TORONTO, ONTARIO--(June 3, 2008) - The
Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") would like to announce that the Company is
engaged in ongoing discussions with Noront Resources Inc. Noront owns the
Eagle #1 Discovery, located on ground previously held by Condor Diamond
Corp. and Greenstone Exploration Company Ltd., immediately south of Probe's
100%-owned McFauld's West property. Probe and Noront are reviewing their
ownership interests in these lands, the historical work undertaken by each
company on these properties, and the history of their contractual
arrangements to determine an optimal strategy for the ownership,
exploration and development of these lands that is consistent with the long
term interests of both companies. These discussions are ongoing, and it is
not possible to determine the nature or outcome of such discussions at this
time. Specific developments will be announced by press release. It cannot
be presumed that such discussions will lead to a particular outcome, or an
outcome which is beneficial or detrimental to either company.
In light of these discussions, the drilling program scheduled to commence
on the McFauld's West property is being postponed and the Company is
implementing an expanded drill program on its Victory Project. The program,
which has already begun mobilizing (drilling is expected to commence on
June 7th), will focus on conductors identified in an AeroTEM III airborne
survey completed in March 2008 covering the entire project. The survey has
delineated more than 60 bedrock conductors on the properties, many of which
are coincident with isolated magnetic anomalies and are similar to that
associated with the Eagle One nickel discovery. A number of new
volcanogenic massive sulphide (VMS) targets have also been identified, and
the drilling will focus on both nickel and VMS targets.
Past drilling on the Victory project focused on volcanogenic massive
sulphide (VMS) targets. Owing to the discovery of high-grade nickel
mineralization in the McFauld's Belt, the Company undertook the 1,500 line
kilometer AeroTEM III survey in order to provide deeper penetrating and
higher resolution geophysical data, which will bring all of the conductors
to drill readiness. The survey was also designed to identify new
conductors, which could be included in the drilling program.. The program
was successful in all respects, identifying many new priority conductors
and a reevaluation of the Victory Belt data is encouraging indicating the
potential for the area to host both nickel and VMS mineralization.
Probe has contracted a 3000m program with Norex Drilling of Timmins to
explore its McFauld's Lake area properties through the summer field season.
Results on the drilling will be released when available.
About the Victory Project
The Victory property comprises 484 claims covering 7,744 hectares within a
60 kilometre-long greenstone belt associated with the McFauld's Lake Belt. In
2005 Probe Mines flew the first airborne survey over the Victory volcanics
and acquired all of the priority bedrock conductors. Recent exploration
activity in the area has resulted in increased staking in the area of the
Victory claims, with the result that most of Probe's blocks are enclosed by
other companies and now central to a developing play.
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
the McFauld's West Project, comprised of 12 claims (192 hectares) situated
less than 450 metres from the site of Noront's significant new
nickel-copper discovery, representing 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 Mineral 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.
Forward-Looking Statements
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.
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.
For more information, please contact
Probe Mines Limited
Patrick Reid
Chairman
(416) 777-6703
or
Probe Mines Limited
David Palmer, Ph.D.
President
(416) 777-6703
or
Probe Mines Limited
Karen Willoughby
Investor Relations
1-866-365-4724
Website: http://www.probemines.com
or
AGORACOM Investor Relations
http://www.agoracom.com/IR/Probemines
prb@agoracom.com
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