Probe Metals Inc.
TSX VENTURE : PRB

Probe Metals Inc.

February 29, 2016 06:00 ET

Probe Metals Expands Land Package in the West Timmins Area, Ontario

TORONTO, ONTARIO--(Marketwired - Feb. 29, 2016) - Probe Metals Inc. (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that the Company has acquired a 100% undivided interest in the Ross Property comprising 14 mining claims or 108 claim units originally staked by the late George Ross, a well-known and respected Timmins prospector, and now held by family and friends (the "Vendors"). The 17 square kilometre property represents the northern extension to the newly acquired West Porcupine property. The consolidated land package now stands at 47 square kilometres and lies between Goldcorp's Borden Gold project and the prolific Timmins Gold Camp in Ontario.

David Palmer, President and CEO of Probe stated: "We are very pleased to add on to our highly prospective West Porcupine project with the acquisition of Mr. Ross's claims to the north. I had the good fortune to meet George in Timmins during the early days of Probe Metals' predecessor, Probe Mines, and was always struck by his knowledge and his ability to acquire geologically interesting properties. The Ross property is one of the best examples of his knowledge and skill and we are looking forward to advancing the work that George started. The acquisition increases our contiguous land package in an under-explored area along the interpreted western extension of one of Ontario's most productive gold camps".

A map is available at: http://www.probemetals.com/projects/west-porcupine.

Probe's West Porcupine Project 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. The Project is located approximately 50 kilometres southwest of Timmins, Ontario. 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.

Under the terms of the agreement, the Vendors received a cash payment of $60,000 in exchange for 100% ownership of the Property. The Vendors will maintain a 2-per-cent net-smelter-return royalty, which can be purchased by Probe, at any time, for $3-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.

Shares Issued: 34,914,205

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