The Gold Report

The Gold Report Interview with Rob Fuhrman (11/4/13) "Probe Mines Limited is in Ontario and scores a 78. It has had a great run since we scored it months ago. The resource seems to be getting better as the company keeps drilling. It has about 4 Moz right now. Economics will be the next big hurdle for Probe. We'll look to its PEA to evaluate how robust its economics are for the near future." More >

The Gold Report Interview with Kerry Smith (10/23/13) "Probe Mines Ltd.'s focus is on expanding the high-grade core of the Borden deposit, which it is drilling now. The PEA probably won't be available until H1/14. It's going to be a PEA on an underground operation, not an open pit. . .the advantage that CEO David Palmer has with the Borden project is its high-grade core, which is pretty continuous and well defined. It's going to be an underground operation, which would be significantly smaller than an open pit, so the capex will be lower. The grade Probe is targeting will be in the 5–6 g/t range. If it can come up to 1.5–2 Moz, 5–6 g/t material that it can mine underground, it would be a lot more interesting.

"That's part of the reason that Agnico-Eagle Mines has come into the story. Agnico is now a strategic shareholder of this company. Agnico's primary interest is in the belt because this is a new discovery in a part of Ontario that historically hadn't been well explored for gold. Agnico knows how to mine 5–6 g/t gold deposits in Ontario underground because it has mined them for the last 40 years. If Probe can't develop a large, open-pit milling operation at 1–1.25 g/t, there is an opportunity here for Agnico. There's optionality that it could also mine a higher-grade underground deposit. That kind of expertise is pretty well established within Agnico-Eagle. . .Probe has about $36M today, so it is well funded. Its 12-month budget for 2014 is in the range of $12–15M. It still has at least two years of cash. There are not too many junior companies that can say that." More >

The Mining Report Interview with John Kaiser (10/22/13) "I like the strategy of a discovery within a discovery that could completely eclipse the original low-grade resource. Looking for higher-grade zones within the system is a way a gold junior can revitalize an existing deposit that doesn't work at current low metal prices. One of the companies that I'm very enthusiastic about that's doing just that is Probe Mines Limited. It made a grassroots discovery several years ago, which was one of these 4 or 5 Moz deposits of 1 g/t. Unfortunately, that deposit is not very valuable at $1,200–1,300/oz gold. However, the company continued to explore this system and found a higher-grade zone. We're talking about 5 to 10 g/t. The zone so far is very continuous. Probe has also just finished some infill drilling and one step-out hole on the high-grade zone. We will get a resource estimate in early 2014. I'm estimating we will see ~1–1.5 Moz of about 5 g/t gold. This finding is a surprise that has the company and many investors wondering, are we dealing with something a lot bigger? That's the kind of blue sky that you want exposure to in this sort of market that we have now." More >

Tyron Breytenbach, Cormark Securities (10/16/13) "Probe Mines Limited is in the fortunate position of being able to continue the delineation and growth of the high grade zone toward the southeastern end of the Borden deposit strike due to its large cash reserve ($39M). . .we retain Top Pick Rating and $3.30 target price. . .the asset continues to offer investors exploration upside in addition to a viable development opportunity in a safe jurisdiction."

Ali Khan, Stonecap Securities (10/16/13) "Probe Mines Ltd. released assay results for an additional 53 drill holes for its Borden Gold project in Ontario. . .drilling has now successfully expanded the HGZ an additional 100m to the southeast. . .infill drilling continues to show significant high-grade intercepts, including 12m averaging 10.9 g/t gold (Section 1750m SE). . .we like these results as the company continues to demonstrate the exploration upside at Borden Gold. . .we are maintaining our Outperform rating."

John Hayes, BMO Capital Markets (10/15/13) "Probe Mines Limited released a total of 75 intercepts from 47 holes from the company's Borden Gold project. Infill drilling in the high-grade zone returned several notable intercepts: 12.4m averaging 10.9 g/t gold and 31.3m averaging 4.0 g/t gold (including 23.2m averaging 5.5 g/t gold). . .the detailed infill drilling in the discovery section area is likely in support of the upcoming resource estimate, which the company indicated could be completed in Q1/14."

