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. P&E is currently in the process of completing the NI 43-101 Technical Report resource sections for inclusion in BBA Inc.'s PEA, for which the results are expected in late Q1 2013.
The mineral resource estimate was calculated using Ordinary Kriging. 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) the position of blocks in relation to the range of influence as defined by the variography and (c) and the search ellipse ranges.
David Palmer, Ph.D., P.Geo., is the qualified person for Probe Mines. The contents of this news release have been reviewed and approved by Independent Qualified Persons Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. and Mr. Yves Dessureault, P.Eng, of BBA Inc.
About Probe Mines:
Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of October 31, 2012, the Company had approximately $22 million in treasury and a portfolio of highly prospective mineral properties. On November 29, 2012, Probe disposed of its Goldex royalty and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has a 100% interest in the Black Creek chromite deposit located in Northern Ontario. The Company's shares trade on the TSX Venture Exchange under the symbol PRB.
To find out more about Probe Mines Limited, visit our website at www.probemines.com.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
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: 65,391,491
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.
Probe Mines Limited
Director of Corporate Communications
Probe Mines Limited
Vice President, Corporate Development
Most Popular Stories
- Adam Levine Wins Big as 'The Voice' Crowns Champ
- Target Security Breach May Affect 40 Million Cardholders
- Archer Daniels Midland Moving HQ to Chicago
- Tyson Foods Charged With Civil Rights Violation
- 'Beyonce' Tops the U.S. Album Chart
- Bernanke Lets Congress Have It in Final Press Conference
- Wall Street Falls a Day After Surge
- Texting With Vodka: Booze and Social Media Can Mix After All
- Hispanic PR Firm Launches Chicago Chapter
- How to Protect Yourself After Target Data Breach