Probe Announces Termination of Discussions With Noront Resources Inc. and Reactivates Drilling of McFauld's West Property
Mon Jun 9, 8:00 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - June 9, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE: PRB.V) ("Probe") announce that the discussions with Noront Resources Inc. as disclosed on June 3, 2008 have terminated. The drilling program previously scheduled to commence on the McFauld's West property will be rescheduled as soon as logistics so permit. The Company has implemented an expanded drill program on its Victory Project as described in its press release of June 3, 2008. This drill program is in progress.
Probe has become aware of certain commentary in the general marketplace which suggests that Probe does not own all or part of its 100%-owned McFauld's West property. Probe denies any such allegation and is not aware of any court or other proceeding where such an allegation is being advanced. Probe has retained professional advisors to consider any steps which may be appropriate to confirm its 100% ownership of the McFauld's West property. Any measures adopted by Probe will be announced by press release. It cannot be presumed that any measures adopted by the Company will lead to a particular outcome, or an outcome which is beneficial or detrimental to the Company.
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 Mineral 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 agoracom.com 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.
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:
Patrick Reid, Chairman
Forward-Looking Statements
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
David Palmer, Ph.D.
Probe Mines Limited
President
(416) 777-6703
Karen Willoughby
Probe Mines Limited
Investor Relations
1-866-365-4724
Website: www.probemines.com |
