Drill Results Continue to Prove up Deposit:

Probe released assay results from 37 holes from its ongoing exploration program at the Borden Lake deposit.

• Step-outs indicate mineralization extends at depth.

16 step-out holes were drilled at depth including Drill Hole BL12-193, which intersected 1.1 g/t Au over 82m (starting 311m down-hole) and Drill Hole BL12-186, which intersected 0.6 g/t Au over 70m (starting 326m down-hole), including 17m at 1.4 g/t Au;

• In-fill drilling highlights.19 holes were released from Probe’s in-fill drilling program including Drill Hole BL12-178, which intersected 1.0g/t Au over 65m starting just 4m down-hole and Drill Hole BL12-179, which intersected 1.0 g/t Au over 72m, also starting 4m down-hole; one in-fill drill hole targeted mineralization at depth and intersected 0.5 g/t Au over 15m, 0.5 g/t Au over an additional 47m and 1.1 g/t Au over 3.5m;

Upcoming catalysts. Four drill rigs are currently turning on the property with 75,000m of drilling planned for 2012. One drill is testing further depth extensions at more than 500m; the second drill rig is exploring for satellite gold zones on the hanging wall of the main zone; the third drill rig is exploring for mineralization at the southeastern end and the fourth drill rig is drilling the ‘Fold Nose’ area. We also expect a major de-risking catalyst in the form of a scoping study on the Borden Lake deposit in H2/12.

Valuation

We continue to rate Probe as Outperform with a $3.00 target price. Our net asset valuation shows that Probe is trading at a 61% discount to our net asset valuation of $3.02 per share.

Conclusion

The latest set of drill results indicate that the mineralization extends to depth and shows potential for the constrained pit in subsequent resource updates to be deeper and capture more of the mineralization. We continue to see value in owning this name based on its attractive valuation and exploration upside.