Probe Metals Completes the Sale of the West Porcupine Property in Ontario
TSX VENTURE: PRB
TORONTO, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V:PRB) (OTCQB:PROBF) (“Probe” or the “Company”) is pleased to announce the completion of the previously announced sale of the West Porcupine property to GFG Resources Inc. (TSX-V:GFG) (“GFG”). Probe has sold a 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 share price (“VWAP”) ending December 7, 2017. The details of the transaction are described in the Company’s press release dated December 11, 2017.
Work is continuing on the Company’s 75,000 metre drill program at Val-d’Or East, with five rigs currently testing resource expansion potential, including follow-up drilling on the new discovery areas. An updated resource estimate, incorporating drill results from the current program, is planned for Q1-2018.
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 committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approx. 1,000-square-kilometres of exploration ground within some of the most prolific gold belts. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approx. 13.7 % stake in the Company.