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LOL I think it did a big R/S job.How you been buddy
Wow. Really had to jog the old memory on this one.
I don't think I owned much for very long, just can't remember why.
Looks like the price tag here is split-adjusted.
If only carnac was around to see Probe Mining at over 100.00
Auguries - December 14, 2012
By The Throat
Kevin Michael Grace
Gold was down (at press time) $2.70 (-0.2%) for the week to $1,697.40, and silver was down $0.48 (-1.5%) to $32.59. GoldCore argued that gold’s decline was curious after “The Fed said that it will maintain ultra-loose monetary policies for the foreseeable future, and the Fed will in effect double the pace of dollar creation.”
“Essentially, the US central bank now IS the market for US government debt,” Ben Mountifield argues at Seeking Alpha December 12. “The US government issues new debt (currently more than $1 trillion a year), and the Federal Reserve buys it, thereby almost entirely bypassing the international bond market. As a result, the Fed can (at least for the time being) keep a lid on interest rates.
Read the rest of this article about gold prices here. http://resourceswire.com/2012/12/auguries-12/
Fresh Releases - December 13, 2012
Probe Mines | V.PRB | Volta Resources | T.VTR | Puma Exploration | V.PUM
Kevin Michael Grace
Probe reports Ontario Gold Assays up to 10.3 g/t over 51m
Volta reports Burkina Faso Assays up to 0.91 g/t Gold, 0.48% Copper over 72m
Puma reports NB Assays up to 92 g/t Silver, 1.06 g/t Gold, 0.8% Lead, 0.7% Zinc over 9.1m
Read the rest of these assay results and their press release summaries here. http://resourceswire.com/2012/12/fresh-releases-27/
PROBF: 1-100 R/S immediately followed by 100-1 F/S; The company will eliminate all of the registered shareholdings of less than 100 shares in exchange for a cash payment. This will be completed by a share consolidation on a 1 for 100 basis followed by a share split on a 100 for 1 basis.
http://www.otcbb.com/asp/dailylist_detail.asp?d=11/07/2012&mkt_ctg=NON-OTCBB
$PRB.V ~ Buy-ins ~ Naked Short List! In Charts and links! for March. 7th 2012 - Daily and Weekly views.
Chart results for you to ponder with me.. Certain charts may be reposted while on the Buy-ins website, Click next or previous at the top of the page to see my others.
~ Barchart: http://barchart.com/quotes/stocks/PRB.V?
~ OTC Markets: http://www.otcmarkets.com/stock/PRB.V/company-info
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PRB.V+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PRB.V
Finviz: http://finviz.com/quote.ashx?t=PRB.V
~ BusyStock: http://busystock.com/i.php?s=PRB.V&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=PRB.V&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=PRB.V
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~ MarketWatch: http://www.marketwatch.com/investing/stock/PRB.V/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=PRB.V
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PRB.V
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PRB.V&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PRB.V&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PRB.V&size=l&frequency=60&color=g
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=PRB.V&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19
Twitter: @MACDgyver ---> PRB.V <---
Three Companies In One
Probe Has Gold, Chromite and an AEM NSR
By Ted Niles
Between Probe Mines Limited’s TSXV:PRB Borden Lake gold project, its Black Creek chromite project, and a 5% Net Smelter Royalty on a portion of Agnico-Eagle Mines Ltd’s TSX:AEM Goldex Mine, David Palmer considers the company to be something of a steal at its current share price. “There’s probably a bit of a disconnect because we have disparate commodities. You never see chromite-gold companies,” Probe’s President and CEO says. “We’ve got these three very valuable assets, and I don’t know if the market values them all together. In terms of our market value now, it’s almost like you’re getting Borden Lake for free.”
Read and discuss the rest of this article: http://bit.ly/nJPcZd
Probe President David Palmer on Ontario gold assays of 10.9 g/t over 6.6m
Probe Mines Limited TSXV:PRB announced drill results from its Borden Lake gold project near Chapleau, Ontario. Assays include:
1 g/t gold over 4 metres<br></br>
2.3 g/t over 17.7 metres (including 9.2 g/t over 3.7 metres)
0.6 g/t over 100.5 metres (including 1.2 g/t over 17.5 metres)
10.9 g/t over 6.6 metres (including 57 g/t over 1 metre)
0.6 g/t over 93.9 metres
0.8 g/t over 129.9 metres (including 1.8 g/t over 38.3 metres)
0.6 g/t over 113 metres
0.6 g/t over 130 metres.
A drill has been mobilized to test geophysical anomalies identified north of the Borden Lake gold zone by induced-polarization survey. The 100-line-kilometre survey is expected to be completed over the next two weeks. Drilling is expected to start this week.
Read the interview at: http://bit.ly/mQpHHE
Probe Mines Announces Further Assay Results for its Borden Lake Project Near Chapleau, Ontario: Up to 136.8 Metres Averaging 1.2 g/t Au, Including 10.3 Metres of 6.1 g/t Au
6 hours 18 minutes ago - Marketwire via Comtex
MarketwireProbe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assay results from an ongoing drilling program on its Borden Lake gold project near Chapleau, Ontario. Results for diamond drill holes BL11-26 to BL11-28, and the remaining results for drill hole BL11-25, were received and successfully intersected gold mineralization underneath and to the southeast of the original discovery holes.