Marc Pais, MGI Securities (10/15/13) "Probe Mines Ltd. announced results of drilling at its Borden Lake project near Chapleau, Ontario. A 100m southeast step-out hole from the previously announced high-grade discovery returned an intercept of 24.2m of 4.1 g/t Au (Section 2000m SE), from a depth of 522m. . .the high-grade holes announced today confirm the high-grade extension holes released in June and August of this year, and also suggest the potential for a high-grade underground resource in the southeast that extends at depth for considerable strike length."

Pierre Vaillancourt, Macquarie Capital Markets (10/15/13) "Probe Mines Ltd. reported further assays from the ongoing drill program at its Borden gold project near Chapleau, Ontario. Results for 53 diamond drill holes were successful in expanding and confirming the continuity of the gold mineralization between Sections 1550m SE and 2000m SE, as well as adding higher grade to the bulk tonnage resource. Results from 33 infill drill holes in the high-grade gold zone (HGZ) returned more intersections of gold mineralization, including results from Section 2000m SE, expanding the HGZ an additional 100m to the southeast. . .the current drilling continues to define the HGZ, confirming its lateral continuity and strike extension, and displaying its potential as a possible underground resource. The mineralization remains open along strike."

The Gold Report Interview with Tom Szabo (10/14/13) "Probe Mines Limited in Ontario previously focused on chromite in the 'Ring of Fire' area before switching its focus. I guess you could say that the company saw the writing on the wall, unlike some other unnamed parties. Probe's Borden Lake gold project is an example of potentially peerless. It is encountering higher grades and very distinct structures as it steps out drilling to the southeast. There's an opportunity to look at this project as several different phases. It already has a several-million-ounce resource potentially open pittable that's decent grade and now also has the potential for underground bulk mining that could make initial development easier because the project is next to a lake. . .I wouldn't be buying Probe Mines because I think it's going to be a great mine. I would buy it for the optionality and potential. It can still reach the next stage without having to solve issues that are important to local stakeholders. At the current stage, there's just so much prospective upside from the discovery itself. As an explorer, I consider it a potentially peerless company." More >

Michael Gray, Macquarie Capital Markets (10/4/13) "High grade/high margin was a key theme—no surprise here with a focus on smaller, high-IRR deposits that have easier permitting runways and low capex requirements. Selected companies that stood out with such development projects included Probe Mines Limited. . .our broad takeaway [from the Precious Metals Summit in Beaver Creek] is that North American projects are likely easier to fund in this lower gold price environment. Among our junior companies under coverage, [Probe is] among the companies that meet our safe jurisdiction definition." More >

BNN Interview with John Kaiser (9/12/13) "There is a chance Probe Mines Limited could develop a 'new mining district' outcome where the company could end up controlling 10–20 Moz in the form of medium-grade gold deposits, which would make the stock far more valuable than the $4–5 target one could hope for, based on a positive preliminary economic assessment for the Borden deposit alone at gold prices below US$1,600/oz."

Haywood Securities (9/11/13) "Probe Mines Ltd. is advancing its Borden gold project, a 4.3 Moz gold discovery hosting near-surface mineralization amenable to open-pit mining in the low political-risk jurisdiction of northwestern Ontario. . .stepout drilling this year has extended high-grade mineralization by 700m to the southeast, and mineralization still remains open in both directions along strike. Recent high-grade results southeast of the current resource include 14.3m grading 11.1 g/t gold and 11.6m averaging 15.1 g/t gold. An updated resource is anticipated by the end of 2013 and a preliminary environmental assessment is targeted in H1/14."

The Gold Report Interview with Barry Allan (9/4/13) "We've been involved with Probe Mines Limited for some time. What started off as something that looked like a better-quality 1 g/t bulk mining, open-pit deposit has morphed into what is likely to become a high-grade underground mine that will grade somewhere between 6 and 15 g/t. As subsequent drill results have confirmed, there is a very high-quality component to the resource—better than 10 g/t—that allows Probe the flexibility of investigating a smaller-scale, higher-grade development scenario. It would have a smaller footprint and a more affordable up-front capital cost. And interestingly, mineralization remains open. It has been one of the better gold discoveries in years." More >

Pierre Vaillancourt, Macquarie Capital Markets (8/21/13) "Probe Mines Limited announced further assay results from its ongoing drill program at the Borden gold project. Results from 10 infill holes in the high-grade zone included significant intersections of strong mineralization, including 11.1 g/t over 14.3m on Section 1500m SE, and 5.1 g/t over 14.3m on Section 1600m SE. . .we continue to like the stock for the exploration upside and increasingly for the open-pit and underground development potential."

