Symbol: TSX-V: PRB
Shares Issued: 76,374,727
TORONTO, June 10, 2014 /CNW/ - Probe Mines Limited
(TSX-V: PRB) ("Probe" or the
"Company") is pleased to provide a progress update
for its metallurgical program on the Borden Gold project. The
metallurgical program will be included as part of Probe's
anticipated Preliminary Economic Assessment ("PEA").
Probe's metallurgical program has been on-going for the last 3
years and has generated sufficient input data to perform a series
of process route trade-off studies, in particular to compare the
two main process options: 1) gravity + whole ore leach ("WOL"); and
2) gravity + flotation + leach of flotation residues and reground
flotation concentrate ("FLOT") (irrespective of the downstream
flowsheet, gold gravity recovery is included in each option).
The metallurgical work is based on drill core samples taken from
representative drill holes in the Borden Gold project.
The results of the trade-off studies indicate that the WOL
option may be superior, subject to further analysis and the PEA.
The tests also established that the optimum grind objective for the
WOL option was 75 μm.
The resulting metallurgical recovery curve (WOL at 75 μm) is
presented in Figure 1. This updated grade recovery curve shows an
overall improvement over the curve released in April 2013.
Completed work for the anticipated PEA includes metallurgical
and comminution testing on the lower-grade zone (open pit) and the
higher-grade zone (underground). Metallurgical tests include gold
extraction from gravity, flotation and leach from different
geo-domain composites, fine regrind, settling, and In-Line Reactor
(ILR) test work. The comminution test program includes: Drop-Weight
Test (DWT), SAG Mill Comminution Test (SMC), Bond Ball Mill Work
Index (BWi), Rod Mill Work Index (RWi), Abrasion Index (Ai),
Unconfined Compression Test (UCS) and Low Energy Impact Test.
Metallurgical testwork is continuing in 2014 in order to
continue strengthening the bases for the definition of the process
design criteria.
Mr. Yves Dessureault, Chief
Operating Officer of Probe, states: "These metallurgical results
are very encouraging and continue to improve. There is
probably some further upside for gold extraction at higher gold
grades and this will be the focus of the 2014 metallurgical
program".
A new 3-D model of the Borden Gold deposit is now available on
the website,
http://www.probemines.com/s/Borden_Lake.asp?ReportID=657509&_Type=Borden-Gold,
with interactive analytical tools that will enable investors to
better visualize drill results.
The metallurgical testing was carried out under the supervision
of BBA Inc. and was conducted by SGS Mineral Services (Lakefield) and Process Research Ortech Inc.
(Mississauga). The contents
of the above have been approved by Mr. Jacques McMullen, P.Eng, Qualified Person of BBA
Inc., independent consultants to Probe.
About Probe Mines:
Probe Mines Limited is a Canadian precious metals exploration
company whose key asset is the Borden Gold Zone in Ontario, Canada. As of January 31, 2014, the Company is well-positioned
with approximately $29.4 million in
treasury. The Company is actively exploring a significant new gold
resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the
Black Creek chromite deposit
located in Northern Ontario. The
Company's shares trade on the TSX Venture Exchange under the symbol
PRB.
Yves Dessureault, P. Eng., is
Probe Mines Limited Qualified Person for all technical information
in this release. To find out more about Probe Mines Limited,
visit our website at www.probemines.com.
On behalf of Probe Mines Limited,
Dr. David
Palmer,
President & Chief Executive Officer
Forward-Looking Statements
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. This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. 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. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management's expectations. Risks, uncertainties and
other factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company's
objectives, goals or future plans, statements regarding exploration
results, potential mineralization, the estimation of mineral
resources, exploration and mine development plans, timing of the
commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
failure to identify mineral resources, failure to convert estimated
mineral resources to reserves, the inability to complete a
feasibility study which recommends a production decision, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
inability to fulfill the duty to accommodate First Nations and
other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
SOURCE Probe Mines Limited