Gold mineralization intersected in the current holes is similar to that previously reported and is comprised of thick sections of disseminated sulphides hosted by predominantly Timiskaming-age sediments with subordinate gold-bearing granitic pegmatite and amphibolites. Significant widths of gold mineralization were returned from all holes, and include: a 108.9 metre interval averaging 1.1g/t Au in Hole BL10-27, a 136.8 metre interval grading 1.2 g/t Au in Hole BL11-28 and a 119 metre section grading 0.7 g/t Au in Hole BL11-26. The following table presents the highlights from the four holes. Reported drill widths approximate true widths in these sections:
----------------------------------------------------------------------- ----- section From To width Au DDH (m) (m) (m) (g/t) ---------------------------------------------------------------------------- BL11-25 700m NW 44 68 24 0.8 ---------------------------------------------------------------------------- 83.6 90 6.4 0.7 ---------------------------------------------------------------------------- 119 123 4 1.9 ---------------------------------------------------------------------------- 143.2 210 79.1 0.7 ---------------------------------------------------------------------------- including 180 210 30 0.9 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-26 Discovery 161 280 119 0.7 ---------------------------------------------------------------------------- including 199 247.7 48.7 1.1 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-27 100m SE 88.1 197 108.9 1.1 ---------------------------------------------------------------------------- including 91.8 103.5 11.7 3.7 ---------------------------------------------------------------------------- also including 169 183 14 1.6 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-28 100m SE 45.4 182.2 136.8 1.2 ---------------------------------------------------------------------------- including 74.6 142 67.4 1.8 ---------------------------------------------------------------------------- and including 76 86.3 10.3 6.1 ----------------------------------------------------------------------------
Hole BL11-26 was drilled to undercut the mineralization in Holes BL10-2, 3 and 4 (the discovery holes), as well as Holes BL11-09 and 10, and extended the mineralized zone to approximately 280 metres depth, while holes BL11-27 and 28 represent the first complete sections drilled to the southeast of the discovery holes. The latter holes were designed to test the zone at 150 and 200 metres depth. The remaining results for Hole BL11-25, drilled on the section 700 metres northwest of the discovery, were also received and extended the mineralized interval previously announced in a press release dated March 15, 2011 an additional 13.3 metres in width.
The second phase program has now drilled approximately 6,400 metres in 28 holes (BL10-09 to BL11-36) and to date has tested approximately 1.2 kilometres of strike length along the zone, which remains open in all directions. Drilling will continue testing the strike and depth extents of the gold zone until the full limits of the mineralized horizon have been tested.
Updated plan and section maps are available on the Company's website at www.probemines.com.
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each batch of samples including two certified reference materials (standards), one blank sample and one core duplicate sample in predetermined batches comprising 40 samples. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $2.5MM in treasury and 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 has only 37,763,415 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,763,415
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.
Contacts: Probe Mines Limited David Palmer President (416) 777-6703 Probe Mines Limited Karen Willoughby Investor Relations (866) 936-6766
SOURCE: Probe Mines Limited
Probe Mines Announces Further Assay Results for its Borden Lake Project Near Chapleau, Ontario: Up to 136.8 Metres Averaging 1.2 g/t Au, Including 10.3 Metres of 6.1 g/t Au
6 hours 18 minutes ago - Marketwire via Comtex
MarketwireProbe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assay results from an ongoing drilling program on its Borden Lake gold project near Chapleau, Ontario. Results for diamond drill holes BL11-26 to BL11-28, and the remaining results for drill hole BL11-25, were received and successfully intersected gold mineralization underneath and to the southeast of the original discovery holes.
Gold mineralization intersected in the current holes is similar to that previously reported and is comprised of thick sections of disseminated sulphides hosted by predominantly Timiskaming-age sediments with subordinate gold-bearing granitic pegmatite and amphibolites. Significant widths of gold mineralization were returned from all holes, and include: a 108.9 metre interval averaging 1.1g/t Au in Hole BL10-27, a 136.8 metre interval grading 1.2 g/t Au in Hole BL11-28 and a 119 metre section grading 0.7 g/t Au in Hole BL11-26. The following table presents the highlights from the four holes. Reported drill widths approximate true widths in these sections:
----------------------------------------------------------------------- ----- section From To width Au DDH (m) (m) (m) (g/t) ---------------------------------------------------------------------------- BL11-25 700m NW 44 68 24 0.8 ---------------------------------------------------------------------------- 83.6 90 6.4 0.7 ---------------------------------------------------------------------------- 119 123 4 1.9 ---------------------------------------------------------------------------- 143.2 210 79.1 0.7 ---------------------------------------------------------------------------- including 180 210 30 0.9 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-26 Discovery 161 280 119 0.7 ---------------------------------------------------------------------------- including 199 247.7 48.7 1.1 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-27 100m SE 88.1 197 108.9 1.1 ---------------------------------------------------------------------------- including 91.8 103.5 11.7 3.7 ---------------------------------------------------------------------------- also including 169 183 14 1.6 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-28 100m SE 45.4 182.2 136.8 1.2 ---------------------------------------------------------------------------- including 74.6 142 67.4 1.8 ---------------------------------------------------------------------------- and including 76 86.3 10.3 6.1 ----------------------------------------------------------------------------
Hole BL11-26 was drilled to undercut the mineralization in Holes BL10-2, 3 and 4 (the discovery holes), as well as Holes BL11-09 and 10, and extended the mineralized zone to approximately 280 metres depth, while holes BL11-27 and 28 represent the first complete sections drilled to the southeast of the discovery holes. The latter holes were designed to test the zone at 150 and 200 metres depth. The remaining results for Hole BL11-25, drilled on the section 700 metres northwest of the discovery, were also received and extended the mineralized interval previously announced in a press release dated March 15, 2011 an additional 13.3 metres in width.
The second phase program has now drilled approximately 6,400 metres in 28 holes (BL10-09 to BL11-36) and to date has tested approximately 1.2 kilometres of strike length along the zone, which remains open in all directions. Drilling will continue testing the strike and depth extents of the gold zone until the full limits of the mineralized horizon have been tested.
Updated plan and section maps are available on the Company's website at www.probemines.com.
