Probe Metals Receives $4.0 million Goldex Royalty Payment5 hours ago by Marketwire

Probe Metals Inc. (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received a payment of $4.0 million from the sale of the 5% Net Smelter Royalty on a portion of the Goldex Mine (the "Royalty") to Agnico Eagle Mines Limited ("Agnico Eagle"). The payment increases Probe's cash position to over $19.0 million.

Pursuant to the arrangement agreement between Goldcorp Inc. and Probe Mines Limited completed March 13, 2015, the right to receive the final payment for the sale of the Royalty was transferred to Probe Metals Inc.

In November 2012, Probe Mines Limited sold the Royalty for total consideration of $18.0 million. Under the terms of the purchase agreement, Probe Mines Limited received a cash payment of $14.0 million from Agnico Eagle at closing. The final payment of $4.0 million was conditional on production under the Royalty exceeding 20,320 ounces of gold, which was achieved in 2014.

About Probe Metals:

Probe Metals Inc., a Canadian precious metal exploration company, was formed following the acquisition of Probe Mines by Goldcorp pursuant to the Arrangement, which retains approximately 18.3% in the Company. With a strong treasury, the Company is focused on executing a business model inspired by its award-winning predecessor Probe Mines, namely the acquisition and growth of quality projects through effective exploration and development. Probe Metals' portfolio of properties currently includes a 100% interest in the Black Creek chromite deposit located in the Ring of Fire in Northern Ontario.

On behalf of Probe Metals Inc.,

Dr. David Palmer, President & Chief Executive Officer