TORONTO, ONTARIO--(Marketwire -06/05/12)- Probe Mines Limited (PRB.V) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL12-160 to BL12-196 were received and continue to expand the Borden Lake gold zone to depth and confirm its continuity through infill drilling. Highlights from the drilling include intersections of up to 82 metres averaging 1.1 g/t gold ("Au") in Hole BL12-193 (Section 600mSE) to a vertical depth of 392 metres and a 72 metre intersection averaging 1 g/t Au, containing a 21 metre interval grading 1.4 g/t Au, starting from surface on Section 250m NW in Hole BL12-179. The majority of intersections also contain higher-grade intervals, confirming the continuity of the higher-grade core identified in the mineralized zone and highlighted by the recent updated NI 43-101 Resource Estimate (see release dated April 2, 2012) which delineated an Indicated Resource of 1,498,000 ounces of gold averaging 1.46 g/t gold and an additional Inferred Resource of 407,000 ounces of gold averaging 1.30 g/t gold, at a 1.0 g/t cut-off grade, within a larger pit-constrained Resource of 2,735,000 ounces of gold averaging 1.04 g/t gold in the Indicated category and an additional Inferred Resource of 683,000 ounces of gold averaging 0.93 g/t gold, at a 0.6 g/t cut-off grade.

Of the 37 holes announced, 16 represent step-out holes to depth and indicate extensions of the mineralized zone of up to 203 metres deeper (vertical depth) than previously reported for these sections. Nineteen holes were drilled on 50 metre-spaced infill to previous shallow drill holes and confirmed the continuity of mineralization between surface and 138 metres depth. One hole, BL12-194, was drilled to complete deeper infill drilling on section 650m NW, while another, BL12-162, was drilled down-dip on Section 600m NW to assist in waste modeling.

The following tables show selected results from Depth Extension, Shallow Infill, Deep Infill and Waste Modelling drill holes. For the majority of holes, drill width approximates true width. For holes BL12-165, -170, -172, -180, -182, -186, -193 and -195 true width is approximately 80% of drilled width, and Hole BL12-162 was drilled down-dip.

Updated plan and section maps are available on the Company's website at www.probemines.com.

Depth Extension Drilling

 

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                                      From         To       Width         Au
DDH               Section              (m)        (m)         (m)      (g/t)
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BL12-165          200m SE            371.5        396        24.5        0.8
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BL12-167          300m SE              362      376.3        14.3        0.5
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BL12-167                               388        423        35.0        0.6
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Including                            405.3        412         6.7        1.3
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BL12-169          100m SE              339        342         3.0        0.9
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BL12-169                             349.9      370.9        21.0        0.7
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BL12-169                             379.5        389         9.5        0.5
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BL12-170          300m SE            419.4        451        31.6        0.5
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BL12-172          100m SE              394        410        16.0        0.6
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BL12-172                               432      442.5        10.5        0.5
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BL12-175          400m SE              315      374.4        59.4        0.6
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Including                              349        356         7.0        1.6
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BL12-177          0m                   390        396         6.0        1.9
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BL12-177                             419.4        425         5.6        0.6
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BL12-180          400m SE              344        412        68.0        0.5
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Including                              344        350         6.0        1.5
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BL12-182          0m                   335        337         2.0        1.1
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BL12-183          500m SE            300.6      378.2        77.6        0.7
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Including                              349        376        27.0        1.0
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BL12-186          500m SE              326        396        70.0        0.6
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Including                              374        391        17.0        1.4
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BL12-188          100m NW              446        448         2.0        2.5
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BL12-190          600m SE              301        328        27.0        0.6
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BL12-190                               346        382        36.0        0.9
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Including                            357.1        370        12.9        1.8
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BL12-193          600m SE              311        393        82.0        1.1
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Including                            350.1        352         1.9       17.5
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Also including                         372        385        13.0        2.3
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BL12-195          100m NW              364        365         1.0        2.7
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BL12-195                               404        405         1.0        1.9
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BL12-196          700m SE            296.0        323        27.0        0.6
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BL12-196                             340.0        383        43.0        0.9
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Including                            349.0        357         8.0        2.2
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Shallow Infill Drilling

 

