RE:RE:New Press Release - Probe Gold to Acquire the Croinor Gold Property in Val-d'Or, QuebecReminissent of the consolidation of the borden lake project.
TORONTO, ONTARIO--(Marketwire - Jan 7, 2013) - PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe" or the " Company") is pleased to announce that it has purchased a 100% interest in two properties to the east of the Company''s Borden Gold Project (formerly Borden Lake Project), and acquired by staking an additional 590 claim units contiguous to these and the recently acquired Ivanhoe and Ava-Claire properties (see news releases dated November 7 and December 6, 2012). The area of these acquisitions is located approximately 20 kilometres east of the Company''s Borden Gold project. The two purchased properties consist of two blocks of 17 and 45 claim units, respectively and have historical grab samples from outcrop of up to 3 g/t Au.
Probe has also recently staked a further 590 claim units along trend of these properties and the previously acquired claims. Probe now controls the majority of the eastern extent of the Borden Lake Belt with a contiguous claim group, totaling 2,157 claim units, over 41 kilometres long and covering an area of over 350 square kilometres. The claims are believed to cover the same horizons which host the Borden Gold deposit (formerly Borden Lake Gold deposit), discovered by Probe in 2010. A map of the property holdings can be viewed on the Company''s website at https://www.probemines.com/i/maps/BordenLake_PropertyMap_2013.pdf.
In exchange for a 100% interest in the two properties, the Company has agreed to pay the vendors $20,000, and issue 50,000 of its common shares, in aggregate. The securities will be subject to a restricted period of four months and one day from the date of issuance. The purchase is subject to TSX Venture Exchange approval.
With the acquisition of these claims, Probe has renamed the project areas: 1) the Borden Gold Project, which includes the Borden Gold deposit and surrounding claims; 2) the East Limb Project, which encompasses all contiguous claims in the eastern block of properties, including those announced in this News Release; and 3) the Borden South Project, comprised of the claims under option from Reliant Gold (see news release dated March 15, 2012).