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Toronto, July 8, 2008 � The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that drilling
is now underway on their 100%-owned McFauld's West Project, immediately
adjacent to Noront Resources' Eagle One high-grade nickel-copper-PGE
discovery. A minimum of eight holes is planned to test selected targets
displaying coincident magnetic and electromagnetic (EM) responses
identified by geophysical surveys completed in the winter. Included in
these targets is the eastern magnetic anomaly, which also displays a
significant nickel-copper mobile metal ion (MMI) soil anomaly. The ground
geophysical program also identified a number of deeper targets, which would
not have been detected by the airborne survey and will be tested in this program.
The program will begin on the western side of the property with the first
hole testing a geophysical anomaly associated with the mafic intrusive
identified in outcrop and move east from there. It is expected the drilling
will take two to three weeks to complete, at which point an update will be
provided to shareholders.
Management is encouraged by the geophysical and geochemical results on the
McFauld's West property and its proximity to the Eagle One deposit, a
significant, high-grade, nickel-copper-PGE discovery. The property lies
less than 450m from Eagle One and hosts a number of geophysical targets
similar to the discovery. A resource estimate for the Eagle One deposit has
been released by Noront Resources with an indicated resource of 1,834,000
tonnes averaging 1.96% Ni, 1.18% Cu and 5 g/t Pt+ Pd and an inferred
resource of 1,087,000 tonnes grading 2.39% Ni, 1.27% Cu and 5.8 g/t Pt+Pd.
Victory Project
The Company would like to update shareholders that it is still waiting for
assay results from the sulphide mineralized ultramafic intrusive
intersected during drilling of the Victory Project, 30 km to the east of
the McFauld's West property and Eagle One Ni-Cu discovery. Results are
expected in one to two weeks and will be released as soon as they have been
reviewed by management.
Mineralization consists of pyrrhotite and chalcopyrite occurring
predominantly as disseminated grains interstitial to silicate minerals and
more rarely as narrow, massive bands within the ultramafic. Visual
inspection suggests the sulphides are primary and may therefore be part of
a larger mineralized system occurring along strike and/or at depth in the
intrusive. Most of the world's major Ni-Cu-PGE deposits are hosted by
primary magmatic sulphides in mafic-ultramfic intrusions.
Probe Mines has been established in the McFauld's Lake area since 2003 and
also owns the nearby Tamarack property, under option to Mantis Mineral Corp
and the Victory Project, comprising 484 claims over an associated volcanic
belt. In addition to Noront's nickel-copper discovery, the McFauld's Lake
area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is
located on Probe Mines' Tamarack claims, and management believes the area
has the potential to develop into Canada's next major mining camp.
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, or contact:
David Palmer, Ph.D.
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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