Probe Mines Announces Acquisition of Ava-Claire Property, Chapleau Area, Ontario
TORONTO, ONTARIO -- (Marketwire) -- 11/07/12 -- PROBE MINES LIMITED (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has acquired a 100% interest in Red Pine Exploration Inc.'s (TSX VENTURE: RPX) ("Red Pine") Ava-Claire property, located approximately 20 kilometres east of the Company's Borden Lake project. The Ava-Claire property is comprised of 487 claims covering approximately 78 square kilometres situated at the eastern end of the Borden Lake Belt. The claims are believed to cover the same horizons which host the Borden Lake deposit, discovered by Probe in 2010.
In exchange for a 100% interest in the Ava-Claire property, the Company has agreed to pay Red Pine $100,000, issue 100,000 of its common shares, and grant a net smelter royalty ("NSR") of 1.5% on the property. 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.
Dr. David Palmer, President of Probe, states: "The acquisition of the Ava-Claire property fits well into Probe's regional exploration strategy in what has become one of Ontario's newer mineral belts. As with the Borden Lake project, very little previous exploration work was carried out in the area of the Ava-Claire property, including no known historic drilling, and there exists a high potential for new discoveries on these claims. Property-scale till sampling by Red Pine has identified anomalous gold grain populations within the claims, including assays of up to 5.98 g/t gold. Probe is now in the process of designing a follow-up exploration program to determine the source of these anomalous gold values."
About Probe Mines:
Probe Mines Limited is a well-financed, Canadian base and precious metal exploration company with approximately $27MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and owns 840 claims covering approximately 13,440 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec and a 45% interest in a joint venture property with Lake Shore Gold Corp., which surrounds Lake Shore's Timmins Mine project. 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
Forward-Looking Statements
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: 65,221,533
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Probe Mines Limited
Karen Willoughby
Director of Corporate Communications
(866) 936-6766
info@probemines.com
Probe Mines Limited
Patrick Langlois
Vice President, Corporate Development
(416) 777-6703
patrick@probemines.com
www.probemines.com
