Published: May 3, 2016 |

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Probe Metals Inc. has acquired the Ivanhoe property held by Larry Gervais and Glen Shalton and optioned by GTA Resources and Mining Inc. in April 2014.

The property represents a land package of approximately 130 square kilometers and is located proximal to, and along the same geological trend as, the company’s West Porcupine Project. This acquisition brings the total land package of West Porcupine to over 180 square kilometers, including the recently announced acquisitions of White Metals’ West Porcupine project and the Ross Property. Exploration programs are currently being planned that will encompass all of Probe’s property in the area.

“The acquisition of the Ivanhoe property represents a cost-effective addition to the West Porcupine project and brings with it a significant number of historical and new gold showings. Previous work by GTA has identified numerous drill-ready targets along an extensive gold-bearing structure interpreted to be the western extension of the Destor-Porcupine Fault Zone, which is responsible for most of the 70 million ounces of gold produced in Timmins. We are looking forward to commencing exploration on this very prospective land package,” said David Palmer, president and CEO of Probe Metals.

Under the terms of the agreement, Probe will make an aggregate payment of $234,000 and issue 350,000 common shares of Probe in consideration for the property and option interest. GTA will maintain a 1-percent net-smelter-return royalty over the property, which can be purchased by Probe, at any time, for $1 million. The vendors will maintain a 3-percent net-smelter-return royalty over the property, of which 2 percent can be purchased by Probe, at any time, for $2 million.

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. Probe was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13, 2015. Goldcorp currently owns a 17.7 percent stake in Probe.

To stop by Probe Metals’ website, CLICK HERE

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