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Re: News Releases - Wednesday, September 16, 2009
Probe Mines Announces Commencement of Drilling on its West
Timmins Gold Project by West Timmins Mining Inc.
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Toronto, September 16, 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 WTM
has commenced drilling operations on Probe's 100%-owned West Timmins
(Beach) property. The West Timmins Gold Project is located less than
800 metres from Lakeshore Gold Corp's ("Lakeshore") Timmins Mine
Project and the Rusk/Porphyry Zone discovery where an 83.4 metre
intersection averaging 12.75 g/t gold has been reported by
Lakeshore-WTM.
Previous drilling on Probe's claims immediately adjacent to the Timmins
Mine and new Porphyry gold discovery identified alteration similar to
that associated with peripheral phases of Lakeshore's-WTM's high-grade
porphyry zone on their Thunder Creek property. The current drilling
program will focus on testing an area of anomalous gold mineralization
located in porphyries adjacent to the same sediment-volcanic contact
which hosts the Thunder Creek discoveries. Drilling will also target
the eastern continuation of the Bristol Fault, which is spatially
associated with the 1.2 million ounce Timmins West Mine slated to enter
production in 2010.
Dr. David Palmer, President of Probe states "We are very encouraged by
the importance our property has been given by WTM. This drilling
program follows very closely on the heels of the Porphyry Zone
discovery and suggests that WTM recognizes the strong potential for
gold mineralization similar to that discovered at Thunder Creek to be
hosted by porphyry bodies on our claims."
The West Timmins Gold 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 800 metres
from Lakeshore's and WTM's recent high-grade gold intersection (83.4m
at 12.75 g/t Au) in the Rusk Zone on the Thunder Creek Joint Venture.
WTM has an option to earn a 55% interest in the West Timmins Gold
Project by completing $1,000,000 in exploration expenditures and making
cash and share payments over a 4-year period ending in June 2010. WTM
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 $4.0M 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. Recently the
Company announced the discovery of the high-grade Black Creek chromite
horizon on its joint venture project. 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 Wed Sep 16, 2009 at 4:28:06 AM Pacific Time
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