Probe Mines

WKN: A1J72A / ISIN: CA7426675046

Probe Mines

eröffnet am:	30.12.10 18:41 von:	Alibabagold
neuester Beitrag:	24.04.21 23:44 von:	Brigittecyvpa
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Probe Mines Probe Mines ist ein interessanter Explorer. Starke Nähe zu Noront.
Leider schon 1000% plus seit 2009. Beobachten und bei Rückschlägen werden ich hier noch mal mitmachen :-)

News!

aufgrund des gestrigen Feiertags hier mit Verspätung eingestellt:

Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: Infill Drilling Demonstrates Excellent Continuity of Zone, Including 138.3 metres Averaging 1.0 g/t Au TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) -

PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe" or the "Company")is pleased to announce that it has received further assays from the ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-85 to BL11-95 were received with all successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization, including intersections of up to 138.3 metres averaging 1 g/t Au with high-grade zones containing up to 3.3 g/t Au over 16.4 metres. Other high-grade occurrences were identified including a 1.5 metre intersection of 15.8 g/t Au.

Drill holes BL11-85 to BL11-95 represent infill holes between previously announced sections and confirm the continuity of gold mineralization along strike and to depths of approximately 300 metres. All holes have successfully intersected the Borden Lake gold zone and the infill program has been effective in delineating a significant portion of the deposit at 50-metre spacing. The aim of the infill program is to upgrade the previously announced gold Resource; expand the Resource to depth; and further delineate the "satellite zones" identified in the Resource Estimate for inclusion in a future resource update. The gold zone has now been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 340 metres and contains intersections up to 200 metres wide.

The recently reported NI 43-101 Initial Resource Estimate for the Borden Lake gold zone estimated, at a cut-off grade of 0.3 g/t Au, an Indicated Resource of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold. The Resource Estimate was calculated using holes BL11-01 to BL11-77. The drill program is currently on Hole BL11-121 and the gold zone remains open in all directions. Highlights from the drilling are presented in the following table. Reported drill widths in the tables approximate true widths in these sections. Within the gold mineralized intervals reported here, silver returns average values of up to 1.6 g/t, with individual samples assaying up to 12.1 g/t Ag.

DDH section From (m) To (m) Width (m) Au (g/t) Ag (g/t)

BL11-85 250m SE 80.0 196.2 116.2 0.8 0.7 including 98.0 116.6 18.6 1.1 0.8 also including 148.0 162.7 14.7 2.3 1.2

BL11-86 750m NW 70.0 73.2 3.2 1.2 0.2

BL11-86 177.9 245.8 67.9 0.5 0.5 including 222.0 226.0 4.0 0.9 0.7 also including 242.0 245.0 3.0 0.9 0.4

BL11-87 150m SE 58.0 177.0 119.0 0.6 0.6 including 69.7 71.7 2.0 1.1 1.2 also including 96.4 118.0 21.6 0.9 0.9 also including 128.0 143.0 15 0.9 0.8 also including 173.0 177.0 4 1.5 0.3

BL11-88 150m SE 46.7 185.0 138.3 1.0 0.7 including 120.0 147.4 27.4 2.3 1.2 including 131.0 147.4 16.4 3.3 1.6

BL11-89 650m NW 64.0 152.0 88.0 0.5 0.5 including 84.1 88.8 4.7 1.3 0.3 also including 117.0 127.0 10.0 1.0 0.9

BL11-90 100m NW 97.0 98.5 1.5 15.8 0.5

BL11-90 192.0 251.0 59.0 0.7 0.6 including 192.0 194.0 2.0 1.7 0.4 also including 204.0 220.0 16.0 1.1 0.7

BL11-90 305.0 309.0 4.0 1.2 1.5

BL11-91 650m NW 19.0 22.4 3.4 1.2 0.7

BL11-91 128.6 210.0 81.4 0.6 0.5 including 205.0 210.0 5.0 1.5 0.4

BL11-92 550m NW 45.0 136.0 91.0 0.7 0.6 including 96.0 134.0 38.0 1.0 0.9

BL11-93 100m NW 142.0 146.0 4.0 1.0 0.4

BL11-93 241.0 266.6 25.6 0.6 0.5 including 259.0 266.6 7.6 1.0 0.7

BL11-94 550m NW 40.0 65.0 25.0 0.5 0.3 including 54.4 65.0 10.6 1.0 0.5

BL11-95 100m NW 286.0 299.4 13.4 0.4 0.3

Drill hole BL11-85 was collared on Section 250m SE as a 50-metre infill to sections 200 and 300 metre SE. The hole encountered a 116 metre-wide zone of mineralization averaging 0.8 g/t Au, including two intervals of 18.6 and 14.7 metres averaging 1.2 and 2.3 g/t Au, respectively. Gold mineralization was identified from 74 to 184 metres vertical depth. Hole BL11-86 was collared on 50-metre infill section 750m SW and was designed to test the mineralized zone to 200 metres vertical depth and identified gold mineralization down to 230 metres vertical depth. Holes BL11-87 and -88 were drilled on Section 150m SE to infill previous sections at 50 metre-spacing. The holes identified thick sections of gold mineralization gold mineralization from 41 and 174 metres vertical depth and included a 138 metre intersection averaging 1 g/t Au, including 16 metres of 3.3 g/t Au. Holes BL11-89 and -91 were drilled on infill section 650m NW and intersected up to 88 metre-wide zones of mineralization down to 197 metres vertical depth. Holes BL11-90, -93 and -95 were collared on Section 100m NW as part of the deep infill drilling, and were designed to test the mineralized zones at 250, 300 and 350 metre vertical depth levels, respectively. The holes all successfully intersected the gold zone, however, the deepest hole, BL11-95, was stopped just after entering the zone at 285 metres vertical depth and will have to be extended in future drilling to confirm the full width of gold mineralization. Holes BL11-92 and -94 were drilled on Section 550m NW to infill previous sections and test at the 150- and 250-metre depth levels. Hole BL11-92 identified a thick zone of gold mineralization from 34 to 104 metres vertical depth. A narrower zone of mineralization was intersected in Hole BL11-94 due to diabase dyke which cut the zone at 61 metres vertical depth.

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 have been set out and supervised by Independent Qualified Person ("QP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc. ("P&E") of Brampton, ON. The contents of this press release have been reviewed and approved by Tracy Armstrong, P.Geo. and Eugene Puritch, P.Eng. of P&E.

About Probe Mines: Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $22MM 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 is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains 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

So, das PP zum damaligen 52-week-high von CAD 2,45 ging sehr schnell durch und auch alle optionalen shares gingen mit weg, so dass offensichtlich hohes Interesse von Institutionellen besteht.
Mit den zusätzlichen 15 Mio. CAD kann nun Borden Lake noch schneller vorangetrieben werden.
Ich bin gespant, ob wir zuerst 10 Mio. Unzen Gold nach NI43-101 nachweisen können (4 Mio. Unzen haben wir ja schon in der ersten Schätzung nachgewiesen) oder ob vorher eine Übernahme von Probe erfolgt.
Anfang November waren wir schon bei 121 Bohrlöchern, aber nur 77 gingen bisher in die Resourcenschätzung ein.
Ich freu mich schon auf die nächsten Bohrergebnisse!

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - Further to its press release dated October 24, 2011, Probe Mines Limited (TSX VENTURE:PRB) (the "Company") is pleased to announce the completion of its previously announced brokered private placement consisting of the sale and issue of 2,100,000 common shares issued on a flow-through basis (the "Flow-Through Shares") at $2.45 per Flow-Through Share (the "Initial Offering") and the sale and issue of an additional 4,100,000 Flow-Through Shares at $2.45 per Flow-Through Share pursuant to the full exercise of the Underwriters' option (the "Underwriters' Option") for total gross proceeds of $15,190,000 (the Initial Offering together with the Underwriters' Option, the "Offering"). BMO Capital Markets, acting as the lead underwriter of a syndicate including Jennings Capital Inc. (collectively, the "Underwriters"), exercised the Underwriters' Option in full to increase the amount of the Offering from $5.145 million to $15.19 million.

A cash commission equal to 6% of the gross proceeds of the Offering was paid to the Underwriters in connection with the Offering and compensation warrants were issued to the Underwriters entitling them to purchase up to 372,000 common shares of the Company at a price of $2.25 per common share until November 8, 2013.

The Company intends to use the net proceeds from the Offering towards exploration expenditures on its Borden Lake property, as well as other projects.

