Probe Mines signs option to buy Borden Lake rights

2011-03-03 08:18 ET - News Release

Mr. David Palmer reports

PROBE MINES ACQUIRES ADDITIONAL PROPERTY ON ITS BORDEN LAKE PROJECT NEAR CHAPLEAU, ONTARIO AND PROVIDES DRILLING UPDATE

Probe Mines Ltd. has entered into an option agreement to acquire a 100-per-cent interest in the mineral rights of one patented mining claim adjacent to its Borden Lake project near Chapleau, Ont. Probe has the right to earn a 100% interest in the mineral rights of the property by making cumulative cash payments totaling $20,000 and issuing 45,000 shares to the vendors over the three-year period of the option agreement. The vendors will also maintain a 1% net smelter royalty, of which 0.5% can be purchased back by Probe for $500,000. The transaction is subject to regulatory approval.

A total of 27 holes have now been completed on the project representing approximately 960m of strike length along the gold-bearing horizon. In this second-phase program, holes BL10-09 to BL11-26 targeted the northwest (NW) continuation of the mineralized zone from discovery hole BL10-02. Drill sections were spaced 100 metres apart with two holes per section testing the horizon at approximately 150 metres and 200 metres depth. Three deeper holes, drilled on sections 0, 200 and 500 metres NW have also been completed and target mineralization at the 300 metre vertical depth level. The mineralized horizon has now been tested up to 700m NW of the discovery section and remains open in all directions. Further drilling will begin testing the southeast strike extent of the mineralization, beginning with hole BL11-27, 100 metres to the southeast of the discovery section.

Sampling has been completed for holes BL11-16 to BL11-25 and results are expected shortly. They will be released as soon as they are received.

Updated maps of Probe's land-holdings and drilling plans are available on the Company's website at www.probemines.com.

Dr. David Palmer, President of Probe, comments, "Our focus has been on acquiring key properties and this acquisition will now allow us to concentrate more energy on the exploration of our holdings at Borden Lake. We are very encouraged by the results coming from the Borden Lake project and, though still early in the program, these results indicate the potential for a significant volume of mineralization. Our goal now is to determine the scale of the mineralization and quantify it through continued drilling. We hope to complete our first-pass drilling on the southeastern section sometime during early to mid-Spring and anticipate commencing a 43-101-compliant resource estimate calculation immediately after. The expanded property also has a number of untested geophysical targets which resemble the discovery zone, and these will also become the focus of exploration in the near future."

We seek Safe Harbor.