PROBE MINES ENTERS INTO JOINT VENTURE AGREEMENT WITH NORONT RESOURCES IN MCFAULD'S LAKE AREA

Probe Mines Ltd. has entered a joint venture agreement between the company and Noront Resources Ltd., comprising 87 claim units located in the "Ring of Fire" area of McFauld's Lake, Northern Ontario. The claim units, comprising four individual blocks of Probe's claims, fall along the interpreted ultramafic horizon in the area of the Eagle One nickel-copper discovery. The joint venture does not include claims belonging to the company's Tamarack or Victory properties, and excludes recently staked claims immediately north of the discovery area. The terms of the agreement will see the immediate formation of a 50-50 joint venture between Probe and Noront, under which Probe will act as operator for the first two years, and alternate operatorship every two years thereafter, as long as equal ownership is maintained. If one company acquires more than 50 per cent of the joint venture, full operatorship will be transferred to the larger property interest. A technical committee will be formed comprising members from both companies to approve exploration programs.