All securities issued pursuant to the Offering are subject to a four month and one day statutory hold period until March 9, 2012.

Stock Option Grant

The Company also announces the grant of a total of 230,000 stock options to certain employees and consultants of the Company pursuant to the Company's stock option plan. The stock options were granted on October 31, 2011, exercisable at a price of $2.45 per common share and expire on October 31, 2016. The stock options vest as to one-quarter (1/4) on January 31, 2012, one-quarter (1/4) on April 30, 2012, one-quarter (1/4) on July 31, 2012 and one-quarter (1/4) on October 31, 2012.

About Probe Mines Limited:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit, and is currently exploring its Cree Lake project in Ontario's Swayze Belt, under option from Mantis Mineral Corp. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project, and a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company's common 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.

Gruß, Paule

Weitere News (Bohrergebnisse) Weitere Ergebnisse vom Infill-Drilling.
Das goldhatlige Gebiet umfasst nun 1.700 m Länge und 200 m Breite und geht von der Oberfläche bis zu 400 m Tiefe und ist weiterhin nach allen Richtungen offen.

Toronto, November 9, 2011
PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from the ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-96 to BL11-105 were received with all but one successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization. Hole BL11-101, which did not intersect gold mineralization, was stopped due to intersecting diabase dike. Intersections in these holes include up to 151.7 metres averaging 0.7 g/t Au with high-grade zones containing up to 1.4 g/t Au over 51.7 metres and 12 metres averaging 2.4 g/t Au. Updated plans and sections are available on the Company's website at www.probemines.com.

Drill holes BL11-96 to BL11-104 represent infill holes between previously announced sections and confirm the continuity of gold mineralization along strike and to depths of approximately 276 metres. Hole BL11-105 was designed to test mineralization at the 350-metre level and successfully identified gold mineralization down to a vertical depth of 401metres. The aim of the infill program is to upgrade the previously announced gold Resource; expand the Resource to depth; and further delineate the "satellite zones" identified in the Resource Estimate for inclusion in a future resource update.

The gold zone has now been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 401 metres and contains intersections up to 200 metres wide. The recently reported NI 43-101 Initial Resource Estimate for the Borden Lake gold zone estimated, at a cut-off grade of 0.3 g/t Au, an Indicated Resource of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold. The Resource Estimate was calculated using holes BL11-01 to BL11-77. The drill program is currently on Hole BL11-124 and the gold zone remains open in all directions.

Highlights from the drilling are presented in the following table. Reported drill widths in the tables approximate true widths in these sections, except for BL11-105, for which true width is approximately 75% of the drill interval. Within the gold mineralized intervals reported here, silver returns average values of up to 1.3 g/t, with individual samples assaying up to 35.9 g/t Ag.

DDH Section From (m) To (m) Width (m) Au (g/t) Ag (g/t)
BL11-96 450m NW 84.4 171 86.6 0.6 0.5
including 96.1 102.5 6.4 2.2 1.2
also including 106.8 123 16.2 1.1 1

BL11-97 450mNW 64 142 78 0.6 0.6
including 110.3 142 31.7 1 0.9
BL11-97 191.0 193.0 2.0 1.5 0.4

BL11-98 300m NW 254.7 287 32.3 0.7 0.5
including 254.7 258 3.3 1.5 0.9
also including 274 287 13 1.3 0.5
also including 281.4 287 5.6 2.1 0.9
Hole stopped in diabase

BL11-99 300m NW 116.7 126 9.3 0.4 0.6
Hole stopped in diabase

BL11-100 350m NW 49 126 77 0.7 0.6
including 56.1 61 4.9 1.6 0.4
also including 95 97 2 3.1 1.1
including 93.3 126 32.7 1.1 0.9
BL11-100 169 174.1 5.1 0.7 0.3

BL11-101 300m NW
Hole stopped in diabase

BL11-102 350mNW 61.0 70.1 9.1 1.0 0.2
BL11-102 93.6 128.0 34.4 1.0 0.8
including 99.0 112.4 13.4 1.7 1.1

BL11-103 500mNW 176.0 190.6 14.6 0.5 0.2
BL11-103 213.0 360.0 147.0 0.5 0.4
including 286.0 304.0 18.0 1.1 0.7
also including 338.2 344.0 5.8 1.3 0.5

BL11-104 250m NW 34.2 186.0 151.8 0.7 0.9
including 85.3 137.0 51.7 1.4 1.0
also including 102.0 114.0 12.0 2.4 1.3

BL11-105 500m NW 294.7 403.0 108.3 0.3 0.4
including 329.0 331.0 2.0 1.0 0.5
also including 381.0 383.3 2.0 1.0 0.4

Drill holes BL11-96 and 97 were collared on Section 450m NW as a 50-metre infill to previous sections. The holes encountered gold mineralization down to vertical depths of approximately 131 and 181 metres, respectively.

Holes BL11-98, -99 and -101 were collared on section 300m NW to infill previous deeper sections drilled at 200-metre spacing, and were designed to test the mineralized zone at the 250, 300 and 350 metre vertical depth levels. All holes were stopped in a southwest-dipping diabase dike, with the deepest intersection of gold mineralization at 220 metres vertical depth. Due to the shallow, southwesterly dip of the diabase dike, deeper holes testing the zone on this section will have to be drilled slightly further along strike.

Holes BL11-100 and -102 were drilled on Section 350m NW to infill previous sections. The holes identified significant sections of gold mineralization to vertical depths of 133 and 120 metres, respectively, which include high-grade zones averaging up to 3.1 g/t Au and 1.7 g/t Au.

Holes BL11-103 and -105 were drilled on section 500m NW as an infill to previous deeper sections drilled at 200-metre spacing, and were designed to test the mineralized zone at the 250, 300 and 350 metre vertical depth levels. Hole BL11-105 represents the deepest intersection drilled to date, exiting mineralization at 401 metres vertical depth, while Hole BL11-103 identified mineralization down to 276 metres vertical depth.

Hole BL11-104 was collared on Section 250m NW as part of the 50 metre-spaced infill drilling, and returned a 151.8 metre-thick section of gold mineralization averaging 0.7 g/t Au to a vertical depth of 142 metres, including 51.7 metres grading 1.4 g/t Au.

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 have been set out and supervised by Independent Qualified Person ("QP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc. ("P&E") of Brampton, ON.

The contents of this press release have been reviewed and approved by Tracy Armstrong, P.Geo. and Eugene Puritch, P.Eng. of P&E.

About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $35MM 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 is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains 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, or contact:

David Palmer
President

eine Analystenmeinung John Kaiser: Gold's Positive Economic Indicator
San Francisco Hard Assets Investment Conference 2011 Online Preview
JT Long
Published 11/28/2011
TGR: Any other good examples of how the rerating of gold prices into stock prices could impact companies you are following?

JK: One of my newer picks is a company called Probe Mines Ltd. (PRB:TSX.V). A year and a half ago, it was pretty much just limping along on the basis of a small claim it had in the McFauld's Lake area of Ontario where it covered a fraction of a chromium deposit. But since then it has made a brand-new gold discovery in the Borden Lake area of Ontario, and it just published an Inferred resource of over 4 Moz at a fairly low grade of about 0.7 grams/ton. At current prices, this represents about $40/ton. It is one of these large, disseminated gold systems that will be amenable to open-pit mining, a similar concept to Spanish Mountain. Probe has not yet done the economic scoping studies needed to identify operating and capital costs, the key to evaluating the impact of the current gold price on undeveloped gold deposits. Here is an opportunity to benefit from comparing similar deposits such as, say, Brett Resources Inc. (BBR:TSX.V) and its Hammond Reef deposit that Osisko Mining Corp. (OSK:TSX) bought for about $500M while gold had a lower price than today. Probe's total valuation is only about $187M based on 80M shares fully diluted. With expansion drilling underway there is potential to get a stock price boost from the discovery of additional ounces, not just growing confidence in the current gold price and optimism about mining costs at Borden Lake.

TGR: How high do you think it can go?

JK: In the short term, I would expect $3–4 if it delivers its preliminary economic assessment by the end of Q112 and the numbers are similar to Brett's Hammond Reef, if not better, but if the exploration drilling establishes similar mineralization along the fold of this belt where no real work has ever been done in the past, it could end up boosting this resource to a 5–10 Moz system. At that level, it starts becoming interesting to a major. Then we could see this stock flirt with a $5–10 range. Plus, it was financed earlier this year to the tune of $25M, and again a week ago for $15M, so there is no need to worry about financing dilution risk in the near term. And the Black Creek chromium asset could be a target for Cliffs Natural Resources Inc. (CLF:NYSE), which is developing its Big Daddy chromite project in Ontario. That could give this company another injection of capital without having to undergo equity dilution.