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each batch of samples including two certified reference materials (standards), one blank sample and one core duplicate sample in predetermined batches comprising 40 samples. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $2.5MM in treasury and 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 has only 37,763,415 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,763,415
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.
Contacts: Probe Mines Limited David Palmer President (416) 777-6703 Probe Mines Limited Karen Willoughby Investor Relations (866) 936-6766
SOURCE: Probe Mines Limited
Probe Mines Announces Assay Results for Its Borden Lake Project Near Chapleau, Ontario; Expands Discovery Zone to 960 Metres in Length and to 330m Depth; Potential Silver Zone(s) Identified
3 hours 41 minutes ago - Marketwire via Comtex
MarketwireThe Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received assay results for diamond drill holes BL11-16 to BL11-24, and partial results for drill hole BL11-25, of a second phase drilling program currently underway on its Borden Lake gold project near Chapleau, Ontario. Nine of the ten holes successfully intersected the gold-mineralized horizon and have extended the zone an additional 400 metres along strike to the northwest of the discovery section and 130 metres to depth for a total strike length of 960 metres and a vertical depth of 330 metres. Only Hole BL11-21 failed to intersect the horizon being collared in a diabase dyke intruded within the gold zone. As the dykes in this area trend in the same direction as drilling, the hole was stopped and the drill moved further northwest along trend to avoid the dyke. Holes BL11-24 and BL11-25 were drilled to the northwest of BL11-21, away from the diabase, and successfully intersected the continuation of the gold mineralization. The Borden Lake zone remains open in all directions.
Holes BL11-16 to BL11-21 and BL11-24 and BL11-25 were drilled on 100 metre-spaced sections, with each section comprising two holes drilled at different angles to test the zone at vertical depths of approximately 150m and 200m, respectively. Holes BL11-22 and BL11-23 were drilled on two sections, 500 metres northwest and 200 metres northwest of the discovery section, and were designed to test the zone at approximately 300 metres vertical depth. Updated plan and section maps are available on the Company's website at www.probemines.com.
Gold mineralization intersected in the current holes is similar to previously reported results and is comprised of thick sections of disseminated sulphides hosted by predominantly Timiskaming-age sediments with subordinate gold-bearing granitic pegmatite and amphibolites. Significant widths of gold mineralization were returned from all holes, (except BL11-21, which was stopped in diabase), and include: 76.5 metres averaging 1.1 g/t Au in BL11-16; 70.2 metres of 1.1 g/t Au in BL11-20 and 44 metres of 1.1 g/t Au in hole BL11-23. Numerous high-grade zones have also been identified over appreciable widths, with individual samples returning up to 14.6 g/t Au. Only partial results were available for Hole BL11-25 at the writing of the release and include a 66.8 metre interval averaging 0.7 g/t Au which ends in mineralization. BL11-25 will be updated in the next release of assay results. The following table presents the highlights from the ten holes. Reported drill widths approximate true widths in these sections:
----------------------------------------------------------------------- ----- From To width Au DDH section (m) (m) (m) (g/t) ---------------------------------------------------------------------------- BL11-16 300m NW 64 140.5 76.5 1.1 ---------------------------------------------------------------------------- including 78.3 83.5 5.2 1.5 ---------------------------------------------------------------------------- also including 108.3 140.5 32.2 1.8 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-17 400m NW 27 118.9 91.9 0.6 ---------------------------------------------------------------------------- including 72.7 118.9 46.2 0.9 ---------------------------------------------------------------------------- also including 95.1 118.9 23.8 1.2 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-18 400m NW 101.7 127 25.3 0.9 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-19 500m NW 74.7 122 47.3 0.9 ---------------------------------------------------------------------------- including 106 122 16 1.4 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-20 500m NW 64 134.2 70.2 1.1 ---------------------------------------------------------------------------- including 101.1 109.4 8.3 1.8 ---------------------------------------------------------------------------- also including 114 123 9 1.2 ---------------------------------------------------------------------------- 185.8 190.4 4.6 3.0 ---------------------------------------------------------------------------- 206.8 208.7 1.9 3.0 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-21 600m NW stopped - - ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-22 500m NW 234 253 19 0.7 ---------------------------------------------------------------------------- 288 336.4 48.4 0.5 ---------------------------------------------------------------------------- 351 361.6 10.6 0.8 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-23 200m NW 139.2 173 33.8 0.6 ---------------------------------------------------------------------------- BL11-23 205 249 44 1.1 ---------------------------------------------------------------------------- including 210 220 10 1.4 ---------------------------------------------------------------------------- also including 224.9 231 6.1 2.2 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-24 700m NW 96 100 4 0.8 ---------------------------------------------------------------------------- 133 181 48 0.7 ---------------------------------------------------------------------------- 202 215 13 1.0 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BL11-25 700m NW 44 68 24 0.8 ---------------------------------------------------------------------------- 83.6 90 6.4 0.7 ---------------------------------------------------------------------------- 119 123 4 1.9 ---------------------------------------------------------------------------- 143.2 210 66.8 0.7 ---------------------------------------------------------------------------- including 180 210 30 0.9 ----------------------------------------------------------------------------
In addition to gold assays, partial geochemical results have been received for silver with intervals of up to 51 metres averaging 10 g/t in Hole BL11-24 and 194 metres of 5 g/t Ag in Hole BL11-16 identified. The silver zones correlate well with the gold horizon but also occur in the low-grade gold intervals. The identification of potential recoverable quantities of silver requires further evaluation and Management is now considering more robust analytical techniques for the accurate determination of silver concentrations in all drill holes. Currently silver is only analyzed with a geochemical technique, which are indicative of silver concentrations, but cannot be relied upon to determine actual concentrations.
The second phase program has now drilled approximately 6,000 metres in 22 holes (BL10-09 to BL11-30) and will continue testing the strike and depth extents of the mineralized zone until the full extent of the mineralized horizon has been tested.
