TORONTO, ONTARIO--(Marketwired - Feb. 25, 2016) - Probe Metals Inc. (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that the Company has acquired 100% of the West Porcupine property (the "Property") held by White Metal Resources Corp. ("White Metal"). The Property represents a land package of approximately 30 square kilometres and is located between Goldcorp's Borden Gold project and the town of Timmins, Ontario.
David Palmer, President and CEO of Probe states: "We are very pleased to have acquired a quality gold exploration property in an area that we are familiar with and where we have been successful in the past. The West Porcupine property represents highly prospective geology in an under-explored area along the interpreted western extension of one of Ontario's most prolific gold producing mining camps. This acquisition is consistent with our strategy to build a portfolio of high quality gold assets where our exploration expertise will add value. Probe's vision to create a leading Canadian gold exploration and development company is supported by its strong balance sheet."
The West Porcupine Property covers a 10 kilometer long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp. Previous exploration work and drilling on the property has identified two distinctive zones of high-grade gold mineralization and several prospective gold targets that will be the focus of upcoming exploration programs.
A map is available at: http://www.probemetals.com/projects/west-porcupine.
Under the terms of the agreement, White Metal received a cash payment of $120,000 in exchange for 100% ownership of the Property. White Metal will maintain a 1-per-cent net-smelter-return royalty over the Property, which can be purchased by Probe, at any time, for $1-million.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Metals Inc., visit our website at www.probemetals.com.
About Probe Metals:
Probe Metals Inc. is a Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. As of December 31, 2015, Probe is well-positioned with approximately $18.3 million in treasury. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. on March 13, 2015. Goldcorp currently owns an 18% stake in the Company.
On behalf of Probe Metals Inc.,
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, 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.
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