Expert Comments:

The Gold Report Interview with Ryan Walker (5/3/13) "I like to look for projects that can get big and that have legs, scalability, development options and by-product credits, if possible. A good example and the one I am most excited about right now is Probe Mines Limited. The company's Borden Gold deposit in Ontario has had success pretty quickly. It was discovered in late 2010 and it is already up to 4–6 Moz gold, depending on the cutoff grade you apply. Some say these big, low-grade deposits are out of favor right now—that's quite true—but Probe has a couple of characteristics that help it stand out. The deposit has a higher-grade core that runs right down the middle. The bulk of the deposit is running at around 1 g/t gold. The higher-grade core is up around 1.6 g/t. That gives Probe a bit of flexibility to go after the higher-grade core first and then stockpile the lower-grade material for processing toward the end of the mine life.

The really exciting thing is that late last year, drilling to extend the deposit toward the southeast returned the type of hole I can't say I've seen in some time—51m of 10.3 g/t. And, that was NOT influenced by, say, a 1m section of 800 g/t—it wasn't a case of grade smearing. Probe more recently did some follow-up drilling and the first two holes—and mind you this is a 500m stepout from that initial hole—boom! Drill results came back just shy of 13m at 7.4 g/t and another at 10.2m of 12.5 g/t. Those are fantastic results! . .the deposit has 4–6 Moz, so you know it's a big plumbing system to be able to pile up that much gold. The bulk-tonnage target and high-grade core have shown good continuity. We're waiting on results from additional ice-based holes sunk this winter further southeast and they could be the game changers. It looks as if Probe has tapped into a high-grade feeder system toward the southeast. That changes the complexion of the story from bulk-tonnage and low-grade to high-grade, and, importantly, so far over some nice wide intervals. All that, and the company still has a large little-explored land package. Probe is worth a look. With $30M on the balance sheet, the company should at least be funded through the end of this year. No jeopardy of running dry on funds." More >

Kwong-Mun Achong Low, Jennings Capital (4/26/13) "Probe Mines Limited announced updated metallurgical results and a recovery curve for its Borden gold project in Ontario. . .recoveries appear to slightly exceed our expectations. We assume an average recovery of 85% for an average head grade of ~1 g/t, whereas the recovery curve outlined by the company infers approximately 87% at the same head grade. . .at higher gold grades, the recovery response approaches 90%. . .we believe other areas of this largely continuous orebody should see similar results. . .we reiterate our Buy rating and 12-month target of $4/share."

Matthew Zylstra, Euro Pacific Capital (4/26/13) "Probe Mines Limited released results from ongoing metallurgical test work. . .results were positive, showing that ore from areas where samples were taken are not refractory and had good recoveries. . .we maintain our Speculative Buy recommendation."

Ali Khan, Stonecap Securities (4/26/13) "Probe Mines Ltd. provided an update on its metallurgical program for its Borden gold project in Ontario. . .recoveries are at 87–88% for a head grade of 1 g/t gold and go as high as 90% for the higher-grade material. . .we view these results as positive. . .and we are maintaining our Outperform rating."

Ryan Walker, Casimir Capital (4/25/13) "Probe Mines Limited released positive results from metallurgical tests on three composite samples from the Borden gold project in Ontario. . .the latest results confirm earlier work, including that the material is not refractory and amenable to conventional processing. . .with continued success in delineating higher grades extending southeast of existing resources, [we contend] the company's shares will command a premium to peers, especially in the current gold price environment."

Probe Mines Limited Content

Borden Lake Sections Booklet (4/9/13)

Corporate Presentation (4/22/13)

Fact Sheet (3/1/13)

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