News! Neueste Bohrergebnisse TORONTO, ONTARIO--(Marketwire - Dec. 6, 2011) -
Probe Mines Limited (TSX VENTURE:PRB)
("Probe" or the "Company") is pleased to announce that it has received further assays from the ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-106 to BL11-114 were received with intersections of up to 100.9 metres averaging 1.1 g/t gold ("Au") in infill drilling. Drilling results confirm the continuity of the mineralized zone within the previously announced Initial Resource Estimate and are also successfully identifying the hanging-wall "satellite zone" first noted in the Initial Resource Estimate. A significant zone of "satellite zone" mineralization was identified in Hole BL11-113, grading 1.9 g/t over a width of 9 metres. A number of higher-grade zones were also identified within the main deposit and include 23 metres averaging 2.1 g/t Au in BL11-106 and 17.8 metres grading 2 g/t Au in Hole BL11-111. Updated plans and sections are available on the Company's website at www.probemines.com.

Drill holes BL11-106 to BL11-113 represent infill holes between previously announced sections while Hole BL11-114 was designed to test mineralization at the deeper 350-metre level on section 700m NW. Holes BL11-107 and -108 were both drilled along section 150m NW and were stopped in diabase dyke without fully testing the mineralized horizon. Hole BL11-114 was lost at approximately 33 metres depth.

The goal of the infill program is to upgrade the classification categories of the previously announced gold Resource; expand the Resource to depth; and further delineate the "satellite zones" identified in the Resource Estimate for inclusion in a future resource update, expected to start in January 2012.

The gold zone has been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 401 metres and contains intersections up to 200 metres wide. The recently reported NI 43-101 Initial Resource Estimate for the Borden Lake gold zone estimated, at a cut-off grade of 0.3 g/t Au, an Indicated Resource of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold. The Resource Estimate was calculated using holes BL11-01 to BL11-77. The drill program is currently on Hole BL11-131 and the gold zone remains open in all directions.

Highlights from the drilling are presented in the following table. Reported drill widths in the tables approximate true widths in these sections. Within the gold mineralized intervals reported here, silver returns average values of up to 1.3 g/t, with individual samples assaying up to 18.1 g/t Ag.

DDH section From (m) To(m) Width (m) Au(g/t) Ag(g/t)
BL11-106 250m NW 38.0 132.6 94.6 1.0 0.7
including 38.0 51.3 13.3 1.3 0.4
also including 75.5 132.6 57.1 1.3 0.9
also including 93.0 116.0 23.0 2.1 1.3
BL11-107 150m NW
Hole stopped in diabase
BL11-108 150m NW 48.8 55.6 6.7 1.0 0.8
Hole stopped in diabase
BL11-109 300m NW 104.5 204.2 99.7 0.7 0.5
including 164.0 204.2 40.2 1.2 0.8
BL11-110 050m NW 29.0 138.0 109.0 0.7 0.7
including 55.3 66.1 10.8 1.1 0.5
also including 98.0 116.0 18.0 1.3 1.0
BL11-111 050m NW 41.5 142.4 100.9 1.1 0.8
including 69.0 104.0 35.0 1.6 0.8
also including 73.2 91.0 17.8 2.0 1.0
BL11-112 700m NW 244.0 247.0 3.0 1.2 0.6
BL11-112 286.0 328.0 42.0 0.7 0.6
including 297.0 317.4 20.4 1.0 1.0
BL11-113 700m NW 156.0 165.0 9.0 1.9 0.7
BL11-113 321.0 365.0 44.0 0.4 0.3
BL11-114 700m NW Hole Lost

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 have been set out and supervised by Independent Qualified Person ("QP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc. ("P&E") of Brampton, ON.

The contents of this press release have been reviewed and approved by Tracy Armstrong, P.Geo. and Eugene Puritch, P.Eng. of P&E.

Grant of Options

The Company has granted a total of 1,300,000 options to purchase common shares of Probe to directors and an officer at an exercise price of $2.60 per share for a period of 5 years.

News TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) - Probe Mines Limited (TSX VENTURE:PRB) ("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 BL11-115 to BL11-122 were received with intersections of up to 111 metres averaging 1.1 g/t gold ("Au") in the infill drilling. Results are also announced for the first six exploration holes testing targets along-trend of the Borden Lake Zone in the area of the fold hinge. Holes BN11-01 to BN11-06 returned intervals of up to 13 metres averaging 0.5 g/t Au, with individual samples of up to 3.2 g/t Au.

Borden Lake Zone

Drilling results confirm the continuity of the mineralized zone within the previously announced Initial Resource Estimate and are also successfully extending the deposit to depth. Hole BL11-121 identified higher grade mineralization down to a vertical depth of approximately 306 metres, including a 50 metre-wide interval averaging 1.9 g/t Au, while hole BL11-119 identified gold mineralization down to a vertical depth of approximately 416 metres, the deepest intersection to date on the Borden Lake Zone. Hole BL11-115 was stopped while entering a higher-grade mineralized zone at approximately 400 metres depth and will have to be lengthened or re-drilled. Updated plans and sections will be available on the Company's website at http://www.probemines.com. Highlights of the current results are presented in the following table. Drill widths represent approximate true widths for all holes:

---------------------------------------- ------------------------------------
From To Width Au
DDH section (m) (m) (m) (g/t)
---------------------------------------- ------------------------------------
BL11-115 700m NW 55.5 109.0 53.5 0.4
---------------------------------------- ------------------------------------
including 93.0 105.0 12.0 1.1
---------------------------------------- ------------------------------------
BL11-115 393.4 395.9 2.5 1.1
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-116 800m NW 68.0 76.0 8.0 1.0
---------------------------------------- ------------------------------------
BL11-116 183.9 207.2 23.3 0.5
---------------------------------------- ------------------------------------
BL11-116 251.7 296.0 44.3 0.4
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-117 600m NW 211.6 338.0 126.4 0.4
---------------------------------------- ------------------------------------
including 237.0 252.3 15.3 0.9
---------------------------------------- ------------------------------------
also including 327.0 334.0 7.0 1.0
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-118 600m NW 163.0 168.0 5.0 0.4
---------------------------------------- ------------------------------------
BL11-118 300.0 381.0 81.0 0.4
---------------------------------------- ------------------------------------
including 344.0 348.0 4.0 1.3
---------------------------------------- ------------------------------------
also including 375.0 381.0 6.0 1.0
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-119 600m NW 184.0 187.0 3.0 1.5
---------------------------------------- ------------------------------------
BL11-119 334.0 418.0 84.0 0.6
---------------------------------------- ------------------------------------
including 337 340.2 3.2 2.9
---------------------------------------- ------------------------------------
also including 361.0 366.0 5.0 1.5
---------------------------------------- ------------------------------------
also including 398.0 406.0 8.0 1.9
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-120 400m NW 213.0 263.9 50.9 0.6
---------------------------------------- ------------------------------------
including 247.0 251.0 4.0 1.8
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---------------------------------------- ------------------------------------
BL11-121 750m SE 196.0 307.0 111.0 1.1
---------------------------------------- ------------------------------------
including 232.0 282.0 50.0 1.9
---------------------------------------- ------------------------------------
also including 262.0 271.0 9.0 5.6
---------------------------------------- ------------------------------------

---------------------------------------- ------------------------------------
BL11-122 400m NW 233.1 278.0 44.9 0.4
---------------------------------------- ------------------------------------

Drill holes BL11-115 to BL11-122 represent infill holes between previously announced sections and demonstrate the continuity of the Borden Lake Zone. Mineralization remains open in both directions along strike of the Zone and at depth. The goal of the infill program is to upgrade the classification categories of the previously announced gold Resource; expand the Resource to depth; and further delineate the "satellite zones" identified in the Resource Estimate for inclusion in a NI 43-101-compliant resource update.

Borden Lake Updated Resource Estimate

The Company is planning to commence an update of its previously reported NI 43-101-compliant Initial Resource Estimate for the Borden Lake gold deposit (see News Release dated July 23, 2011) this week. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution and focus on upgrading much of the Initial Resource Estimate classification as well as expanding the resource. The Initial Resource Estimate was calculated using holes BL11-01 to BL11-77, while the Updated Resource is expected to include up to Hole BL11-140, representing an additional 18,000 metres of drilling. Micon International Limited ("Micon") will be responsible for preparing the updated resource estimate. It is expected that the Updated Resource Estimate, which should take approximately four to six weeks to complete, will form the basis for a NI 43-101-compliant Preliminary Economic Assessment ("PEA") to begin soon after the Updated Resource Estimate is ready.

