a
previous IP survey, which showed a distinctive signature over the gold
mineralization. Although very similar, the new IP anomaly is also
slightly stronger, and possibly thicker, than the one obtained over the
Borden Lake Gold Zone. In addition, an unexpected, second, parallel
anomaly, showing the same signature, was also identified in the Nose
area and has become another priority target. Both new targets are on
Probe's 100%-owned claims.
At present there is no supporting evidence indicating that the
anomalies are related to gold mineralization, however, they are of
sufficient interest to warrant drill testing, which is now scheduled to
start in the second or third week of August following a scheduled break
from drilling operations.
David Palmer, President of Probe, states "While these results are very
encouraging, we are still on a learning-curve with respect to our
understanding of the mineralizing system. These exploration programs
will contribute significantly to that knowledge and help to guide
future programs."
The IP geophysical survey, which is being carried out by R.J. Meikle &
Associates, is now approximately 20% complete.
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, or contact:
David Palmer
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 936-6766
Forward-Looking Statements
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.
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.
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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 Mon Jul 25, 2011 at 5:13:38 AM Pacific Time
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