|
Toronto, October 25, 2007 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) ("Probe") are pleased to announce an increase in the size of a proposed
non-brokered private placement financing announced on October 22, 2007
(Press Release �
6/2007) from $3,000,000 to up to $3,500,000. All other terms of the proposed financing remain the same as earlier
announced. The financing of up to $3,500,000 would comprise the sale of up
to 4,666,667 Units, to be sold at $0..75 per Unit, subject to regulatory
approval and closing. Each Unit consists of one common share and one-half of
one common share purchase warrant. Each whole common share purchase warrant
entitles the holder to acquire one common share for $1.00 for a period of
24 months (the "Warrant Term") from the closing of the
transaction (the "Closing Date"), provided, however, that should
the closing price at which the common shares trade, equal or exceed $1.75
for 20 consecutive trading days following the date that is four months and
one day after the Closing Date, Probe may accelerate the Warrant Term to
the date which is 30 days following the date a press release is issued by
Probe announcing the reduced Warrant Term. All securities issued in
conjunction with the offering will be subject to a hold period, which
expires four months after closing.
Proceeds of the financing will be used to fund exploration on the Company's
McFauld's Lake properties, including the 100%-owned McFauld's Lake West
Project, located approximately 450m from Noront Resources recent high-grade
nickel-copper-PGE discovery; and the 100%-owned Victory Project which hosts
numerous untested drill targets in a volcanic belt attached to the
McFauld's Lake Belt. Exploration on the McFauld's Lake properties will
include a winter program of magnetic and electromagnetic geophysical
surveys followed by diamond drilling. The programs are expected to commence
shortly, and will be focused on bringing the properties to a drill-ready
state as soon as possible. Drilling will focus on the McFauld's West
property, where regional government magnetic data shows the presence of two
anomalies within the claims that are similar in size and shape to that
associated with Noront's discovery.
The McFauld's area is once again receiving considerable attention with the
recent discovery of high-grade nickel-copper-PGE mineralization by Noront
Resources. Results from hole NOT07-05 returned a 63.8m intersection of
massive and net-textured sulphides in olivine-bearing peridotite grading
5.9% nickel, 3.1% copper, 2.9 g/t Pt and 9.8 g/t Pd; including a 3m
interval grading 8.7% nickel, 10.9% copper, 41 g/t Pt and 14 g/t Pd. Recent
field observations indicate the boundary of Probe's McFauld's West property
is only 450m from the discovery zone. The management of Probe is encouraged
by the proximity to this significant discovery, and believes there is a
strong potential for this property to also host mineralization.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration
company with 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. This includes a 100% interest in 12
claims (192 hectares) situated less than 450 metres from the site of
Noront's significant new nickel-copper discovery and represents one of the
closest properties to the discovery. Probe currently has joint venture
agreements on its Bristol Township gold project (West Timmins Mining Inc.)
and Tamarack base metal project (Mantis Minerals Corp.). The Bristol
Project is adjacent to the million-plus ounce gold deposit owned by Lake
Shore Gold Corp., which has recently announced a positive pre-feasibility
study for the project. Probe also maintains a 5% net smelter royalty on a
portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for
production in 2008. The company's shares trade on the TSX Venture Exchange
under the symbol PRB.
Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to PRB@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
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, Ph.D.
President
Tel: (416) 777-6703
Harry J. Hodge, P.Eng.,
Director
Tel: (416) 363-4376
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.
|