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
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.
Image with caption: "Figure 1: Metallurgical Recovery Curve - Au Recovery (%) vs Head Grade (g/t) Au (CNW Group/Probe Mines Limited)". Image available at: http://photos.newswire.ca/images/download/20140610_C2778_PHOTO_EN_3571.jpg
SOURCE: Probe Mines Limited
For further information: Karen Willoughby, Director of Corporate Communications, Tel: (866) 936-6766, Email: [email protected]; Patrick Langlois, Vice President, Corporate Development, Tel: (416) 777-6703, Email: [email protected]