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Re: News Releases - Thursday, November 20, 2008
Probe Mines Corporate and Exploration Updates
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Toronto, November 20, 2008 -- The Directors of PROBE MINES LIMITED
(TSX-V: PRB) ("Probe") would like to update shareholders on the
Company's recent corporate and exploration developments. Owing to the
financial turmoil in recent weeks and its effect on the capital
markets, the Company is now reviewing its finances in order to reduce
overhead costs and preserve capital. Probe is fortunate to have a
strong treasury, which will not only see it through this downturn in
the markets, but also allow the Company to capitalize on potential
corporate development opportunities that are beginning to present
themselves.
McFauld's Lake Projects
Probe will continue to explore its key assets in the McFauld's Lake
area, and the Company is waiting for final results from a recently
completed airborne geophysical survey over its Victory and McFauld's
West properties. Exploration programs will be advanced after a
thorough evaluation of previous results and airborne survey data.
Assay results have been received for the entire intervals of peridotite
in Holes MW08-02 and MW08-08. Results were disappointing, with the
previously reported platinum, palladium and gold results from drill
hole MW08-08 remaining the highest values obtained. Samples from
either side show only weakly anomalous and background values. Core
samples from hole MW08-02 also returned only weakly anomalous and
background values for platinum, palladium and gold.
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, which commenced production in 2008. 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, 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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Copyright (c) 2008 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 Thu Nov 20, 2008 at 1:22:27 PM Pacific Time
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