The Borden Lake gold resource was initially estimated by Micon along approximately 1,600 metres of strike length from surface to vertical depths of up to 340 metres. The Company reported a NI 43-101 Initial Resource Estimate for the Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold in an Indicated Resource and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold.

Borden Lake Exploration Drilling

The Company has commenced a systematic, long-term evaluation of the numerous regional targets currently identified along the 17 kilometres of strike length within its Borden Lake property. Early results are encouraging, with the similarity in lithologies, encountered to date, to those of the main Borden Lake gold zone and the presence of gold suggesting that the Borden Lake Belt has the potential to host multiple mineralized zones.

The Company currently has one drill testing geophysical targets along the projected trend of the Borden Lake Gold Zone to the northwest in the area of the fold hinge and north limb of the Borden Lake Belt. Results for the first six holes, testing two targets, have been received and indicate the presence of gold zones similar to those identified within the Borden Lake Zone. Hole BN11-04 returned a narrow zone gold, grading 1.2 g/t over 0.8 metres, while Hole BN11-06 returned a thicker zone of 13 metres averaging 0.5 g/t Au, including a 1 metre sample containing 3.2 g/t Au. Plans and sections for the current holes are provided on the Company's website (see link above). True thicknesses have yet to be determined.

Borden Lake Exploration Drilling Highlights
---------------------------------------- ---------------
From To Width
DDH section (m) (m) (m)
---------------------------------------- ---------------
BN11-04 35.2 36 0.8 1.2
---------------------------------------- ---------------
BN11-06 108 121 13 0.5
---------------------------------------- ---------------
including 120 121 1 3.2
---------------------------------------- ---------------

Holes BN11-01 to -03 tested a strong ground geophysical target and encountered a thick zone of ultramafic rock, representing the first occurrence of this unit in the Belt. The holes were drilled at an acute angle to bedding and the target is currently being re-drilled in the opposite direction. Ultramafic rocks are frequently associated with gold mineralization in other Temiskaming-hosted deposits elsewhere in Ontario and Quebec. Their presence at Borden Lake underlines the previously unrecognized geological similarities between these gold bearing belts.

Holes BN11-04 to -06 tested a parallel zone to that tested by Holes -01 to -03 and intersected repeating sequences of amphibolites and metsedimentary gneisses similar to those observed to the south. A 13-metre wide gold zone was identified in Hole BN11-06, and was associated with an amphibolite layer.

The exploration drill program is currently on Hole BN11-17 and results will be released as they are received.

Dr. David Palmer, President of Probe, states "We are very encouraged by results from the project to date. The Borden Lake gold discovery is continuing to distinguish itself in infill and expansion drilling and has quickly grown to a stage where more rigorous evaluation is warranted, while the exploration drilling further along trend has indicated a geological setting similar to the Borden Lake gold zone with the potential to host related mineralization. Owing to this potential, the positive early results and the large number of targets that remain to be tested, we will continue to expand the exploration drilling program outside of the main zone area."

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.

The contents of this press release have been reviewed and approved by Micon International Limited for the section announcing the commencement of the NI 43-101-compliant Updated Resource Estimate.

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 http://www.probemines.com.

News Borden Lake Gold Project: Significant Expansions of Gold Mineralization at Depth and Along Strike
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TORONTO, ONTARIO--(Marketwire - March 13, 2012) - Probe Mines Limited (TSX VENTURE:PRB) ("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 BL11-123 to BL12-142 were received and indicate that the Borden Lake gold zone is continuing along strike and at depth beyond previously announced holes. Of the 20 holes announced, 18 represent step-out holes from those used to estimate the Initial NI 43-101 Resource Estimate, (see news release August 23, 2011) and indicate extensions to the mineralized zone of up to 131 metres deeper than previous drilling. Additionally, results indicate that the zone is thickening and/or increasing in grade with depth on most of the sections tested, specifically 400mNW; 500mSE; 600mSE; 700mSE; and 900mSE. Drilling has also extended the mineralization approximately 450m along strike to Section 1300mSE, for a total strike length of 2,100 metres on the gold mineralized zone. Highlights from the drilling include intervals of up to 95.6 metres averaging 1 g/t gold ("Au") in Hole BL11-133 (Section 700mSE) and 94.7m grading 1 g/t Au in Hole BL11-130 (Section 600mSE). The majority of intersections also contain higher-grade intervals, ranging between 1.2 g/t Au and 5.9 g/t Au. The results also include one hole, BL11-123, drilled in the footwall metasediments, and therefore not in the Borden Lake zone, and BL11-140 which is an in-fill hole on the discovery section that confirmed the continuation of the zone between previously drilled holes BL10-10 and BL11-26. All of the above holes will be included in an updated NI 43-101 Resource Estimate, currently in progress. Additional holes up to BL12-159, to be released shortly, will also be incorporated into the updated Resource Estimate.

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

The following table shows selected results from each hole, and is followed by more detailed descriptions of each hole by Section. For the majority of holes, drill width approximates true width. For holes BL11-130, -135 and -137 true width is approximately 80% of drill width.

DDH section From
(m) To
(m) Width
(m) Au
(g/t)
BL11-123 700m SE 33.0 34.0 1.0 1.2
BL11-124 900m SE 177.0 224.2 47.2 0.4
including 177.0 193.0 16 0.6
BL11-125 400m NW 181.0 233.0 52 1.0
including 191.8 206.0 14.2 2.4
BL11-125 320.0 328.4 8.4 0.7
BL11-125 365.0 371.0 6 0.6
BL11-126 900m SE 41.0 41.8 0.8 3.0
BL11-126 79.0 86.4 7.4 0.6
BL11-126 167.0 248.0 81 0.8
including 199.0 223.0 24 1.6
BL11-127 1000m SE 160.2 212.0 51.8 0.5
including 189.0 196.0 7 1.0
BL11-128 200m NW 136.0 162.0 26 1.8
including 139.0 144.0 5 5.9
also including 156.6 160.0 3.4 2.5
BL11-128 343.7 361.0 17.3 0.6
BL11-129 1000m SE 170.5 205.0 34.5 0.6
BL11-130 600m SE 221.3 316.0 94.7 1.0
including 281.9 291.0 9.1 3.8
BL11-131 1100m SE 72.0 97.0 25 0.5
BL11-131 162.0 220.0 58 0.5
including 187.6 198.8 11.2 1.0
BL11-132 700m SE 215.0 320.0 105 0.4
including 283.0 310.0 27 0.7
BL11-133 700m SE 230.4 326.0 95.6 1.0
including 280.0 299.0 19 2.4
BL11-134 1100m SE 180.1 211.1 31 0.6
BL11-134 232.0 237.0 5 0.8
BL11-134 248.0 255.0 7 0.6
BL11-135 200m NW No Significant Results
BL11-136 1200m SE 85.0 89.0 4 0.5
BL11-137 700m SE 164.0 165.0 1 4.6
BL11-137 208.7 210.0 1.3 4.5
BL11-137 255.0 348.0 93 0.5
including 277.0 294.0 17 0.7
also including 312.0 314.0 2 1.7
also including 319.0 327.0 8 0.8
BL11-138 1200m SE 195.0 237.8 42.8 0.6
BL11-139 500m SE 18.0 21.0 3 1.0
BL11-139 94.0 97.0 3 3.4
BL11-139 185.0 287.0 102 0.6
including 202.0 217.0 15 1.1
also including 258.0 272.0 14 1.3
BL11-140 Discovery 88.0 89.8 1.8 1.1
BL11-140 157.0 244.0 87 0.7
including 193.0 210.0 17 1.4
also including 233.0 236.6 3.6 1.6
BL12-141 1300 SE 160.7 179.3 18.6 0.4
BL12-142 500m SE 196.0 322.0 126 0.8
including 232.0 238.0 6 1.5
also including 252.0 259.0 7 1.7
also including 272.5 289.0 16.5 1.4

Section 400m NW

A single drill hole, BL11-125, was drilled on Section 400m NW (400 metres northwest of the discovery section) and identified two gold zones, one stratigraphically higher than expected and the other along the down-dip extension of the mineralized zone, extending the mineralization over 100 metres deeper on this section to 370 metres vertical depth, from 261 metres (BL11-122). The shallower gold intersection, which returned 52 metres averaging 1.0 g/t Au will require further investigation as drilling continues.

