TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Probe Mines Limited (News - Market indicators) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario, including 4 of the 9 holes comprising the recently-completed winter ice drilling program on Borden Lake. Results for 19 diamond drill holes, BL12-366 to BL13-384, were received and were successful in identifying high-grade gold mineralization 500 metres along-strike from the previous limits of the deposit; expansion of the near surface mineralization to the northwest; and continued high-grade intercepts in the southeast High-Grade Zone (Sections 1150m SE and 1200m SE). Infill drilling also returned some important results with high-grade mineralization now identified on Section 800m SE, suggesting that the High-Grade Zone may extend further in a northwest direction than previously indicated. 

Results suggest that the scope of the deposit is changing significantly, with a focus towards high-grade resources that may persist for a considerable distance along strike. The expansion of the high-grade mineralization to the southeast may be of sufficient grade to warrant underground development, in addition to the already identified open-pit resource of the deposit. However, further work will be needed in order to confirm this and will be the priority for the drilling program going forward. The deposit still remains open in all directions.

Winter Drill Program

In order to take advantage of winter conditions 9 holes were drilled on the ice over Borden Lake to test for possible extensions of the deposit to the southeast of the High-Grade Zone, which included a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256, as well as to the northwest of Section 800m NW. Preliminary results from the program indicate both objectives were successfully met, with significant gold grades intersected over appreciable widths to the southeast and northwest of the previous limits of the deposit.

Southeast

A 500-metre step out section, 1700m SE, was drilled to the southeast of previously identified high-grade mineralization on Section 1200m SE. Preliminary results for this southeast drilling has identified high-grade gold mineralization along the projected extension of the Borden Gold deposit, including a broad 44-metre interval grading 2.9 g/t Au, which includes 25 metres grading 4.6 g/t Au, with a 12.9-metre interval averaging 7.4 g/t Au in Hole BL13-378 and a 10.2-metre intersection averaging 12.5 g/t, including 1 metre of 77.3 g/t Au in Hole BL13-384. As part of the winter program, Sections 1800m SE and 1900m SE were also drilled, and these results will be released when they are received.

The following table shows selected results from the southeast step-out holes, with all intervals approximating true width. Depths of the mineralized zones are between 360 and 400 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at: http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Project-Drill-Plan-and-Section-Maps.

Northwest

Results were returned for Section 1100m NW, drilled on the ice to the northwest of the previously identified limits of the Borden Gold deposit (Section 800m NW) and were successful in extending the deposit 300 metres in the northwest direction. Section 1100m NW returned significant intervals in two holes, BL13-377 and -383, which returned four (4) metres grading 1.7 g/t Au and 20 metres averaging 2.0 g/t Au, including 8 metres of 3.2 g/t Au, respectively.

The following table shows selected results from Section 1100m NW. Drill widths approximate true width for both holes:

Further results from the northwest expansion drilling will be released as they are received.

High-Grade Zone

Of the nineteen (19) new holes, six (6) represent further testing and infill of the high-grade zone identified on sections 1150m SE and 1200m SE. Significant results were returned for infill holes on these sections and include intervals of 24.8 metres averaging 11.9 g/t Au, including 1.1 metres of 127 g/t in Hole BL13-375 and 32.4 metres grading 2.6 g/t Au, including 17.9 metres averaging 3.3 g/t Au in Hole BL13-376, on Section 1200m SE, while Section 1150m SE returned intervals of 19.7 metres averaging 1.0 g/t Au and 4.9 metres grading 3.0 g/t gold in hole BL13-367. The drilling on Section 1150 represents up-dip and down-dip drilling away from the previously identified main High-Grade Zone (see Section at: http://www.probemines.com/i/maps/Section%201150mSE.pdf).

The infill drilling of the High-Grade Zone highlights the internal consistency of the mineralization and suggests that it is a unique zone with strong potential for lateral continuity. Section 1250m SE, a 50-metre step-out from the high-grade discovery section, is currently being drilled and results will be released as soon as they are received. 

The following table shows selected results from Sections 1150m and 1200m SE. Drill widths approximate true width for all holes:

Infill Drilling

Nine infill holes were drilled between Sections 600 and 850m SE and continued to confirm the consistency of the mineralization, as well as improve grades. Of particular note, Hole BL13-374 on Section 800m SE returned a significant section of high-grade mineralization consisting of a 15-metre interval averaging 5.7 g/t Au within a broader zone of 49 metres grading 2.3 g/t Au. This interval suggests the potential for the High-Grade Zone to extend further to the northwest than previously indicated and highlights the importance of the infill drilling in delineating the High-Grade Zone and potentially improving gold grades in future resource estimates. Other highlights of the Infill program include: 40 metres averaging 1.2 g/t Au, including 9.5 metres of 1.9 g/t Au, in Hole BL13-380 on Section 600m SE; and 60 metres grading 1.2 g/t Au, including 4 metres of 4.5 g/t Au in Hole BL13-366, on Sections 850m SE.

Further results from the Infill program will be released as they are received.

The following table shows the selected highlights from the Infill drilling. Drill width approximates true width for all holes:

Dr. David Palmer, President and CEO of Probe, states, "The large step-outs were a calculated risk which we believe were justified by the consistency and continuity of the Borden Gold Deposit. We are very pleased with the significant high-grade gold mineralization identified over appreciable widths on Section 1700m SE. Although still early, the current results suggest that the scope of the Borden Gold project is growing and requires increasing focus on the high-grade zone, and its potential implications towards project economics including the possibility of underground development. The project has grown significantly over the last four months, evolving from a higher-grade core which distinguished the deposit from its peers, to a high-grade zone the size of which may put the deposit in a whole new category."

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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.

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

Forward-Looking Statements

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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