TORONTO, ONTARIO--(Marketwired - April 10, 2013) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that Mr. Michael Petrina, P.ENG, MBA, has been appointed Chief Operating Officer ("COO") for the Company. Mr. Petrina will lead the development of the Borden Gold project including reviewing and finalizing the Preliminary Economic Assessment ("PEA"). Prior to his appointment, Mr. Petrina served as Vice President of Operations for MAG Silver Corp. where he played a key role in the development of the Juanicipio project.
Mr. Petrina brings over 25 years of extensive experience in operations, engineering, mine development, financial modeling and acquisition analysis, and is a past technical advisor and engineering consultant for numerous mining companies. He is a Professional Engineer (P.ENG, Mining - Queen's University) registered in British Columbia and holds an MBA from the University of Athabasca. Prior to MAG Silver, Mr. Petrina held the position of Vice President, Mining for Hawthorne Gold Corp. and has also held senior positions with Adanac Molybdenum Corporation, Pan American Silver Corporation, Breakwater Resources Ltd, TVX Gold Inc. and Kilborn Engineering.
Mr. Petrina has worked in operations, engineering and consulting roles in both open pit and underground environments. His experience includes the start-up and subsequent operation of three projects: Teck Resources Bullmoose Coal, TVX's New Britannia Mine and Pan American Silver's Hauron Mine. He also played a key role in the development of Adanac Molybdenum's Ruby Creek project taking it to the detailed engineering phase.
As part of his role, Mr. Petrina will review and provide guidance on the work being done for the Borden Gold deposit PEA. Recent drilling results suggest that the potential for high-grade, underground gold resources may have a significant positive impact on the scope and economics of the project, and affect the PEA timeline. Updates on the PEA will be released when available.
Dr. David Palmer, President of Probe, states: "We are very pleased to have Mike join our team. The Company and the Borden Gold project are growing rapidly and Mike's depth of skills and experience will be invaluable for advancing the project through to development. Mike joins us at the most opportune time, as he will be guiding the project from the beginning, starting with the PEA, and through potential development. The project continues to evolve and Mike's background in both open-pit and underground operations will allow us to maintain our momentum and adapt to the positive changes in this growing project."
Mr. Petrina will begin working as Probe's COO on April 16th, 2013. As a COO, Mr. Petrina will be granted options to acquire 250,000 common shares of Probe for a period of five years.
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
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: 67,321,927
- Board & Management Changes
Director of Corporate Communications
Probe Mines Limited
Vice President, Corporate Development