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Re: News Releases - Tuesday, August 09, 2011
Probe Mines Commences Metallurgical Testwork at Borden Lake
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Toronto, August 9, 2011 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or
the "Company") is pleased to announce that it has contracted SGS
Mineral Services to begin metallurgical scoping studies on its Borden
Lake gold discovery, near Chapleau, Ontario. The Company has drilled a
twin hole to BL10-10, on the discovery section, which has been
submitted and will be used for the metallurgical tests. The scoping
study will focus on the geochemical and mineralogical characteristics
of the gold mineralization, as well as testing for the recoverability
of gold through gravity, flotation and cyanidation tests. Two sample
populations will be examined in the scoping metallurgical work,
represented by the higher-grade core zone of the mineralization and the
lower-grade envelope.
The metallurgical scoping testwork will provide a detailed
mineralogical analysis of the ore zone and evaluate the recoverability
and beneficiation requirements of the mineralized zone. This
information will form an instrumental part of any future evaluation of
the economic potential of the Borden Lake deposit. The scoping study is
expected to take approximately 12 weeks to complete. Results will be
announced as soon as they are received and evaluated.
The Borden Lake gold zone is a significant new gold discovery in
Ontario hosted by unexplored Timiskaming-age metasediments near
Chapleau, Ontario, approximately 160km southwest of Timmins, Ontario.
Timiskaming-age sediments often show a spatial association with
large-scale Archean lode gold deposits such as those found in the
Timmins, Kirkland Lake, Hemlo and Red Lake gold camps. The Borden Lake
mineralization is comprised of thick (up to 200 metre-wide) zones of
gold-bearing sulphides which have been identified over a strike length
of 1,700 metres and to vertical depths of up to 340 metres. The
discovery is situated less than one kilometer from Highway 101, 10
minutes from major rail lines and 15 minutes from well-developed local
infrastructure. The Company is currently in the process of having a NI
43-101-compliant resource estimate calculated for the deposit, which is
expected to be finished by the end of August.
The metallurgical scoping study will be conducted from SGS Mineral
Services' laboratory in Vancouver, B.C. SGS is one of the world's
leading inspection, verification, testing and certification companies.
SGS Mineral Services provides quality and quantity inspection and
testing for a wide range of commodities.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $23MM 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. Probe also maintains a 45% interest in a
joint venture property with Lake Shore Gold Corp, which surrounds Lake
Shore's Timmins Mine project. 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, or contact:
David Palmer
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 936-6766
Forward-Looking Statements
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.
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.
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Copyright (c) 2011 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 Tue Aug 9, 2011 at 5:06:00 AM Pacific Time
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