Probe Mines Announces Update on Metallurgical Program for its Borden Gold Project, Ontario and Grant of Options
TORONTO, ONTARIO -- (Marketwired) -- 04/25/13 -- Editors Note: There is an image associated with this press release.
Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to provide a progress update for its metallurgical program on the Borden Gold project. The results of this phase of work allow a better understanding of the metallurgical recoveries in regard to the recovery sensitivity to grind and head grade. Three (3) new composites were created with average head grades of 0.32 g/t Au, 1.09 g/t Au and 1.25 g/t Au, and metallurgical response of these composites to gravity, flotation and leaching tests were determined. These results were combined with the results obtained from the initial metallurgical testwork (see news release dated November 28, 2011) and the overall combined results were evaluated to produce a metallurgical recovery curve. Figure 1 below shows the overall recovery curve. This head grade recovery curve should result in improved cut-off grade determination and conversion of the mineral inventory into resources.
The recent metallurgical testing indicates that the samples tested were amenable to conventional processing and are not classified as refractory. Gold recovery and processing units of operations are in line with industry standards and a proposed flow sheet would include: crushing and grinding; gravity recovery; flotation; cyanide leaching with gold recovery via a carbon-in-leach circuit; and production of onsite gold dore. Metallurgical testwork is continuing and final results will be released upon completion.
Ongoing work includes metallurgical testing of four PQ and four HQ holes drilled during the winter of 2012, which provide the samples necessary for the comminution testing and the continuation of the metallurgical testwork program. The comminution test program includes: Drop-Weight Test (DWT), SAG Mill Comminution Test (SMC), Bond Ball Mill Work Index (BWi), Rod Mill Work Index (RWi), Abrasion Index (Ai), Unconfined Compression Test (UCS) and Low Energy Impact Test. Also, additional metallurgical tests will be executed to define the recovery from gravity, flotation and leach from different geo-domain composites. Those results will provide the input data to perform a series of trade-off studies to further improve the process design criteria and project economics.
Mr. Michael Petrina, COO of Probe, states: "The metallurgical test program is continuing to improve overall recoveries of gold for the Borden Gold deposit, particularly at lower grades, and is working toward optimizing a metallurgical flowsheet. As the work advances we expect to see further improvements and refinements in both the recoveries and the potential processing circuit. We are very pleased with the progress being made on the Borden Gold Project, which has continued to exceed our expectations in all aspects of the technical programs."
The metallurgical testing was carried out under the supervision of BBA Inc. and was conducted by SGS Mineral Services (Vancouver) and Process Research Ortech Inc. (Mississauga). The contents of the above have been approved by Qualified Person Mr. Jacques McMullen, P.Eng of BBA Inc., independent consultants to Probe.
Options
As part of his compensation package as COO, Mr. Michael Petrina was granted 250,000 options at an exercise price of $1.16, for a period of five years.
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 January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 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.
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.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
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: 67,933,127
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Contacts:
Probe Mines Limited
Karen Willoughby
Director of Corporate Communications
(866) 936-6766
info@probemines.com
Probe Mines Limited
Patrick Langlois
Vice President, Corporate Development
(416) 777-6703
patrick@probemines.com
www.probemines.com