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Re: News Releases - Tuesday, July 28, 2009
West Timmins Mining to Continue Option on Probe Mines' Bristol
Gold Property,
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Toronto, July 28, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that the Company has received
notification from West Timmins Mining Inc. ("WTM") that West Timmins
will be continuing its option on Probe's 100%-owned Bristol Township
Gold Project (see map at www.probemines.com) and is planning a drill
program on the property.
Previous drilling on the southwestern section of the Bristol property,
proximal to Lakeshore Gold Corp's ("Lakeshore") Timmins Mine Project
and other recent gold discoveries, identified alteration similar to
that associated with peripheral phases of WTM's recent high-grade
porphyry zone discovery on the adjacent Thunder Creek property. WTM
has indicated to Probe that this target warrants further testing and a
drill program is currently slated for late summer or early fall 2009.
The Bristol Township project consists of two blocks totaling 832
hectares in 52 claims and is strategically located adjacent to
Lakeshore's 1.2M ounce Timmins Mine Project and less than one kilometre
from Lakeshore's and WTM's recent high-grade gold intersection in the
Rusk Zone on the Thunder Creek Joint Venture. The Rusk Zone
intersection represents one of the broadest intercepts reported from
the West Timmins camp grading 12.75 g/t gold over an extraordinary
83.4m.
The Company is encouraged by recent exploration results in close
proximity to the Bristol Project and believes the property has the
potential to host similar gold mineralization. West Timmins has an
option to earn a 55% interest in the Bristol Township Project by
completing $1,000,000 in exploration expenditures and making cash and
share payments over a 4-year period ending in June 2010. West Timmins
can earn a further 15% by presenting a 43-101-compliant resource report
within two years of vesting their 55% interest and making additional
cash and share payments.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4.2M 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 West Timmins Mining on its
Bristol Township gold project adjacent to the million-plus ounce gold
deposit owned by Lake Shore Gold Corp. Recent exploration results from
Lakeshore 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
33,516,472 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) 2009 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 Jul 28, 2009 at 5:19:26 AM Pacific Time
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