Dr. David Palmer, President of Probe, states "The fact that we have intersected the gold-bearing horizon in all but one of the holes in the second phase program is a testament to the potential of Borden Lake. We are now focused on determining the extent of the deposit and will continue drilling to gain a better understanding of the scale and controls on mineralization."
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each batch of samples including two certified reference materials (standards), one blank sample and one core duplicate sample in predetermined batches comprising 40 samples. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $2.5MM in treasury and 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 its 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 has only 37,688,415 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,688,415
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.
Contacts: Probe Mines Limited David Palmer President (416) 777-6703 Probe Mines Limited Karen Willoughby Investor Relations (866) 936-6766 www.probemines.com
SOURCE: Probe Mines Limited
http://www.probemines.com
Yes it is, as I dash from building to dealer school
So it's possible to drill and sample in the winter, huh? Somebody should tell Edwin.
Probe Mines Announces Second Phase Assay Results on its Borden Lake Project Near Chapleau, Ontario; Including 182 Metres of 1.1 g/t Au; Expands Discovery Zone to 560 Metres in Total Length
7 minutes ago - INW
MarketwireThe Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received assay results for the first seven holes of a second phase drilling program currently underway on its Borden Lake gold project near Chapleau, Ontario. The seven holes (BL10-09 to BL10-15) have confirmed the continuation of a significant gold mineralized zone at Borden Lake over an additional 300 metres of strike length to the northwest of the original discovery holes. To date, the gold horizon has been identified over a total of 560 metres of strike length. The mineralized zone has been intersected over widths of up to 200 metres to a vertical depth of 200 metres and remains open along strike and at depth.
Holes were drilled on 100 metre-spaced sections, with each section comprising two holes drilled at different angles to test the zone at vertical depths of approximately 150m and 200m, respectively. In each section the mineralized zone is described by higher grade zones contained within a broad low grade envelope. Significant widths of mineralization include 182 metres averaging 1.1 g/t Au, including 41 metres grading 3.3 g/t Au and 10.7 metres averaging 6.5 g/t Au in Hole 10, and 123 metres of 1 g/t Au, including 26 metres of 2.4 g/t Au in Hole 14, located 200 metres to the northwest of Hole 10. Numerous high-grade zones have also been identified, over appreciable widths, with individual samples returning up to 26.4 g/t Au. In addition, within the three completed sections assay results indicate that gold mineralization may be improving with depth. The following table presents the highlights from the first seven holes of the second phase drilling program. Reported drill widths approximate true widths in these sections:
-----------------------------------------------------------------------
-----
From To width Au
DDH section (m) (m) (m) (g/t)
----------------------------------------------------------------------------
BL10-09 discovery 19 195 176 0.5
----------------------------------------------------------------------------
including 53 131 78 0.9
----------------------------------------------------------------------------
also including 174 195 21 0.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-10 discovery 19 201 182 1.1
----------------------------------------------------------------------------
including 39 151 112 1.7
----------------------------------------------------------------------------
including 71 112 41 3.3
----------------------------------------------------------------------------
including 85 95.7 10.7 6.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-11 100m NW 6 200 194 0.5
----------------------------------------------------------------------------
including 12 69.3 57.3 0.6
----------------------------------------------------------------------------
also including 85.9 95.2 9.3 1.2
----------------------------------------------------------------------------
also including 122.5 153 30.5 1.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-12 100m NW 4.8 207 202.2 0.4
----------------------------------------------------------------------------
including 4.8 142 137.2 0.6
----------------------------------------------------------------------------
including 99 142 43 1.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-13 200m NW 8 184.2 176.2 0.7
----------------------------------------------------------------------------
including 70.5 137 66.5 1.4
----------------------------------------------------------------------------
including 81.3 130 48.7 1.8
----------------------------------------------------------------------------
including 86 118 32 2.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-14 200m NW 4 191.8 187.8 0.7
----------------------------------------------------------------------------
including 4 127 123 1.0
----------------------------------------------------------------------------
including 60 127 67 1.5
----------------------------------------------------------------------------
including 76.7 102.6 25.9 2.4
----------------------------------------------------------------------------
including 86 102.6 16.6 2.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BL10-15 300m NW 56 133.5 77.5 1.0
----------------------------------------------------------------------------
including 91.6 114.1 22.5 1.8
----------------------------------------------------------------------------
Holes 09 and 10 were drilled on the same section as the original discovery holes, while Holes 11 and 12 were drilled 100 metres to the northwest, Holes 13 and 14 were drilled 200 metres to the northwest and Hole 15 at 300 metres northwest. Hole 16, the deeper counterpart to Hole 15, has now been completed but assay results were not available at the time of this release. Including Hole 16, there are approximately 15 holes to be completed in this phase of the program.
Dr. David Palmer, President of Probe, states "Preliminary results from the second phase drill program at Borden Lake further support the potential for a large gold mineralized system on the property. Although early in the program, these results are very encouraging and provide momentum as we move forward with the program."
The Borden Lake drilling will continue to test the gold zone along strike and at depth. Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake sampling, consisting of the insertion of sample standards, blanks and sample duplicates in predetermined batches. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake project near Chapleau, Ontario, the Company is also drilling its Cree Lake near Timmins, Ontario. Probe also owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit, owns a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project, and holds 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 has only 37,688,415 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,688,415
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.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
Probe Mines Commences Second Phase Drilling on the Cree Lake Project, Swayze Belt, Ontario
27 minutes ago - INW
MarketwireThe Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has commenced a second phase diamond drilling program on its Cree Lake Project, currently under option from Mantis Mineral Corp (CNSX: MYN) ("Mantis").
