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Re: News Releases - Wednesday, April 21, 2010
Probe Mines to Option the Cree Lake Gold Project, Swayze Belt,
Ontario from Mantis Mineral Corp
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Toronto, April 21, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that the Company has entered
into an option agreement (the "Agreement") with Mantis Mineral Corp
(CNSX:MYN) ("Mantis") to acquire the Cree Lake Gold Project, subject to
regulatory approval. Pursuant to the Agreement, Probe has an option to
acquire up to a 70% interest in nineteen mining claims covering 4,032
hectares comprising the Cree Lake Gold Property. In 2009 Mantis
discovered a new gold zone on the property characterized by thick, near
surface, drill intersections of low-grade gold mineralization. This
style of mineralization is not typical of the Swayze Belt and
represents excellent potential for the delineation of a large tonnage,
low-grade gold deposit. The project is located in Swayze Township,
approximately 195 kilometres northwest of Sudbury, Ontario, and seven
kilometres southwest of the past-producing Kenty gold mine. Probe is
currently planning its first phase of drilling on the property, to
begin as soon as ground conditions permit. Details of the drilling
will be announced prior to commencement of the program.
Probe may earn a 51% undivided interest in the Cree Lake Gold Project
by making an initial payment of 150,000 common shares of Probe within
10 days of the signing of the option agreement; fund expenditures of
$1,000,000, which includes an IP survey and a
Diamond drill program;
issue a total of 1,000,000 Consideration Shares in aggregate; and
complete and fund an additional 5,000 metres of drilling by April 2013.
Upon completing all the payments mentioned above, Probe will have a
second option to acquire an additional 9% undivided interest in the
Cree Lake Gold Project by paying two million dollars ($2,000,000) on or
before April 15, 2014 to Mantis. Probe will have a third option to
acquire a further undivided 10% interest in the property by paying
three million dollars ($3,000,000) on or before April 15, 2015 to
Mantis. Four of the claims comprising the Cree Lake Gold Project are
subject to a 1.5% net smelter return royalty in favor of previous
vendors.
Highlights
The Mantis occurrence represents a new gold discovery in the Swayze
Belt. Recent drilling intersected a volcanic-hosted, quartz stockwork
system carrying significant gold values along substantial drill hole
widths, which include a 15.5-metre interval averaging 2.05 g/t Au from
hole CL09-6 (see Mantis press release September 9, 2009). The zone
comes to surface and represents excellent open-pit potential for a gold
deposit of the high tonnage, low-grade type.
Follow-up trenching conducted by Mantis immediately west of hole CL09-6
exposed a 50-metre length of intermittent quartz veining and shearing
over a 10-metre width. Grab samples within this zone yielded
significant gold values ranging from 0.61g/t to 43.2 g/t, with an
average of 6.47 g/t.
The property is situated along the Ridout deformation zone, a
130-kilometre long structure that hosts past producers such as the
Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings.
The area has received recent attention with the identification of thick
intervals of gold mineralization by Trelawney Mining on its Chester
Gold Project, located approximately 60 kilometres southeast along
strike in the Swayze Belt.
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 Wed Apr 21, 2010 at 4:27:54 AM Pacific Time
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