Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

March 11, 2015 11:42 ET

Probe Mines Shareholders Approve Plan of Arrangement

TORONTO, ONTARIO--(Marketwired - March 11, 2015) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that the plan of arrangement between Goldcorp Inc. (TSX:G)(NYSE:GG) ("Goldcorp") and Probe (the "Arrangement") has been approved by the Probe shareholders at a special meeting held today.

The Arrangement was approved by Probe shareholders holding approximately 97.6% of the common shares voted at the shareholders' meeting. Details of the voting results will be filed on SEDAR (www.sedar.com).

David Palmer, President and Chief Executive Officer, commented: "We would like to thank our shareholders for their support on this transaction and for their continued backing over the past several years. Our shareholders have realized significant value for the Borden Gold Project and through their ownership in Goldcorp, will have continued exposure to its ongoing development. We also look forward to continuing our efforts to deliver value for our shareholders in Probe Metals Inc."

Pursuant to the Arrangement, for each Probe share that they hold Probe shareholders will receive 0.1755 of a common share of Goldcorp, $0.001 in cash and 0.3333 of a common share of Probe Metals Inc. a newly incorporated company. Completion of the Arrangement is subject to the completion of certain closing conditions, including the receipt of a final order of the Ontario Superior Court of Justice (Commercial List) which the Company will be seeking on March 12, 2015. The Arrangement is expected to close on March 13, 2015.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the 100%-owned Borden Gold project near Chapleau in Ontario, Canada. The Company owns a significant gold resource on its Borden Gold project and controls a large land package in the Borden Gold District representing 786-square-kilometres of exploration potential. The Company also has a 100% interest in the Black Creek chromite deposit located in Northern Ontario.

About Goldcorp:

Goldcorp is one of the world's fastest growing gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.

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 the completion of the acquisition of the Company by Goldcorp, 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 an inability to satisfy the conditions required to complete the acquisition of the Company by Goldcorp, 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: 91,000,560

Contact Information

  • Probe Mines Limited
    Karen Willoughby
    Director of Corporate Communications
    (866) 936-6766
    info@probemines.com

    Probe Mines Limited
    Patrick Langlois
    Vice President, Corporate Development
    (416) 777-6703
    patrick@probemines.com