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Re: News Releases - Tuesday, June 02, 2009
Probe Mines Technical Updates on Victory and Tamarack Projects,
McFauld's Lake Area
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Toronto, June 2, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ('Probe') are pleased to provide a technical update on the
Company's 100%-owned Victory and Tamarack Projects in the McFauld's
Lake area of Northern Ontario.
Victory Project
Following the drill discovery of sulphide mineralized ultramafic rock
in the 2008 drilling program, a VTEM airborne electromagnetic
(EM)-magnetic survey was flown over the eastern portion of the Victory
Project claims. Twelve priority coincident EM-magnetic anomalies have
been delineated from the survey ranging between 150 and 1,900 metres
long (see map at www.probemines.com). The conductors are all situated
in the area of the ultramafic sill and have not been tested by previous
drilling.
The Victory project is comprised of 452 claims totaling 7,232 hectares
and covers the interpreted southeast extension of the McFauld's Lake
volcanic belt. The 2008 discovery of ultramafic rocks was the first
for the property, and highlights this area's potential to host
nickel-copper-PGE or chromite-PGE deposits in addition to volcanogenic
massive sulphides ('VMS').
The Company plans to test selected conductors as part of this summer's
drill program. A drilling contract is currently being negotiated and
details of the program will be released shortly.
Tamarack Project
Mantis mineral Corp has notified the Company that they have terminated
the option on the Tamarack Project in order to focus on their more
advanced projects.
The Tamarack Project comprises 360 claims covering over 5,700 hectares
of the McFauld's Lake volcanic belt immediately northeast of recent
nickel and chromite discoveries made by Noront Resources ('Noront'),
Freewest Resources ('Freewest') and KWG Resources/Spider Resources
('KWG/Spider'). In addition to high-grade VMS copper mineralization
discovered by Probe in 2005, the property also contains the interpreted
northern extension of the mafic-ultramafic complex that hosts the new
Thunderbird vanadium-titanium discovery of Noront Resources and has the
potential to host nickel-copper-PGE and chromite-PGE deposits.
Both VTEM and AeroTEM surveys were flown over portions of the Tamarack
project in 2007 and 2008, and the data is currently being interpreted
for volcanic- and ultramafic-hosted mineral targets. The Company is
planning a drilling program during the summer on any new targets
identified. This would represent the first drill program on the
property since 2006.
The project is contiguous with the Probe-Noront Joint Venture property,
of which Probe is the operator.
Probe-Noront Joint Venture
The Company is awaiting interpretation of airborne survey data covering
the joint venture properties with Noront and will finalize exploration
plans once this data is received. It is expected that the single claim
block situated between the Freewest and Freewest-KWG-Spider joint
venture properties will be the first priority in the summer program.
The claim contains the interpreted extensions of the Black Thor and Big
Daddy chromite deposits, and has a high potential for similar
discoveries. As part of the joint venture, all exploration
expenditures will be shared equally with Noront.
McFauld's Lake
The McFauld's area continues to receive considerable attention with
recent reports of high-grade chromite and PGE mineralization from
Noront and Freewest Resources, in addition to continuing intersections
of high-grade nickel and copper at Noront's Eagle One, Eagle Two and
AT-12 discoveries. A preliminary economic assessment of the Eagle One
Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000
tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum,
palladium and gold.
The discovery of chromite at McFauld's has added significantly to the
area's value. The first massive chromite horizon was identified by
Spider Resources in January 2006 while exploring for VMS
mineralization. Noront Resources identified further chromite
mineralization on its Black Bird 1 and 2 showings, while Freewest
Resources returned significant intersections of massive chromite in its
Black Thor and Black Label deposits. Highlights from the Freewest
drilling include a 124m intersection grading 30% Cr2O3. The chromite
occurrences are all located along a laterally extensive magnetic high
that can be traced for approximately 20km in a northeast direction,
along which many of the Probe-Noront joint venture claims occur.
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, including joint venture
properties with Noront Resources covering 87 of these claims. Probe
currently has an option-joint venture agreement with West Timmins
Mining on its Bristol Township gold project adjacent to the
million-plus ounce gold deposit owned by Lake Shore Gold Corp. Lake
Shore 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 began
production in 2008. The Company has only 33,516,472 shares issued and
outstanding, which 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) 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) 2009 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 Jun 2, 2009 at 5:00:45 AM Pacific Time
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