The drill program is designed to follow up on results from a summer drill program that returned numerous, zones of gold mineralization including a five (5) metre section grading 2.3 g/t Au and individual assays of up to 8 g/t Au. The property is also host to a thick (15.5 metre), near surface, gold zone averaging 2.05 g/t Au discovered by Mantis in 2009 and the historical Flintrock showing, where one hole from the summer program intersected 24 g/t Au over one metre.
The program will comprise a minimum of five holes to test for a possible northwesterly dip of the thick, lower grade gold mineralized horizon discovered by Mantis. In addition, the program will target the potential northeast extension of the gold discovery, an area that has not been previously tested by drilling. Marathon Drilling of Ottawa is providing the drilling services for this program.
Probe is currently earning up to a 70% interest in the Cree Lake property from Mantis. The Mantis occurrence represents a new gold discovery in the Swayze Belt represented by a quartz stockwork system carrying significant gold values along substantial drill hole widths. The zone comes to surface and represents excellent open-pit potential for a gold deposit of the high tonnage, low-grade type. The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to Cree Lake, the Company is also drilling its Borden Lake project near Chapleau, Ontario. Probe also owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit, owns a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project, and holds 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 has only 37,668,415 shares issued and outstanding, which 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.
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: 37,668,415
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.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
I have no problem with Karen, all NoDummy has is rumor. Why don't you call Karen yourself, she IRs for several companies and except for a few POS pennystocks she is held in pretty high regard. Now stop spreading rumors.
Just was some DD someone on another board did that is about Karen. Thought it might be useful.
And your post concerns Probe how?
chucker hang tight, it is in a consolidation period, now is a time for accumulation and when the right news comes it will go boom boom
What has happened to this stock? Last post is on January 6th, a report from the Company that should have earned a reply or two from any of us regarding an opinion. In the mean time the Friday ending PPS is $1.5365. Friday had a volume of 13,500, really not much especially 9 different trades of 1,000 area shares.
Chucker
Probe Mines Acquires Additional Property on Its Borden Lake Project Near Chapleau, Ontario
1 hours 23 minutes ago - CCN
Marketwire CanadaThe Directors of Probe Mines Limited (TSX VENTURE:PRB) (Probe) are pleased to announce that the Company has entered into an option agreement to acquire a 50% interest in the mineral rights of three patented mining claims adjacent to its Borden Lake project near Chapleau, Ontario. Probe has the right to earn a 50% interest in the mineral rights of the property by making a cash payment of $50,000 and issuing 75,000 shares, upon signing, to the vendors, and by completing $400,000 in exploration expenditures. During the earn-in period, the Company will also complete and deliver a Preliminary Assessment, as defined by National Instrument 43-101, of any resource identified on the property. The transaction is subject to regulatory approval.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and 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. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its 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 has only 37,480,915 shares issued and outstanding, which 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.
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: 37,480,915
SOURCE: Probe Mines Limited
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
If anyone is noting that PROBF had no volume yesterday and again no volume today it is because it is a Canadian based stock and Canada had a vacation day off yesterday ( and because of the alcohol, they drank) the market is closed also today.) WOW That must be one hangover.
Just joking. Sorry to say I am Canadian by birth and it is a 2 day holiday.
Chucker
Probe Mines Provides Update on its Borden Lake Project Drilling Program
Tuesday 12/21/2010 1:10 PM ET - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.80 -9.85%
As of 3:25 PM ET 12/21/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has completed seven holes, totaling 1,684 metres, of a 5,000 metre drilling program on its Borden Lake project near Chapleau, Ontario. Drilling operations have been suspended over the holiday season and will resume on January 12th, 2011.
The seven holes drilled to date represent four individual setups spaced 100 metres apart and are designed to test the width of the zone at two depths. Visual results suggest that all seven holes have intersected the Borden Lake gold zone for an additional 300 metre strike extension from the discovery hole. The zone is still open in both directions along strike and at depth, and when combined with the Phase I program represents a potential 550 metre-long section of mineralization. These thick mineralized sections of the host Timiskaming sediments range between 180 metres and 200 metres in width (true width) and contain similar sulphide concentrations and assemblages as observed in the Phase I drilling program.
The Phase I program comprised eight holes testing a surface gold showing on the property. Thick zones of continuous gold mineralization were intersected in holes BL10-02 to BL10-07 representing 250 metres of potential strike length along the gold zone. Hole BL10-02 intersected 91 metres averaging 2 g/t Au while Hole BL10-04 returned a 78 metre interval averaging 0.7 g/t Au and Hole BL10-05 returned an 86 metre intercept grading 1 g/t Au. Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 g/t Au over 5 metres including samples of up to 15.5 g/t Au over one metre. All holes in the Phase I program ended while still in mineralization and the full width of the zone had not been known until the start of the Phase II drilling.
Over 1,500 samples have been submitted to Accurassay Laboratories in Thunder Bay from the Phase II drilling and results are expected by mid-January. Probe has instituted a strict quality control and quality assurance ("QA-QC") program for the Borden Lake sampling, consisting of the insertion of sample standards, blanks and sample duplicates in predetermined batches. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
Results of the program will be released as soon as they have been received and reviewed.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company is also actively exploring in the McFauld's Lake area, where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its 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 has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Probe Mines Announces Updated Resource Estimate for Its Black Creek Chromite Deposit
9 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.99 0.00%
As of 2:18 PM ET 12/20/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received the updated mineral resource estimate for its 100%-owned Black Creek chromite deposit from Micon International Limited ("Micon"). The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on an initial 15 diamond drill holes that tested the chromite horizon along approximately 200 metres (m) of strike length and to a vertical depth of approximately 175 m as well as an additional 10 holes drilled during the Phase III program. The Phase III drilling was successful in upgrading a portion of the Inferred Resources in the initial resource estimate to Measured and Indicated categories as well as extending the zone along strike and at depth. The program delineated an additional 115 m of strike length and identified chromite mineralization to 320 m depth. The Phase III drilling confirmed that the chromite zone is found at surface and, in places, is under less than 4 m of overburden, indicating it would be a likely candidate for open-pit extraction. Mineralization at Black Creek is dominated by three massive chromite layers, with subordinate amounts of banded, semi-massive and disseminated chromite found between and below the massive layers. The cumulative thickness of the mineralized zone averages approximately 65 m.