Section 200m NW

Diamond drill holes BL11-128 and -135 were drilled to test the deeper portions of the mineralized zone on this Section. Similar to Hole BL11-125, 200 metres to the northwest, Hole 128 intersected a gold zone earlier than expected (147 metre vertical depth) averaging 1.8 g/t Au over 26 metres, before identifying the main gold zone down to 327 metres vertical depth. Both holes saw some disruption of the zone by a single diabase dyke, with Hole BL11-135 returning no significant results owing to the diabase.

Discovery Section

Diamond drill hole BL11-140 was drilled as an in-fill hole on the Discovery Section (0 metres) to confirm the gold horizon on-section between Holes BL10-10 and BL11-26. Significant gold mineralization was intersected down to 187 metres vertical depth and contained a 17 metre interval averaging 1.4 g/t Au in a broader, lower-grade envelope.

Section 500m SE

Diamond drill holes BL11-139 and BL12-142 successfully extended the gold mineralization on Section 500m SE from 193 metres vertical depth (previous Hole BL11-36) to 303 metres vertical depth, and demonstrated that the zone was becoming thicker and higher grade with depth. Hole 142 returned an impressive 126 metre interval averaging 0.8 g/t Au, which contains several higher-grade zones.

Section 600m SE

Diamond drill hole BL11-130 extended the mineralized zone an additional 32 metres vertical depth from previous drilling (BL11-44) on Section 600m SE, and indicates the zone is thicker and becomes higher grade with depth, containing intervals of up to 3.8 g/t Au within the broader mineralized envelope averaging 1 g/t Au over 94.7 metres.

Section 700m SE

Diamond drill hole BL11-123 was drilled at shallow depths in the footwall metasediments stratigraphically below the Borden Lake horizon. Only thin zones of mineralization were intersected, similar to that of other footwall intervals (eg. BL10-08).

Diamond drill holes BL11-132, -133 and -137 were each drilled successively deeper in the Borden Lake gold zone on Section 700m SE and demonstrated that the zone tends to thicken and increase in grade with depth from previous drilling. Drilling intersected the mineralized zone over 130 metres deeper than in previous holes on Section 700m SE and identified gold mineralization down to vertical depths of 262, 306 and 347 metres, respectively, from a previous depth of 216 metres (BL11-41). Hole BL11-133 returned one of the best results of the holes announced in this release, averaging 1.0 g/t Au over a 95.6 metre interval, including 19 metres averaging 2.4 g/t Au.

Section 900m SE

Diamond drill holes BL11-124 and BL11-126 represent a strike extension of 50 metres from previous drilling (Section 850m SE) and were successful in identifying the gold zone to depths of 233 metres. The drilling also showed an increase in overall grade with depth, with Hole BL11-126 intersecting a zone of over 80 metres width averaging 0.8 g/t Au, and containing a 24 metre interval averaging 1.6 g/t Au. Further drilling is planned for this section.

Section 1000m SE

Section 1000m SE represents continued extension of the gold zone along strike. Holes BL11-127 and BL11-129 tested the horizon to 193 metres vertical depth and indicate that the mineralization continues and is similar to previous sections, with a lower grade envelope containing higher grade intersections. Although not as robust as previous Sections, it is expected that the mineralized zone will increase in grade and thickness at depth as evidenced by neighbouring holes to the northwest. Further drilling is planned to continue delineating the gold mineralization on this Section to depth.

Section 1100m SE

Section 1100m SE represents continued extension of the gold zone 250 metres further along strike than previous drilling. Holes BL11-131 and BL11-134 tested the horizon to 240 metres vertical depth and indicate that the mineralization can be consistently followed to depth. Further drilling is planned to continue delineating the gold mineralization on this Section.

Section 1200m SE

Section 1200m SE represents continued extension of the gold zone 350 metres further along strike than previous drilling. Holes BL11-136 and BL11-138 tested the horizon to 223 metres vertical depth and indicate that the mineralization is increasing in grade and thickness with depth. Further drilling is planned to continue delineating the gold mineralization on this Section.

Section 1300m SE

Section 1300m SE represents the continued extension of the gold zone 450 metres further along strike than previous drilling. Hole BL11-141 returned a low grade intersection (18.6 metres grading 0.4 g/t Au) to 137 metres vertical depth, however, it is expected to increase with deeper drilling as observed in previous sections. Further drilling is planned to continue delineating the gold mineralization on this Section.

Borden Lake Updated Resource Estimate

The Company is expecting an update of its previously reported NI 43-101-compliant Initial Resource Estimate for the Borden Lake gold deposit (see News Release dated July 23, 2011) in the near future. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution and focus on upgrading a significant portion of the initial inferred resource category as well as expanding the resource by adding new inferred resources. The Initial Resource Estimate was calculated using holes BL11-01 to BL11-77 (16,500 metres), while the Updated Resource is expected to include up to Hole BL11-159, representing an additional 24,000 metres of drilling. Micon International Limited ("Micon") is responsible for preparing the updated resource estimate.

The Borden Lake gold resource was initially estimated by Micon along approximately 1,600 metres of strike length from surface to vertical depths of up to 340 metres. The Company reported a NI 43-101 Initial Resource Estimate for the Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold in an Indicated Resource and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold.

Dr. David Palmer, President of Probe, states "We continue to be encouraged by drilling results from the project, which have now extended the strike length to 2,100 meters and increased the depth extent by up to 131 metres in some sections, while still remaining open in all directions. The overall grade is being maintained and appears to be getting better at depth. We are very gratified that the Company has moved the project forward to this stage so rapidly. Our focus will be to further realize this value by continuing our strong technical commitment and advancing the Borden Lake project towards potential development."

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.

The contents of this press release have been reviewed and approved by Micon International Limited for the section describing the NI 43-101-compliant Updated Resource Estimate currently in progress.

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.

News! Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: Expansion Continuing With Intervals of Up to 149 Metres Averaging 1 g/t Au, Including 31 Metres of 2.7 g/t Au

TORONTO, ONTARIO--(Marketwire - March 20, 2012) - PROBE MINES LIMITED (TSX VENTURE:PRB) ("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 BL12-143 to BL12-159 were received and indicate that the Borden Lake gold zone is continuing at depth beyond previously announced holes. Of the 17 holes announced, 12 represent step-out holes to depth and indicate extensions of the mineralized zone of up to 170 metres deeper than previously reported for these sections. Additionally, results indicate that the zone is continuing to thicken and/or increase in grade with depth on sections 200mSE; 300mSE; 400mSE; 500mSE and 1300mSE. The remaining seven holes were drilled on sections 900mSE to 1300mSE at shallow depths to test the up-dip projection of the horizon.

Highlights from the drilling include intersections of up to 149 metres averaging 1 g/t gold ("Au") in Hole BL12-157 (Section 200mSE), including a 31 metre interval averaging 2.7 g/t Au, and 103.7 metres grading 1 g/t Au in Hole BL12-147 (Section 400mSE), containing a 10-metre section averaging 2.2 g/t Au. The majority of intersections also contain higher-grade intervals, ranging between 1.2 g/t Au and 3.3 g/t Au over appreciable widths. All of the above holes will be included in an updated NI 43-101 Resource Estimate, currently in progress.

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

The following table shows selected results from each hole, and is followed by more detailed descriptions of each hole by Section. For the majority of holes, drill width approximates true width. For holes BL12-143, -144, -153, -156 and -157 true width is approximately 80% of drilled width.

