TORONTO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V:PRB) (OTCQB:PROBF)
(“Probe” or the “Company”) is pleased to announce that it has signed a purchase and sale
agreement with GFG Resources Inc. (TSX-V:GFG) (“GFG”) for the sale of the West Porcupine property (the
“Property”) located in Ontario, Canada. Probe has sold 100% interest in the Property to GFG in exchange for the
issuance of 6,477,883 common shares of GFG, representing a value of $3.5 million based on GFG’s 20-day volume weighted average
price.
"We have been successful in finding value in one of our non-core properties, while continuing to advance the
exploration and development of the Company's flagship Val-d’Or East Project in Quebec,” stated David Palmer, President and Chief
Executive Officer of Probe. “We are pleased with this transaction, which allows us to maintain exposure to a prospective land
package as well as in GFG’s other properties."
The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture
Exchange. All common shares of GFG received in connection with the sale will be subject to a hold period of four months and one day
from the date of issuance.
About Probe Metals:
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly
prospective gold properties. The Company is well-funded and controls a strategic land package of over 1,000-square-kilometres of
exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and
Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the
Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13,
2015. Goldcorp currently owns a 13.8% stake in the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-9470
Email: patrick@probemetals.com
Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
Email: kwilloughby@probemetals.com
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.
Shares Issued: 93,879,742
