Probe Mines Announces Commencement of Drilling on the Lake Shore Gold Joint Venture Property, West Timmins, Ontario; Borden Lake Update; Grant of Options
TORONTO, ONTARIO -- (Marketwire) -- 05/26/11 -- Probe Mines Limited (TSX VENTURE: PRB) ('Probe' or the 'Company') is pleased to announce that drilling has commenced on its West Timmins property currently under Joint Venture with Lake Shore Gold (TSX: LSG) ('Lake Shore'). The diamond drill program will test a prospective target approximately 800 metres east from both the Timmins Mine and the Rusk-Porphyry Zone discoveries on Lake Shore Gold's wholly owned Thunder Creek property. The target is distinguished by a coincident magnetic-induced polarization anomaly in the vicinity of a single drill hole completed by Probe in 2004, from which Probe reported alteration in the metasediments similar to that found near the mineralized zones on Thunder Creek. These results suggest the potential presence of a buried syenite porphyry similar to those hosting gold mineralization nearby. The program will consist of one 500 metre-long drill hole designed to test the target at approximately 300 metres depth. The Company will provide updates on the results of the drilling as soon as they are available.
The West Timmins project is a Joint Venture between Lake Shore (55%) and Probe (45%), with Lake Shore acting as operator. Target selection for the current program was made by Probe Mines, while the drilling will be carried out under the supervision of Lake Shore's geologists. The property is comprised of 52 claim units surrounding Lake Shore's Timmins Mine property to the north, east and southeast. The Timmins Mine deposit has probable reserves of 812,000 ounces and achieved commercial production on January 1, 2011. The Porphyry Zone discovery at Thunder Creek is located approximately 800m west of the joint venture property and contains drill intersections of up to 83.4 metres averaging 12.75g/t Au in TC09-68b (see Lake Shore Gold's press release dated June 24, 2009) and 99.6 metres grading 4.91 g/t Au in TC650-001 (see Lake Shore Gold's press release dated November 24, 2010).
Borden Lake
The Company is now receiving assay results for the outstanding drill holes on its Borden Lake project, starting with Hole BL11-29, and expects to have news available shortly.
Grant of Options
The Company has granted a total of 1,260,000 options to purchase common shares of Probe to directors, officers and consultants at an exercise price of $1.45 per share for a period of 5 years.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $25MM 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. 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.
Forward-Looking Statements
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.
Shares Issued: 56,340,915
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.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com