From To Width Au
DDH Section (m) (m) (m) (g/t)
BL12-143 Discovery 284.8 338 53.2 0.7
including 291 298 7 1.3
also including 307 318 11 1.0
also including 330 332.7 2.7 1.8
BL12-144 500mSE 217 320 103 0.9
including 254 303 49 1.2
including 254 258 4 2.9
BL12-145 1300m SE 156.6 254 97.4 0.4
including 244 254 10 1.0
BL12-146 100m SE 178 257 79 0.8
including 209 230 21 1.5
BL12-147 400m SE 211.3 315 103.7 1.0
including 218 228 10 2.2
also including 254 279 25 1.4
BL12-148 900m SE 80 92.2 12.2 0.5
BL12-149 300m SE 183 287 104 0.8
including 187 222 35 1.0
including 187 191 4 2.8
also including 229.3 260 30.7 1.0
BL12-149 301.6 313 11.4 2.2
including 310 310.8 0.8 24.6
BL12-150 1000m SE 55 58.6 3.6 0.9
BL12-150 86 93.9 7.9 0.6
BL12-150 156 157 1 1.6
BL12-151 100m SE 214 294.6 80.6 0.8
including 235.6 245.6 10 1.4
BL12-152 1100m SE 87 94.9 7.9 0.7
BL12-152 183 187 4 0.7
BL12-152 196 197 1 2.1
BL12-153 100m SE 229.7 260 30.3 0.5
BL12-153 288 342 54 0.9
including 316 321 5 1.9
BL12-154 300m SE 192 282 90 1.0
including 233.6 257.2 23.6 1.9
BL12-155 1200m SE 162 163 1 2.8
BL12-156 300m SE 206 321 115 0.8
including 263 291 28 1.8
including 277 284 7 3.3
BL12-157 200m SE 166 315 149 1.0
including 256 287 31 2.7
BL12-158 1300m SE 121 127.6 6.6 0.6
BL12-159 200m SE 304 377 73 0.9
including 347 372 25 1.4

Discovery Section

Diamond drill hole BL12-143 was drilled to extend the depth of mineralization on the Discovery Section and successfully identified gold mineralization to 337 metres vertical depth, an increase of 74 metres from Hole BL11-26, and contained a 53 metre interval averaging 0.7 g/t Au, including higher grade zones at 1.0 and 1.8 g/t Au.

Section 100m SE

Diamond drill holes BL12-146, BL12-151 and BL12-153 successfully extended the gold mineralization on Section 100m SE from 171 metres vertical depth (previous Hole BL11-28) to 341 metres vertical depth for an increase of 170 metres of vertical depth. Intervals of up to 79 metres averaging 0.8 g/t Au, including 21 metres of 1.5 g/t Au, were reported in these sections.

Section 200m SE

Diamond drill holes BL12-157 and BL12-159 successfully extended the gold mineralization on Section 200m SE from 271 metres vertical depth (previous Hole BL11-60) to 354 metres vertical depth for an increase of 83 metres of vertical depth. The section shows an increasing grade, with depth, to Hole BL12-157, which contains an interval of 149 metres averaging 1.0 g/t Au, including 31 metres grading 2.7 g/t Au, representing the thickest intersection of these results.

Section 300m SE

Diamond drill holes BL12-149, -154 and -156 extended the mineralized zone an additional 132 metres vertical depth from previous drilling (BL11-32) on Section 300m SE, and indicates the zone becomes higher grade with depth, containing an intersection of 115 metres averaging 0.8 g/t Au, including an interval of 28 metres grading 1.8 g/t Au within the broader mineralized envelope.

Section 400m SE

Diamond drill hole BL12-147 extended the mineralization on Section 400m SE a further 63 metres of vertical depth and indicates that the zone is thickening and increasing in grade at deeper levels. The hole contained a mineralized intersection of 103.7 metres averaging 1.0 g/t, which includes a 10 metre interval grading 2.2 g/t Au.

Section 500m SE

Diamond drill hole BL12-144 extended the mineralized zone an additional 16 metres of vertical depth from previous step-out holes announced recently (see news release dated March 13, 2012) and indicates that the zone is increasing in grade at deeper levels. The hole contained a mineralized intersection of 103 metres averaging 0.9 g/t, which includes a 49 metre interval grading 1.2 g/t Au.

Section 900m SE

A single shallow diamond drill hole, BL12-148, was drilled on section 900m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.

Section 1000m SE

A single shallow diamond drill hole, BL12-150, was drilled on section 1000m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.

Section 1100m SE

A single shallow diamond drill hole, BL12-152, was drilled on section 1100m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.

Section 1200m SE

A single shallow diamond drill hole, BL12-155, was drilled on section 1200m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.

Section 1300m SE

Two diamond drill holes, BL12-145 and BL12-158, were drilled to test the deeper and shallow portions of the mineralization, respectively. Hole BL12-145 tested the mineralized horizon to a vertical depth of 239 metres and shows the gold zone to be thickening and increasing in grade with depth. The hole contained a mineralized intercept of 97.4 metres averaging 0.4 g/t Au and contains a higher grade zone of 10 metres grading 1 g/t Au. Drill hole BL12-158 shows the gold zone is projecting to surface, although is thinner and lower grade. Further drilling will be required to better delineate mineralization on this section.

Borden Lake Updated Resource Estimate

The NI 43-101-compliant Updated Resource Estimate, being prepared by Micon International ("Micon"), for the Borden Lake gold project is nearing completion and is expected shortly. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution within the deposit and focus on upgrading a significant portion of the initial inferred resource category as well as expanding the resource by adding new inferred resources.

The Borden Lake gold resource was initially estimated by Micon along approximately 1,600 metres of strike length from surface to vertical depths of up to 340 metres. The Company reported a NI 43-101 Initial Resource Estimate for the Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold in an Indicated Resource and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold.

Dr. David Palmer, President of Probe, states "The drilling at Borden Lake continues to return impressive intersections of mineralization, with the deposit expanding and improving, while still remaining open in all directions. Given the encouraging results, the Company is accelerating its work at Borden Lake and is in the process of increasing its field programs and infrastructure in the area. We see an incredible amount of potential in this project and we will focus on realizing value by steadily advancing it to successively higher levels."

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.

The contents of this press release have been reviewed and approved by Micon International Limited for the section describing the NI 43-101-compliant Updated Resource Estimate currently in progress.

Neue Resourcenschätzung!! Apr 02, 2012
Probe Mines Announces Significant Improvement and Expansion of the Borden Lake Gold Zone: 44% Increase in Global Resource Estimate and New Pit-Constrained and High-Grade Resource Estimates

Highlights:

- Borden Lake gold zone estimated to contain a Global Indicated Resource of 4,051,000 ounces of gold averaging 0.71 g/t gold and an additional Inferred Resource of 1,796,000 ounces of gold averaging 0.62 g/t gold, at a 0.3 g/t cut-off grade;

- Borden Lake gold zone estimated to contain a Pit Constrained Indicated Resource of 2,735,000 ounces of gold averaging 1.04 g/t gold 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;

- Borden Lake gold zone estimated to contain a distinct, higher-grade zone with 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;

- Increase of 1228% in the Indicated category from the Initial Global Resource Estimate, from 305,000 ounces to 4,051,000 ounces of gold, at a 0.3 g/t cut-off grade. Indicated average grades consistently higher as compared to Inferred average grades;

- Overall increase of 44% in total contained ounces of gold from the Initial Global Resource Estimate, at a 0.3 g/t cut-off grade;

- The Borden Lake zone also contains a resource of 3,820,000 ounces of silver in the Indicated category, and 1,960,000 ounces of silver in the inferred category, at a 0.3 g/t gold cut-off grade.

Toronto, April 2, 2012 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that the Company has received the Updated Mineral Resource Estimate for its Borden Lake gold deposit from Micon International Limited ("Micon").

The Updated Resource Estimates represents a rigorous evaluation of the drilling completed to the end of February 2012, and comprises results from 159 holes drilled on the Borden Lake gold zone since its discovery just 15 months ago. The results of the Updated Resource Estimate show significant improvement of the deposit in terms of upgrading the Resource category through the conversion of Inferred Resources into Indicated (up to 1228% increase); expansion of the deposit through addition of new Indicated and Inferred Resources (up to 44% increase); and delineation of a discernible higher-grade core (>1.4 g/t gold). In all aspects, the deposit has shown enhancement from the Initial Resource Estimate (see News Release dated August 23, 2011) and increased confidence in the gold mineralization, including significantly higher-grades in Indicated Resources compared to the Inferred. Owing to the effectiveness of the current resource estimation in improving the Borden Lake deposit, the Company is preparing to commence further studies in the form of a Preliminary Economic Assessment ("PEA") or Scoping study.

In an effort to provide continuity for investors from the Initial Global Resource Estimate (not constrained by a pit shell), the Updated Resource Estimate will be presented again as a Global Resource Estimate at the same cut-off grade (0.3 g/t Au); followed by a Constrained Resource Estimate (within a pit shell) at a higher cut-off grade (0.6 g/t Au); and a Global Resource Estimate focused on the higher-grade core of the deposit. The latter higher-grade zone is an important aspect of the deposit not elaborated on during the Initial Resource Estimate, but distinguishes Borden Lake from many low-grade deposits. The higher-grade core zone, which is estimated from block modeling of the higher cut-off grades to contain an estimated Indicated Resource of 1,498,000 ounces of gold at an average grade of 1.46 g/t and an additional 407,000 ounces of gold at an average grade of 1.30 g/t gold in the Inferred category, provides the potential for a more robust mineralized zone within the deposit, which may have positive implications for the initial phase of any possible development scenarios.

