posted on
May 24, 2009 07:01AM
Solid foundations. New horizons.
Message: PRB
The one posted on Noront forum web site was removed....
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It is of my personal opinion, Probe Mines (PRB) will represent the best opportunity for investment in the coming weeks among junior mining exploration companies. Probe has a very low o/s compared to other peers and no need for financing at least for a year, which means less likely it will have Hedge Fund attacks to suppress the share price. Shares are tightly held by institutions and insiders. The company has allocated $500K in drilling program commencing in June 2009. More fund will be allocated later in this year to the prioritized target areas upon getting assay results. It is worth taking a look at this opportunity as an early riser before it is too late.
(total no. of shares - not fully diluted basis)
NOT - 154,703,457 shares
FWR - 198,158,373 shares
UC - 130,608,127 shares
PRB - 33,624,805 shares (Options & Warrants: 7.2M Fully Diluted: 40.7M)
BALANCE SHEET (01/31/09)
Cash: $4.1M No Debt.
As a result of the jv agreement between Probe and Noront as announced on May 20th, a technical committee has been formed comprising members from both companies to approve exploration programs. Of the four individual blocks in jv that lie on Chromite, Cu-Ni and Vanadium trends. Two blocks are situated southwest and northeast along strike of the 2008 massive, high-grade chromite discovery.
The strongest anomaly is located on the claim sharing a boundary with both Fancamp and Freewest, southwest of Freewest's chrome discoveries. Noront Resources identified further chromite mineralization on its Black Bird 1 and 2 showings, while Freewest Resources returned significant intersections of massive chromite in its Black Thor and Black Label deposits. This Chromite trends crosses two of its McFauld’s West properties (one 1 km stretch and on north where PGEs therotically occur at the end of the Crromite trend) located in the midst of the chromite horizon. This will be a priority in the June 2009 exploration program. Very high chance to validate sizable Chromite reserve for mining.
http://www.probemines.com/i/pdf/Prob...
In addition, Probe will shortly announce its drilling program in the area of Victory and Tamarack properties that holds the nickel- and chromite-bearing horizons.
Probe holds a 5% net smelter royalty (NSR) interest on claims covering a portion of Agnico-Eagle Mines Ltd. ("Agnico-Eagle") Goldex deposit, located five kilometers west of Val d'Or, Quebec. In 2008 the deposit, hosting a measured reserve of 1.6M ounces of gold, was put into production and is expected to produce 170,000 ounces per year.
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