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                                      From         To       Width         Au
DDH               Section              (m)        (m)         (m)      (g/t)
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BL12-160          700m SE               88         89         1.0        1.5
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BL12-161          650m SE             61.4       84.4        23.0        0.6
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Including                               71         77         6.0        1.0
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BL12-163          550m SE               41         58        17.0        1.4
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BL12-164          600m NW             14.5       86.5        72.0        0.5
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Including                             48.3         59        10.7        1.0
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BL12-166          450m SE               53       85.5        32.5        0.6
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Including                               54       59.3         5.3        1.2
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BL12-168          350m SE             80.8        115        34.2        0.6
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BL12-168                               130        135         5.0        1.0
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BL12-171          250m SE               27         28         1.0        1.1
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BL12-173          150m SE             31.5        110        78.5        0.6
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Including                             67.5         86        18.5        1.4
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BL12-174          50m SE                 4         95        91.0        0.8
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Including                                4       12.3         8.3        2.6
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BL12-176          50m NW               3.2         72        68.8        0.8
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Including                               25       33.7         8.7        1.2
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BL12-176                             130.1        160        29.9        0.6
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BL12-178          150m NW                4         69        65.0        1.0
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Including                               40         51        11.0        2.1
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Also including                          56         64         8.0        1.5
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BL12-179          250m NW                4         76        72.0        1.0
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Including                             28.8       49.8        21.0        1.4
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BL12-179                               130        143        13.0        0.6
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BL12-181          350m NW             12.5         74        61.5        0.7
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Including                               47         50         3.0        2.2
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BL12-184          450m NW               26         89        63.0        0.7
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Including                               47         62        15.0        1.0
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Also including                        83.2         89         5.8        2.0
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BL12-185          550m NW               15       61.3        46.3        0.7
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BL12-187          650m NW               33         42         9.0        0.9
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BL12-187                                61        117        56.0        0.6
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Including                              107        114         7.0        1.2
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BL12-189          700m NW               48        132        84.0        0.5
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BL12-191          750m NW               25       28.5         3.5        1.2
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BL12-191                             121.8        158        36.2        0.6
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BL12-192          800m NW              107        180        73.0        0.6
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Including                              164      168.5         4.5        1.2
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Deep Infill Drilling

 

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                                      From         To       Width         Au
DDH               Section              (m)        (m)         (m)      (g/t)
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BL12-194          650m NW              218        233        15.0        0.5
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BL12-194                               279        326        47.0        0.5
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BL12-194                             370.4      373.9         3.5        1.1
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Waste Modelling (Down Dip)

 

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                                      From         To       Width         Au
DDH               Section              (m)        (m)         (m)      (g/t)
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BL12-162          600m NW               33       59.4        26.4        0.5
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BL12-162                              89.9      133.4        43.5        0.5
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Including                               92        103        11.0        0.9
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BL12-162                             149.1        190        40.9        0.5
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BL12-162                               200        213        13.0        1.0
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BL12-162                             226.9        235         8.1        0.5
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Exploration Update

Exploration programs continue to expand at the Borden Lake Project, with four drills currently turning on the property, a geochemical orientation survey in progress, local and regional geological mapping programs being initiated, advanced metallurgical testing underway and environmental testing continuing. The Company plans to utilize the 2012 field season to build its knowledge base for the Borden Lake-style gold mineralization in order to apply this to regional exploration programs targeting potential similar zones on the rest of the property as well as gaining a better understanding of the deposit itself. Probe currently has over 17 kilometres of previously unexplored strike length within the Borden Lake Belt to investigate.

Drilling on the Borden Lake Zone is continuing, utilising three of the four drill rigs with one testing further depth extensions (greater than 500 metre depth); one testing for, and further delineating, parallel satellite gold zones on the hanging wall side (northeast) of the main mineralized zone; and one continuing to delineate mineralization at the southeastern end of the gold zone.

A fourth drill rig has recently been mobilized back to the "Fold Nose" area and is testing ground and airborne geophysical targets, after completing exploration drilling on the Borden Lake South Option property of Reliant Gold Corp.

The Company has also just completed a soil geochemical orientation survey over the Borden Lake property, which is designed to evaluate the effectiveness of several geochemical techniques in identifying Borden-style gold mineralization. The results of the orientation survey will be used to design regional soil surveys in other areas of the project to help identify and prioritize future drill targets.

Local and regional geological mapping programs have also begun on the project, and will focus on the Borden, Borden North and Borden South areas. The goal of the mapping is to develop a geological model for this relatively unknown area to apply to local and regional exploration.

As part of the continuing evaluation of the Borden Lake deposit, over 500 samples have now been submitted for metallurgical test work. This is compared to only 36 samples that were used in the original Scoping Metallurgical Study (see release dated November 28, 2012) which generated two metallurgical composites. The current testwork will evaluate a much broader spectrum of grades and cover a more extensive area of the deposit.

The Project's Environmental Baseline Study, which commenced in late summer 2011, is also continuing and 2012 programs are currently being planned and implemented by AECOM under the supervision of Dr. Nicola Lower, Senior Fisheries Biologist. The environmental characterization of the site will be used to assist in project planning and to enhance the efficiency of the project permitting process.

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $33MM 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 875 claims covering approximately 14,000 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, which began production in 2008, 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.

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: 65,021,533

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.