Dr. David Palmer, President of Probe states, "We are very pleased with the results of the updated resource estimate. The Phase III program was successful in not only upgrading much of our previous Inferred resources into the Measured and Indicated categories, but also added to these categories and generated additional inferred mineralization. Drilling has shown the deposit to be of significant size and also of high quality and we have added considerable value to Black Creek with this updated resource estimate."
The following table summarizes the Black Creek chromite mineral resource estimate at a cut-off grade of 20% Cr2O3 including internal waste:
Summary of Black Creek Chromite Resources
---------------------------------------------------------------------------
Category Tonnes Avg. Cr2O3 (%) Cr:Fe Ratio
---------------------------------------------------------------------------
Measured (M) 5,256,000 37.00 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Indicated (I) 3,389,000 38.04 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total M & I 8,645,000 37.41 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Inferred 1,610,000 37.78 1.7
---------------------------------------------------------------------------
Note: All tonnages have been rounded to the nearest thousand.
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 updated 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 mineralized material was classified into the Measured, 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 Black Creek deposit Measured and Indicated resources have 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 known mineralization in the entire McFaulds Lake sill has been considered in the process of resource categorization.
Micon International Limited
Ing. Alan San Martin, MAusIMM and Charley Murahwi, M.Sc., P.Geo, MAusIMM of Micon were responsible for the preparation of this resource estimate. They are Qualified Persons as defined in NI 43-101, and are independent of Probe. Micon acknowledges that it has read this press release and there are no errors contained herein. Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Additional information about Micon can be found at www.micon-international.com.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the McFauld's Lake area, which comprises 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit, the Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its 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 has only 37,380,915 shares issued and outstanding, which 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.
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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
AGNICO-EAGLE PROVIDES UPDATE ON ITS 2010 EXPLORATION PROGRAM; RECORD EXPLORATION BUDGET OF $145 MILLION FOR 2011 12/15/2010
Download this Press Release
Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless otherwise noted)
TORONTO, Dec. 15 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") is pleased to provide an update on its 2010 exploration program and planned exploration activities for the coming year. Since its last exploration results news release on September 08, 2010, the Company has continued an aggressive exploration program at its mines and its new Meliadine mine project.
http://www.agnico-eagle.com/English/Investor-Centre/PressReleases/Details/2010/AGNICO-EAGLE-PROVIDES-UPDATE-ON-ITS-2010-EXPLORATION-PROGRAM-RECORD-EXPLORATION-BUDGET-OF-145-MILLION-FOR-20111123558/default.aspx
Options are granted to insiders at a certain price and they have to pay for them at the strike price. So I think you're a bit confused about how options and warrants work. When insiders exercise their options is a good sign and it funds the company and also forms part of the insider's compensation.
Why are the insiders buying at .75 cents and .15 cents on NOV 30 AND ON DEC 13 http://canadianinsider.com/coReport/allTransactions.php?ticker=PRB SOUNDS FISHY TO ME WITH THE PPS AT 2 BUCKS
Insider Buying at Probe
http://canadianinsider.com/coReport/allTransactions.php?ticker=PRB
3 possible new events left for the year
#1 PR of NI 43 101 report qauntifying the amount of Chromite for Black Creek Mine, if we don't get it this week they will probably hold that one till next year.
#2 5% smelting fee Agnico Eagle's Goldex Mine near Val d'Or, Quebec
#3 Update on the drilling of the Borden mine.
The PPS is rising like we knew it would, the question is how far will it go.
Great Management, I have another one like this in January
That would be awesome. I love what Probf is doing
Smitter SMTT
Probe is very solid and this is not a speculative stock, this PPS is going + $3.00 very soon. Add to that they might split the company into CR/AU giving you shares in both.
Probf has Massive potential, and is moving on up.
Smitter SMTT
Why I am in PROBF
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the West Timmins Project, the Company is focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. The Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. 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. The Company has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
Probe Mines Announces Formation of Joint Venture With Lake Shore Gold Corp on West Timmins Project; Drilling Program Planned for January 2011
13 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
LSGGF 4.03 0.00%
PROBF 1.88 0.00%
As of 12:43 PM ET 12/9/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) ("Probe") are pleased to announce that Lake Shore Gold Corp ("Lake Shore Gold") has vested a 55 percent interest in the Company's West Timmins property, located immediately adjacent to Lake Shore Gold's Timmins Mine property, and will act as Operator of the project. Probe will retain a 45 percent interest in the claims. A Joint Venture Management Committee (the "Committee") has been formed with two representatives from each company. The Committee is currently planning a diamond drill program to test a prospective target approximately 800 metres east from both the Timmins Mine and the Rusk-Porphyry Zone discoveries on Lake Shore Gold's wholly owned Thunder Creek property. The target is distinguished by a coincident magnetic-induced polarization anomaly in the vicinity of a single drill hole completed by Probe in 2004, which intersected alteration in the sediments similar to that found near the mineralized zones on Thunder Creek. The drill program will consist of approximately 500 metres and be completed in the first quarter of 2011.
Dr. David Palmer, President of Probe states "We are pleased to be working with Lake Shore Gold on the West Timmins Project. Their experience in the area will be invaluable as we continue to explore the potential of the property under the new Joint Venture."