Global Updated Resource Estimate

The Global Updated Resource Estimate, presented in the following "sensitivity" table at various cut-off grades shows, at the 0.3 g/t cut-off, an Indicated Resource of 4,051,000 ounces of gold averaging 0.71 g/t Au plus an additional Inferred Resource of 1,797,000 ounces Au averaging 0.62 g/t Au, representing an increase of 1,228% in Indicated Resource from the previous Inferred category in the Initial Resource Estimate and a 44% increase in the total contained ounces from the Initial Resource Estimate while maintaining a similar overall average grade.

Comparison of Updated and Initial Global Resource
Estimates (0.3g/t Au cut-off)
Resource Estimate Indicated (ozs Au) Inferred (ozs Au)
Updated (March 2012) 4,051,000 1,797,000
Initial (August 2011) 305,000 3,755,000

The following two tables summarize the Borden Lake gold mineral resource estimate in the indicated and inferred resource categories, respectively, at various cut-off grades. The figures are cumulative for each successive cut-off grade. An interesting feature of the Updated Global Resource Estimate is the difference between the average grades for Indicated and Inferred Resources, with Indicated average grades ranging between 12% and 16% higher than the Inferred, for all cut-off grades. It is expected that this trend of increasing grades will continue with further drilling and upgrading of the Inferred resources.

For the purpose of this press release, and to maintain continuity from the previous Initial Resource Estimate, the Company is reporting the figures at the 0.3 g/t cut-off grade for the Updated Global Resource Estimate:

Global Indicated Mineral Resource Estimate
Cut-Off Au g/t Cumulative Tonnes Average Au g/t Cumulative Au oz Average Ag g/t Cumulative Ag oz
> 1.5 10,155,000 2.01 656,000 1 320,000
1 31,910,000 1.46 1,498,000 0.9 905,000
0.7 65,477,000 1.14 2,394,000 0.8 1,700,000
0.6 82,872,000 1.03 2,757,000 0.8 2,065,000
0.5 105,635,000 0.93 3,159,000 0.7 2,508,000
0.4 135,522,000 0.82 3,589,000 0.7 3,063,000
0.3 176,959,000 0.71 4,051,000 0.7 3,820,000
0.2 233,461,000 0.6 4,501,000 0.6 4,728,000
no cut 305,220,000 0.49 4,827,000 0.6 5,771,000

Global Inferred Mineral Resource Estimate
Cut-Off Au g/t Cumulative Tonnes 1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 2,105,000 1.74 118,000 0.9 64,000
1 9,728,000 1.3 407,000 0.9 281,000
0.7 24,974,000 1.01 810,000 0.8 649,000
0.6 34,924,000 0.91 1,017,000 0.8 864,000
0.5 49,173,000 0.8 1,268,000 0.7 1,157,000
0.4 68,702,000 0.7 1,549,000 0.7 1,536,000
0.3 90,817,000 0.62 1,796,000 0.7 1,960,000
0.2 123,154,000 0.52 2,052,000 0.7 2,597,000
no cut 184,179,000 0.39 2,315,000 0.6 3,676,000

1. Tonnes and ounces have been rounded to the nearest thousand
2. Figures/numbers for resource tonnes and ounces may not tally due to rounding

The Global Resource also contains a resource of 3,820,000 ounces of silver in the Indicated category, and 1,960,000 ounces of silver in the inferred category, at a 0.3 g/t gold cut-off grade.

Constrained Updated Resource Estimate

For the Updated Resource Estimate, the Global Resource was constrained in a preliminary Whittle open-pit design. The preliminary pit was designed to a maximum depth of about 450 m, and contains an Indicated Resource of 2,735,000 ounces averaging 1.04 g/t Au and an Inferred Resource of 683,000 ounces averaging 0.93 g/t Au, at a 0.6 g/t cut-off grade. A 0.6 g/t cut-off was chosen in order to bring the overall average grade of the Pit-Constrained Resource to just over 1 g/t Au, which makes it comparable to many of the other known low-grade/bulk-tonnage deposits with reported Resource Estimates. The following table presents the constrained Resource Estimate for mineralization falling within the preliminary pit shell, assuming a gold price of $1,200 and a metallurgical recovery of 92%, amongst other assumptions further noted.

An image of the Pit-Constrained Resource is available on the Company's website at www.probemines.com

For the purpose of this press release, the Company is reporting the figures for the Pit-Constrained Resource Estimate at the 0.6 g/t cut-off grade:

Pit-Constrained Indicated Mineral Resource Estimate 3, 4,5
Cut-Off Au g/t Cumulative Tonnes 1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 10,149,000 2.01 656,000 1 320,000
1 31,877,000 1.46 1,497,000 0.9 904,000
0.7 64,984,000 1.14 2,380,000 0.8 1,686,000
0.6 81,942,000 1.04 2,735,000 0.8 2,042,000
0.5 103,286,000 0.94 3,112,000 0.7 2,458,000
0.4 130,908,000 0.83 3,508,000 0.7 2,966,000
0.3 168,129,000 0.73 3,925,000 0.7 3,633,000
0.2 210,227,000 0.63 4,263,000 0.6 4,310,000
no cut 262,015,000 0.53 4,496,000 0.6 5,044,000

Pit-Constrained Inferred Mineral Resource Estimate 3, 4,5
Cut-Off Au g/t Cumulative Tonnes 1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 1,535,000 1.77 87,000 1 51,000
1 6,853,000 1.31 290,000 1 212,000
0.7 17,130,000 1.02 561,000 0.9 485,000
0.6 22,947,000 0.93 683,000 0.8 625,000
0.5 29,994,000 0.84 807,000 0.8 795,000
0.4 37,905,000 0.76 921,000 0.8 974,000
0.3 45,971,000 0.68 1,012,000 0.8 1,163,000
0.2 56,735,000 0.6 1,097,000 0.8 1,431,000
no cut 82,670,000 0.45 1,207,000 0.7 1,940,000

1. Tonnes and ounces have been rounded to the nearest thousand
2. Figures/numbers for resource tonnes and ounces may not tally due to rounding
3. Mineral Resources are estimated at a agold value of $1,200
4. No grade capping was required for the Resource Estimate
5. A bulk Density of 2.77g/cm3 was used

At the same 0.6 g/t Au cut-off grade the transition from the Global Resource to the Pit-Constrained Resource represents only a loss of 9% of the total contained ounces, and mainly at either end of the deposit. This suggests that the orientation of the Borden Lake gold zone, which is dipping at 45 degrees, is well suited for open-pit extraction. Continued drilling will focus on further delineation of the mineralized zone with a view to expanding the pit design along strike and at depth.

Higher-Grade Global Resource Estimate

The Borden Lake gold zone is characterized by a persistent higher-grade core surrounded by lower-grade mineralization. The deposit therefore lends itself to more detailed evaluation based on this apparent grade distribution. The deposit's block model at cut-off grades of 0.75 g/t and 1.0 g/t Au shows a distinct zone of higher-grade gold mineralization identifiable along the entire strike length of the deposit and at depth. This core of the Borden Lake gold zone contains an Estimated Resource of 1,498,000 ounces at an average grade of 1.46 g/t Au in the Indicated category and 407,000 ounces at an average grade of 1.30 g/t in the Inferred category, at a cut-off grade of 1 g/t Au. Images of the block models at the 0.75 g/t and 1.0 g/t Au cut-off grades showing the remarkable continuity of the gold mineralization are available on the Company's website at www.probemines.com.

The higher grade mineralized zone may become an important feature in further studies of the viability of the deposit. The potential for exploitation of a higher-grade zone could provide alternative development scenarios which would be more realistically achievable and less sensitive to the parameters affecting most low-grade, bulk tonnage deposits.

