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Re: News Releases - Monday, August 09, 2010
Probe Mines to Acquire 100% interest in Black Creek Chromite
Deposit and Dissolve Joint Venture Agreement with Noront
Resources
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Toronto, August 9, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that Probe and Noront Resources
Ltd. (TSX-V-NOT) ("Noront") have come to an agreement to dissolve the
current joint venture agreement in the Ring of Fire, James Bay Lowlands
and divide the joint venture claims between the two companies. As part
of the agreement, Probe will acquire a 100% interest in the Black Creek
chromite deposit and another claim along the chromite trend, while
Noront will acquire a 100% interest in claims surrounding their Eagle's
Nest nickel deposit and north of their Thunderbird vanadium deposit.
"We see this as a very positive step for Probe in the Ring of Fire",
stated Dr. David Palmer, President of Probe. "With 100% ownership
Probe can now focus its attention on the Black Creek chromite
discovery, where plans to resume drilling operations designed to extend
the massive chromite zone at depth and along strike are currently
underway. We expect mobilization of crews to begin within the next two
weeks."
Concurrent with drilling on the Black Creek chromite, additional ground
survey work will be conducted on the Company's Tamarack and Victory
projects in order to evaluate existing targets for follow-up drilling.
Under the terms of the agreement Noront and Probe will each acquire a
100% undivided interest in their respective claims. No cash or share
payments will be made as part of the agreement, being a straight
transfer of interests in the mineral properties.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4.5MM in treasury and a
portfolio of highly prospective mineral properties. The Company is
currently focused on the McFauld's Lake area where it owns 875 claims
covering approximately 14,000 hectares, including a 100% interest in
the Black Creek chromite deposit. Probe currently has an option-joint
venture agreement with Lake Shore Gold Corp on its Bristol Township
gold project adjacent to Lake Shore's million-plus ounce gold deposit.
Recent exploration results from Lake Shore include an 83.4m
intersection grading 12.75 g/t gold less than one kilometre from
Probe's claims. 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 36,338,693 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) 936-6766
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Copyright (c) 2010 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 Mon Aug 9, 2010 at 5:54:47 PM Pacific Time
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