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Re: News Releases - Monday, April 26, 2010
Probe Mines to Acquire the Borden Lake Gold Project, Chapleau,
Ontario
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Toronto, April 26, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that an agreement has been
reached to option the Borden Lake Gold property in Cochrane Township
near Chapleau, Ontario, subject to regulatory approval. The Borden
Lake property represents a new gold discovery associated with
Timiskaming-age sediments in an underexplored part of the Kapuskasing
Structural Zone. Timiskaming sediments often show a spatial
association with large-scale Archean lode gold deposits such as those
found in the Timmins, Kirkland Lake, Hemlo and Red Lake gold camps and
thus represent an important geological indicator for the gold potential
of an area.
The Borden Lake showing represents a surface gold discovery, identified
over an area 150 metres long by up to 45 metres wide, hosted by a
highly altered and metamorphosed suite of rocks within the
volcano-sedimentary horizon. Grab samples from selected outcrop
returned values of up to 3.4 g/t gold, and the property is considered
to have excellent potential to host a low-grade, bulk tonnage-type of
gold deposit. Limited exploration work investigating the base metal
potential of the volcanic horizon was previously undertaken by Noranda.
Sulphide mineralized felsic fragmental units were identified which
returned anomalous base metal concentrations, suggesting good potential
for hosting volcanogenic massive sulphide ("VMS") deposits.
Probe is currently in the process of contracting a high-resolution VTEM
airborne survey over the property in order to identify potential
electromagnetic anomalies and assist in the geological and structural
interpretation of the gold mineralization. Ground geophysical programs
utilizing Induced Polarization and follow-up drilling are also planned
once airborne data has been received and interpreted.
Probe has the right to earn a 100% interest in the property by making
cash payments totaling $55,000 and issuing 300,000 shares over the
four-year term of the agreement. The vendors maintain a 2% Net Smelter
Royalty (NSR) interest, while Probe retains an option to buy back 1% of
the NSR for $1,000,000.
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 Mon Apr 26, 2010 at 5:08:37 AM Pacific Time
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