The following table presents the Global Resource Estimate for this proposed higher-grade body, at cut-off grades between 0.75 g/t and 1.5 g/t Au. For the purpose of this press release, the Company is reporting the figures for the Global Higher-Grade Resource Estimate at the 1.0 g/t cut-off grade:

Higher-Grade Global Indicated Mineral Resource Estimate
Cut-Off Au g/t Cumulative Tonnes1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 10,155,000 2.01 656,000 1.0 320,000
1 31,910,000 1.46 1,498,000 0.9 905,000
0.75 57,954,000 1.19 2,219,000 0.8 1,533,000

Higher-Grade Global Inferred Mineral Resource Estimate
Cut-Off Au g/t Cumulative Tonnes1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 2,105,000 1.74 118,000 0.9 64,000
1 9,728,000 1.30 407,000 0.9 281,000
0.75 20,963,000 1.06 717,000 0.8 558,000

1. Tonnes and ounces have been rounded to the nearest thousand
2. Figures/numbers for resource tonnes and ounces may not tally due to rounding

In the Pit-Constrained Resource, the high-grade zone is well represented, with minimal loss of total contained ounces at the 1 g/t cut-off grade, particularly in the Indicated Resource category. The following table shows the Pit-Constrained Resources at cut-off grades between 0.75 g/t and 1.5 g/t Au. For the purpose of this press release, the Company is reporting the figures for the Pit-Constrained Higher-Grade Resource Estimate at the 1.0 g/t cut-off grade:

Higher-Grade Pit-Constrained Indicated Mineral Resource Estimate3, 4,5
Cut-Off Au g/t Cumulative Tonnes1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 10,149,000 2.01 656,000 1.0 320,000
1 31,877,000 1.46 1,497,000 0.9 904,000
0.75 57,605,000 1.19 2,209,000 0.8 1,522,000

Higher-Grade Pit-Constrained Inferred Mineral Resource Estimate3, 4,5
Cut-Off Au g/t Cumulative Tonnes1,2 Average Au g/t Cumulative Au oz 1,2 Average Ag g/t Cumulative Ag oz 1,2
> 1.5 1,535,000 1.77 87,000 1 51,000
1 6,853,000 1.31 290,000 1 212,000
0.75 14,592,000 1.07 503,000 0.9 423,000

1. Tonnes and ounces have been rounded to the nearest thousand
2. Figures/numbers for resource tonnes and ounces may not tally due to rounding
3. Mineral Resources are estimated at a agold value of $1,200
4. No grade capping was required for the Resource Estimate
5. A bulk Density of 2.77g/cm3 was used

Summary

The Updated Resource Estimate highlights a number of key features of the Borden Lake deposit, including:

- The notable presence of a persistent, distinguishable, higher-grade zone within the block model which may positively influence future economic studies

- Significant improvement of, and confidence in, the deposit through upgrade of the majority of previous Inferred Resources into the Indicated category

- Increasing the total contained ounces in the Global Resource Estimate by 44% through additions to both the Indicated and Inferred categories.

- Whittle open-pit design demonstrated that Borden Lake is ideally oriented for open-pit design, with an approximate 45 degree dip which roughly parallels the pit-slope walls.

- At a vertical depth of about 450 m, the pit contains over 90% of the Global Resource, at the same cut-off grades. The minor loss is mostly due to the lack of further delineation of the deposit, which should be remedied by future drilling.

The Updated Resource Estimate represents a rigorous estimation and evaluation of Borden Lake, and will therefore be very effective in advancing the project. With the completion of the Updated Resource Estimate, the Company is now preparing to take the project forward by initiating a PEA or Scoping study to further evaluate the viability of the project in terms of potential development. Owing to the proximity of the deposit to the town of Chapleau, its location less than one kilometer from road and power and the consistency of mineralization, the Company is confident that Borden Lake will continue to distinguish itself.

Dr. David Palmer, President of Probe, states "We are extremely pleased with the results of the Updated Resource Estimate as it shows the remarkable progress we have made in the 15 short months since the discovery of the deposit. These results confirm the continued improvement of the deposit, as well as highlighting its distinctive higher-grade core, something not present in many other low-grade/bulk tonnage deposits. Borden has consistently shown positive results and we feel this Resource Estimate justifies the initiation of an economic assessment. Our focus now will be to accelerate this progress while continuing to expand the deposit and explore for other similar mineralized zones. Borden Lake has come a long way in a brief time, and we see much more potential for this project in the future."

The resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on 159 diamond drill holes that tested the gold horizon along approximately 2,100 metres (m) of strike length and to a vertical depth of approximately 416 m at a spacing of between 50 m to 100 m. Mineralization at Borden Lake is comprised of a volcano-/meta-sedimentary horizon containing a thick, continuous and consistent zone of gold-bearing disseminated sulphide mineralization. The deposit still remains open in all directions.

Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. Micon is currently in the process of completing the NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.

The mineral resource estimate was calculated using both Ordinary Kriging and Inverse Distance Cubed methods, which gave similar results. The reported figures are taken from the Inverse Distance Cubed modeling, which provides better definition of the higher grade portions. The mineralized material was classified into the Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) position of blocks in relation to the range of influence as defined by the variographic analysis and (c) and the search ellipse ranges. The Borden Lake gold deposit Indicated resource has been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation.

The reported cut-off grade of 0.6 g/t Au is based on consideration of other gold deposits that show similarity in volume and grade to Borden Lake.

The on-going drill program at Borden Lake is now on Hole BL12-182 and is designed to continue improving and expanding the resource. In addition to infill drilling within the area of the resource estimate, drilling is also focused on expanding the limits of the mineralization and further defining parallel gold zones observed. The Company currently has four drills turning on the project, and is expanding its exploration program with the recent option of Reliant Gold's Borden Lake South property. Summer programs will also focus on local and regional mapping, geophysical and soil geochemical programs. Second phase metallurgical investigations are already in progress.

Micon International Limited (Micon)
The Resources in this report were estimated by Micon in accordance with the definitions contained in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves Definitions and Guidelines that were prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on November 27, 2010. A supporting Technical Report will be filed under the Company's profile on SEDAR in the time allotted. The Micon personnel responsible for this Mineral Resource Estimate are Charley Z. Murahwi, M.Sc., P. Geo., FAusIMM and Alan J. San Martin, MAusIMM(CP). Messrs Murahwi and San Martin are Qualified Persons as defined in NI 43-101, and are independent of Probe Mines Limited. Micon acknowledges that it has read this news release and approves of its contents.

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Übernahme durch Goldcorp Goldcorp Inc. übernimmt Probe Mines Ltd.
19.01.2015 | 13:35 Uhr | Rohstoff-Welt.de
Goldcorp und Probe Mines Limited gaben soeben in einer gemeinsamen Pressemitteilung bekannt, dass die beiden Unternehmen eine Vereinbarung getroffen haben, die die Übernahme von Probe Mines durch Goldcorp vorsieht. Demnach soll Goldcorp für insgesamt 526 CAD sämtliche ausstehenden Aktien von Probe erwerben.

Gemäß Vereinbarung soll die Übernahme in Form eines Aktientausches stattfinden, bei dem die aktuellen Probe-Anteilseigner für jede gehaltene Aktie 0,1755 Stammaktien von Goldcorp erhalten. Derzeit ist Goldcorp bereits im Besitz von 8,4 Mio. Probe-Aktien, was einer Beteiligung von 9,3% entspricht. Basierend auf dem Schlusskurs der Goldcorp-Aktie an der TSX am 16. Januar und dem vereinbarten Tauschverhältnis werden die Stammaktien von Probe mit je 5,00 CAD bewertet. Dies entspricht auf der Grundlage des Schlusskurses der Aktie per 16. Januar einer Prämie von 49%.

Der Abschluss der Transaktion wird für Ende März 2015 erwartet. Mit der Übernahme von Probe Mines erwirbt Goldcorp, das kürzlich den Verkauf seiner Wharf-Mine an Coeur Mining bekannt gegeben hatte, unter anderem dessen zu 100% eigenes Goldprojekt Borden in Ontario, welches sich etwa 160 Kilometer westlich von Goldcorps Porcupine-Mine befindet.

Laut der Bekanntmachung ist zudem die Ausgliederung der Black-Creek-Lagerstätte Probes sowie dessen Liegenschaften Tamarack-McFauld's Lake und Victory geplant. Das hieraus neu entstehende Unternehmen soll zudem mit Barmitteln über 15 Mio. CAD ausgestattet werden. Goldcorps voraussichtliche Beteiligung an dem Ableger beträgt 9,3%.

Die Vorstände beider Unternehmen haben der geplanten Transaktion bereits grünes Licht erteilt. Nun ist die Zustimmung seitens der Aktionäre erforderlich. Sollte es zu keinem Abschluss kommen, so ist Probe zur Zahlung einer Gebühr in Höhe von 18,4 Mio. CAD verpflichtet.

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