Ali Khan, Stonecap Securities (8/21/13) "We reiterate our Outperform rating on Probe Mines Limited based on the resource expansion potential at the Borden gold project with drilling to date showing encouraging results and adding an additional 950m of high-grade mineralization along strike to the deposit. We continue to favor the company for its cash-rich treasury, major catalyst underway in the form of a resource update expected in Q4/13 and an asset located in the premium jurisdiction of Ontario."

John Hayes, BMO Capital Markets (8/21/13) "Probe Mines Limited released a total of 35 intercepts from 27 holes from the company's Borden gold project. . .the high-grade zone has been extended 950m in strike length with the depths of the mineralized zones between about 280m and 440m vertical depth. Overall, the infill results returned a weighted-average grade of 3.12 g/t gold over an average intercept of 17.2m."

Barry Allan, Mackie Research Capital (8/19/13) "Probe Mines Limited's latest batch of drilling results from the Borden gold project further increases confidence in the existing resource, as well as continues to show increased potential for establishing a high-grade underground component. . .we continue to believe the company has successfully defined a resource that will become a mine and is onto something new. We maintain our Buy recommendation."

Tyron Breytenbach, Cormark Securities (8/15/13) "Probe Mines Limited is advancing its large 5.9 Moz Borden gold asset discovered in 2010. . .we believe Borden to be one of the more buildable projects still owned by a junior in a secure Canadian jurisdiction. . .drilling continues to support the delineation of a new high-grade system. . .we continue to believe that Probe is one of the more compelling juniors. The well-located, grade-flexible open-pit deposit backstops our valuation, while the deep discovery offers continued exploration upside and a potential grade uptick; Probe is well insulated from the current turbulent junior equity market with $45M cash + $4M from the remaining Goldex payments."

Pierre Vaillancourt, Macquarie Capital Markets (8/15/13) "Probe Mines Limited continues to develop the high-grade zone to the southeast, which we expect will complement the existing low-grade resource of 4.3 Moz grading 1.07 g/t, combining for a positive open-pit plus underground PEA. As well, Probe has a strong cash balance that will allow it to pursue its development plans; we expect it to end the year with approximately $30M."

John Hayes, BMO Capital Markets (8/14/13) "Exploration drilling at Probe Mines Limited's high-grade zone (HGZ) at the Borden gold project returned two significant intercepts: 47m averaging 6.8 g/t gold (including 8m averaging 32.7 g/t gold) and 19.4m averaging 5.2 g/t gold (including 10.3m averaging 8.3 g/t gold). The HGZ has been extended 200m and is now 950m in strike length."

Ali Khan, Stonecap Securities (8/14/13) "Probe Mines Limited released assay results from 26 diamond-drill holes from its drilling campaign at its Borden gold project located in Ontario. . .higher-grade mineralization continues an additional 250m northwest. . .we continue to like Probe for its cash-rich treasury ($32M in cash, January 2013, plus $15M bought deal), its major catalyst underway in the form of a resource update expected in Q3/13 and an asset located in the premium jurisdiction of Ontario, which has been a hub of acquisition activity; we reiterate our Outperform rating."

The Gold Report Interview with John Kaiser (7/8/13) "Probe Mines Limited is a junior with a new, low-grade gold system discovery in an Ontario greenstone belt where no significant gold had ever been discovered and mined. The company did not publish an expected PEA in Q1/13 based on its 4 Moz 1 gram/tonne gold. Instead, its drilling last December discovered a new aspect to the existing gold zone. This opened up the potential for underground gold mining at a higher grade and may indicate that the low-grade gold system is part of something much bigger and richer. Probe gives you a dual hedge. If gold turns around, the low-grade, open-pittable resource becomes very valuable again. Or if we have a brand-new discovery play on our hands, nobody will care about the gold price because the grade will work at even lower gold prices. . .[I expect a PEA] at the end of 2013, with a resource estimate issued in September 2013. Probe Mines is closing some property agreements to consolidate ownership of the land position. The stock is in a holding pattern. Once these loose ends are tied up, the stock will stand out. . .when a takeover bid becomes justifiable, Agnico-Eagle would have a head start on any competitors, but it would still be an auction among any interested producers. Incidentally, Probe Mines has $39M in working capital." More >