The West Timmins property is comprised of 52 claim units surrounding Lake Shore Gold's Timmins Mine property to the north, east and southeast. The Timmins Mine deposit has probable reserves of 812,000 ounces and is currently undergoing underground development prior to production. The Porphyry Zone discovery at Thunder Creek is located approximately 800m west of the joint venture property and contains drill intersections of up to 83.4 metres averaging 12.75g/t Au in TC09-68b (see Lake Shore Gold's press release dated June 24, 2009) and 99.6 metres grading 4.91 g/t Au in TC650-001 (see Lake Shore Gold's press release dated November 24, 2010).
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the West Timmins Project, the Company is focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. The Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. 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. The Company has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
News for all that I have not kept up with
http://www.probemines.com/s/News_Releases.asp?DateRange=2010/01/01...2010/12/31
Actually I have been busy with my stockitution board here lately. Get ready, the NI 43 1010 report on Black Creek could hit tomorrow morning, Probe is also NI 43 101 drilling on the Bordon Mine which requires a hole every 15 meters, this will determine the quality of gold there which from what I understand is a lot. There is also Timmins that is bordered by Lake Shore Gold property and they are drilling less than 300 meters from Probes property and are finding big quantities of gold.
Looks like this is a Board that does not want to post any news or items on this board.
Chucker
Yea darn I was so excited I wanted to contact everyone. I should have checked closer.
NOW !!!!!!!! WHO IS THE OLD CODGER ???
However I wish you were correct.
Chucker
NOW !!!!!!!! WHO IS THE OLD CODGER ???
However I wish you were correct.
Chucker
False Alarm, That was Probe Resources not Probe Mining.
FALSE Alarm, that was Probe Resources not Probe Mining.
Trading halted. You old codger read the press release below. This must mean the buyout is about to occur
http://www.marketwire.com/press-release/IIROC-Halt-Probe-Resources-Ltd-1366799.htm
Carnac. I was starting to get nervous( as I often do) when I saw no post yesterday and the same for today. At that time when I looked at the stock,I saw the same PPS as yesterday. Then we got the trades(all 3 are buys) and I feel better BUT still want moree DD from whoever may know something about it.
How many other mines are near or adjacent to PROBF? Is PROBF the part of a Large concern???Some of my reading tells me yes but I don't want to sound like a fool by giving my answer.
Chucker
This property border PROBEs property directly east.
http://cnrp.marketwire.com/client/lake_shore_gold/n/release.jsp?actionFor=1359068&releaseSeq=2&year=2010
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Probe Mines Ltd.
http://www.probemines.com/s/Home.asp
Probe Mines Limited is a well-funded, Canadian base and precious metal explorer led by an experienced management team with quality projects in two of Canada's most important exploration plays - McFauld's Lake and Timmins, Ontario. The Company's strategy is to aggressively explore its key assets to maximize shareholder value, while joint venturing certain assets to advance exploration and preserve capital.
The Company has assembled a portfolio of quality projects in the heart of the McFauld's Lake area base metal projects in Northern Ontario and the West Timmins project in the Timmins West Gold Camp. Two promising, grassroots gold projects, the Cree Lake project near Timmins, Ontario and the Borden Lake project near Chapleau, Ontario have recently been acquired to round out the company's holdings. Probe also maintains a 5% gold production royalty on a portion of Agnico-Eagle's Goldex Mine in Val d'Or, Quebec.
Below is an image from the Black Creek Presentation on the Probe website. The reason I posted this image is it is the key to why this investment can and most likely go to $4 - $12.00 PPS. You will note that Black Creek falls between Big Daddy and Black Thor mines both are by now I assume properties of Cliff Natural Resourses. It is also my understanding that Black Creek is on solid ground with only 4 meters of burden to remove to get to the CHROMITE while both Black Thor and Big Daddy are basically swamp land. One other matter that is of considerable interest to Cliff Natural Resources is that if it does not aquire Black Creek it loses 100 meters of mining potential because of limitations restricting mining within 50 meters of a claims boundary.
Be sure to read the 2 articles below the picture concerning Cliff Natural Resources aquisition of Black Thor and Big Daddy Mines.
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
Share Stucture
Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
s
Cliffs Natural Resources (NYSE: CLF) (‘Cliffs’) announced it has entered into an Arrangement Agreement to acquire 100% of the outstanding shares in Freewest Resources (TSX-V: FWR) (‘Freewest’) in a share-based deal with a total estimated value of C$150.6 million, equating to C$0.70 per share. Freewest was previously the subject of an unsolicited offer from Noront Resources Ltd.
The offer from Cliffs represents a 122% premium to the Freewest share price on the 2nd October prior to Noront’s offer and a 27% premium on the closing price for Friday 20th November. Accordingly the Freewest Board of Directors unanimously support the offer from Cliffs. The Freewest board have deemed the offer to be ‘clearly superior’ to the Noront offer.
Freewest’s chromite assets, primarily the McFaulds property and the associated McFaulds joint venture property will be integrated into Cliffs broad base metal operations. Cliffs is the largest producer of iron ore pellets in North America and a major supplier of direct-shipping lump and fines iron ore out of Australia. Cliffs also has significant coking and thermal coal producing projects.
The company’s remaining non-chromite assets including its Shareholding in Quest Uranium Corp (TSX-V: QUC) (‘Quest Uranium’) and the high-grade Clarence Stream gold property will form a new company, New Freewest Resources (‘New Freewest’).
Under the terms of the proposed deal, for each share held in Freewest investors will receive a fractional share in Cliffs to the value of C$0.55 and one share in the New Freewest company.
According to the statement, New Freewest will be a well-funded, Canadian-focused mineral exploration company with C$2.0 million in cash, a portfolio of exploration assets and investments, New Freewest will be managed by the current Freewest Board and management.
