TORONTO, ONTARIO--(Marketwire - Jan. 7, 2013) - PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe" or the " Company") is pleased to announce that it has purchased a 100% interest in two properties to the east of the Company's Borden Gold Project (formerly Borden Lake Project), and acquired by staking an additional 590 claim units contiguous to these and the recently acquired Ivanhoe and Ava-Claire properties (see news releases dated November 7 and December 6, 2012). The area of these acquisitions is located approximately 20 kilometres east of the Company's Borden Gold project. The two purchased properties consist of two blocks of 17 and 45 claim units, respectively and have historical grab samples from outcrop of up to 3 g/t Au.
Probe has also recently staked a further 590 claim units along trend of these properties and the previously acquired claims. Probe now controls the majority of the eastern extent of the Borden Lake Belt with a contiguous claim group, totaling 2,157 claim units, over 41 kilometres long and covering an area of over 350 square kilometres. The claims are believed to cover the same horizons which host the Borden Gold deposit (formerly Borden Lake Gold deposit), discovered by Probe in 2010. A map of the property holdings can be viewed on the Company's website at http://www.probemines.com/i/maps/BordenLake_PropertyMap_2013.pdf.
In exchange for a 100% interest in the two properties, the Company has agreed to pay the vendors $20,000, and issue 50,000 of its common shares, in aggregate. The securities will be subject to a restricted period of four months and one day from the date of issuance. The purchase is subject to TSX Venture Exchange approval.
With the acquisition of these claims, Probe has renamed the project areas: 1) the Borden Gold Project, which includes the Borden Gold deposit and surrounding claims; 2) the East Limb Project, which encompasses all contiguous claims in the eastern block of properties, including those announced in this News Release; and 3) the Borden South Project, comprised of the claims under option from Reliant Gold (see news release dated March 15, 2012).
Dr. David Palmer, President of Probe, states: "With these last acquisitions, Probes projects in the Chapleau area are now the largest the Company has ever held and we are looking forward to expanding our programs and capitalizing on our unique knowledge of this underexplored area. Other than the holes drilled by Probe, public records indicate that only two other historic holes have been drilled within this immense property package, neither targeting gold mineralization. It is rare to find such untapped potential in Ontario, so close to what is turning out to be a major gold discovery. Probe has built a reputation as a focused explorer, and we have already begun work on the East Limb Project."
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 October 31, 2012, the Company had approximately $22 million in treasury and a portfolio of highly prospective mineral properties. On November 29, 2012, Probe disposed of its Goldex royalty and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. 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
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.
Shares Issued: 65,391,491
- Investment & Company Information
Director of Corporate Communications
Probe Mines Limited
Vice President, Corporate Development