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Toronto, January 14, 2008 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) are pleased to
announce that geochemical results for a soil sampling program conducted in
September 2007 on the Company's 100%-owned McFauld's West Project have been
received and indicate significant anomalies in nickel, copper, cobalt and
silver, as well as anomalous values in gold. The samples, comprising eight
soil samples in a single 350m long profile coincident with the eastern of
two magnetic anomalies on Probe's property, are located approximately one
kilometer northwest of Noront Resources high-grade nickel-copper-platinum
group element (PGE) discovery on their "Ring of Fire" project.
The positive results from the soil program support the potential for
nickel- and copper-bearing sulphide mineralization on the McFauld's West
Project, and the property will be a focus for exploration in 2008.
Significant Nickel-Copper-Silver-Cobalt Anomalies
Within a 200m section of the profile, samples displayed highly anomalous
values for nickel, copper, silver and cobalt with response ratios of up to
9.1, 36, 18 and 14.5 times background, respectively, while gold
consistently showed values of 4 times background. The results suggest the
potential of a buried, sulphide-bearing, mafic-ultramafic intrusive. In
addition, results show a strong correlation between nickel and cobalt,
while copper, silver and gold also parallel one another. This internal
consistency to the data is encouraging as it indicates these elements,
typically found in sulphide mineralized mafic-ultramafic intrusives, are
traveling together and most likely derived from a unique source.
The samples were analyzed using the Mobile Metal Ion (MMI) technique, which
has been shown to accurately locate buried mineral targets in boreal
climates. Owing to the nature of the analytical technique, the metal concentrations
are calculated as response ratios (times concentration above background),
with response ratios of two (2) or more considered anomalous, and response
ratios above five (5) considered significantly anomalous. Within the
McFauld's data set a number of samples contain significantly anomalous
ratios for nickel, copper, cobalt and silver and warrant immediate follow
up.
The Company is now planning a ground geophysical program focused on the
area containing the coincident geochemical and magnetic anomaly, as well as
other geophysical anomalies identified from airborne geophysical surveys.
This program will be followed by a diamond drilling program to test the
anomalies.
The McFauld's area is receiving considerable attention with the discovery
of high-grade nickel-copper-PGE mineralization by Noront Resources. The
most recent drilling continues to intersect high-grade nickel-copper-PGE
mineralization, with hole NOT07-18 returning 124m averaging 2.39% Ni, 1.09%
Cu, 1.12 g/t Pt, 3.86 g/t Pd, 0.28 g/t Au and 3.89 g/t Ag, including an
18.8 meter massive sulphide mineralized interval grading 7.38% Ni, 3.18%
Cu, 1.05 g/t Pt, 10.16 g/t Pd, 0.23g/t Au and 8.92 g/t Ag. With Probe's
McFauld's West property located only 450m from the discovery zone,
management is encouraged by the proximity to this significant discovery and
believes there is a potential for this property to also host
mineralization. Probe Mines has been established in the McFauld's Lake area
since 2003 and also owns the nearby Tamarack property, under option to
Mantis Minerals, as well as significant holdings to the east comprising the
Victory Project. 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 the Tamarack claims, and management believes the
area has the potential to develop into Canada's next major mining camp.
Samples were collected in the field by Probe Mines and sent to SGS
Laboratories in Toronto, Ontario where they were analyzed using the MMI-M5
package. David Palmer, Ph.D., P.Geo., is the qualified person for all
technical information in this release.
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
Minerals 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.
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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