New Freewest primary asset, the Clarence Stream gold property is located in New Brunswick. The high-grade gold property currently contains Indicated Resources of 235,000 ounces of gold grading 8.99 grams per tonne and Inferred Resources of 156,000 ounces of gold grading 7.35 grams per tonne.
Clarence Stream also has Indicated Resources of antimony estimated at 126,000 tonnes averaging 2.3% antimony, or 6.3 million pounds of antimony. Antimony has a variety of industry applications including the semi-conductor industry, it’s an element used in the manufacture of batteries and forms part of several metallic alloys.
Additionally once the deal is complete, New Freewest will own approximately 4.1 million shares in Quest Uranium which was valued at C$13.3 million on 20th November 2009, representing approximately 10% of Quest Uranium’s issued share capital. Quest is currently advancing several high-potential exploration projects in Canada, with four properties in North-Western Ontario, two properties in Quebec and one located in New Brunswick.
Freewest CEO, Mackenzie Watson commented on the latest proposal:
"We believe this transaction is clearly superior to the proposal put forward by Noront. It will provide Freewest shareholders with highly-liquid shares in a company with a market capitalization in excess of US$5 billion, while allowing New Freewest to continue as a well-financed exploration company focused on the high-grade Clarence Stream gold property and an attractive suite of early-stage exploration properties. The New Freewest shares represent significant value and ongoing upside potential."
TORONTO (miningweekly.com) – The exceptionally high grades at the Big Daddy chrome project, in Ontario's Ring of Fire district, may mean un- or partly-refined material could be economically shipped directly from a future mine to customers, says KWG Resources president Frank Smeenk.
KWG, fellow junior Spider Resources and US coal and iron-ore miner Cliffs Natural Resources are engaged in a tussle for control of the project, in which Cliffs owns 47% and KWG and Spider each own 26,5%, with an option to boost that to 30%.
Late last month, Cliffs announced it planned hostile takeover offers for both Spider and KWG, in a bid to ensure that it can control the development programme for Big Daddy. (Of course, with 47% already, it only needs to succeed in one of the offers to get a controlling stake in the project.)
Now, in an attempt to put control in their own hands, KWG and Spider are going ahead with a plan to combine their companies, in a merger that would give the enlarged firm 53% of Big Daddy.
Depending on which side comes out in the driving seat, there are a couple of quite different scenarios for the development of the Big Daddy project
Cliffs has said it would look at developing its larger- (but lower-grade) Black Thor project first, while KWG and Spider are naturally keen to see progress at their own asset.
Secondly, while Cliffs would likely focus on the North American market, Smeenk said he would have aspirations to tackle export markets.
And Cliffs has also indicated it would probably build electric-arc furnace facilities in Ontario to refine the ore mined from its projects into ferrochrome.
But for Big Daddy, that may not be necessary, Smeenk said.
“Big Daddy looks to be a deposit that can produce a marketable product readily and that is something that would be in the interest of Spider and KWG shareholders, but not necessarily in the best interest of Cliffs shareholders.”
Most of the world's supply of chrome - a key ingredient in stainless steel - is smelted into ferrochrome – about half of which comes from South Africa.
However, mines Kazakhstan, which also produces a big slice of global output, have high enough grades so that lump ore is shipped directly to users.
Importantly, the Kazakh grades are similar to what has been established at Big Daddy, at around 39% or 40% chrome, Smeenk said.
To get production to market, KWG has already staked a line of claims from the deposit down to the CN trans-Canada railroad.
“And to us, that looks like a viable option to access the export markets via Prince Rupert with lump product, with unrefined or perhaps partly refined material.”
The final decision will depend on the market, and what kind of product can be sold economically.
If the merger with Spider does go ahead, the next steps will be the consultation process with the local First Nations, and to launch baseline environmental studies.
A decision will also need to be made on whether to start out as an openpit mine, or to go straight underground.
“You can make the case that a nice big deposit like this may just as well go underground from the outset,” Smeenk said.
Depending on what kind of product can be marketed, it is possible that a concentrate could be produced on site using simple gravity separation and potentially magnetic separation.
Unless there are some roadblocks related to permitting or community relations, the route to production should not be a lengthy one, Smeenk said.
“If the First Nations consultations and permitting processes do not take longer than planning and construction, we are advised that the planning and construction process could be completed in less than four years.”
Commenting on the timetable, Spider Resources vice-president for finance Rick Hamelin said there will be a better indication of the timeline once a feasibility study is completed.
“There is still a lot of work that needs to be done,” he said.
TALKS ALL ROUND
Although the news only broke in the last couple of weeks, discussions had been under way with both Cliffs and Spider for some time, Smeenk said in an interview this week.
In fact, the negotiations with Cliffs got more “enthusiastic” in the last month or so, he said, but the parties could not agree on a valuation and so Cliffs opted to let the market decide whether its price was good enough.
With Spider, talks had been going on for more than a decade, which is about as long as the two companies have been working together in the Ring of Fire, and shareholders in both companies have responded positively to the merger plan, Smeenk asserted.
“By and large, our shareholders and Spider shareholders are thrilled. I think it's self-evident that the whole is greater than the sum of its parts.”
Cliffs launched its formal offer for Spider Resources this week. Because the US company has a stake in KWG, the offer is a related party transaction, and so KWG must first obtain an independent valuation report on the company. It announced on Thursday it has hired Cormark Securities to do the work.
Smeenk said there is always a possibility that something friendly could be negotiated with Cliffs, but said that there are no talks under way at the moment.
Spider's Hamelin declined to comment on whether the company would consider negotiations with Cliffs.
Cliffs was not immediately available to comment.
StockGoodiesRadio Interview with Karen Willoughby, Director of Corporate Communications, Probe Mining
www.stockgoodies.com/m/sounds/view/PRB-DOCC-Interview
(You have to register with StockGoodies to listen. When I figure out how to download and post the audio file, I will update the iBox).
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