Dan Hrushewsky, Jennings Capital (7/2/13) "At the higher end of the relative price-to-NAV valuation spectrum in the 0.6x range, we are not surprised to see Probe Mines Limited, given the implied takeover premium. . .companies with higher-margin (lower-cost) projects have the greatest resilience to lower gold prices. We highlight Probe as a standout in this category."

Barry Allan, Mackie Research Capital (6/20/13) "Higher grades continue to emerge at depth: Probe Mines Limited has released results from a total of 25 drill holes completed on the Borden gold project. . .of the stepout holes completed on the higher grade extension, assays averaged ~10 g/t over an average width of 9m, starting at 378m below surface, and adding over 200m in strike length (~500m from the original discovery hole). Results included 6.4 g/t over 27.1m and 5 g/t over 39m, including 15.7 g/t over 6.9m. . .exploration of the higher-grade zone represents a major new source of upside."

Ali Khan, Stonecap Securities (6/19/13) "Probe Mines Limited's High Grade zone at its Borden gold project continues to expand with the deposit remaining open toward the southeast. We continue to like the company for its cash-rich treasury (~$32M as of Jan. 31 and a recently completed $15M private placement), major catalysts underway in the form of a resource update expected in Q3/13 and with the deposit itself being located in the premium jurisdiction of Ontario. . .we are maintaining our Outperform rating."

Pierre Vaillancourt, Macquarie Capital Markets (6/19/13) "Probe Mines Limited reported on results from another 25 drill holes at its Borden gold project. . .Probe has made good progress in developing the high-grade zone to the southeast, which we expect will complement the existing low-grade resource of 4.3m oz grading 1.07g/t, combining for a positive open-pit and underground PEA. Unlike many junior explorer-developers, Probe has a strong cash position that will allow it to aggressively pursue its development plans—we expect the company to end the year with $30M in the bank."

Matthew Zylstra, Euro Pacific Capital (6/18/13) "Drilling at Probe Mines Limited's Borden gold deposit confirms the continuation of the high-grade zone, which has now been identified over a strike length of 700m and is open to the southeast. . .results from both infill and stepout holes have exceeded our expectations again. . .they indicate the Borden gold resource will grow in excess of 2 Moz on top of the 5.9 Moz already defined."

Haywood Securities (6/18/13) "Probe Mines Limited is advancing its Borden Lake gold project, a 4.3 Moz gold discovery hosting near-surface mineralization amenable to open-pit mining in the low political risk jurisdiction of northwestern Ontario. . .the deposit has a higher grade core, which is near surface and would be critical to future development of the project. . .we believe Agnico-Eagle Mines Ltd. is interested in the district-scale potential of this discovery and the potential for a higher grade starter pit. . .the company is working toward optimizing a metallurgical flowsheet that will be included in the PEA due in Q2/13."

Kwong-Mun Achong Low, Jennings Capital (6/18/13) "Probe Mines Ltd. released an additional 25 drill holes from its Borden Gold project; the high-grade zone was extended 200m farther to the SE with intercepts of 27.1m of 6.4 g/t gold (including 9.2m of 11.1 g/t gold) and 39m of 5 g/t gold (including 13m of 11.2 g/t gold). . .the high-grade zone is showing remarkable continuity and predictability. . .we view the company as one of the last remaining significant explorers/developers in a safe jurisdiction. . .it could be on a short list of takeover candidates."

John Hayes, BMO Capital Markets (6/18/13) "Probe Mines Limited released a total of 37 intercepts from 25 holes drilled at the company's Borden gold project; exploration drilling in the high-grade zone returned two significant intercepts from a 200m stepout, 27.1m averaging 6.4 g/t gold (including 9.2m averaging 11.1 g/t gold) and 39m averaging 5 g/t gold (including 13m averaging 11.2 g/t gold). The high-grade zone remains open along strike and plunges to the southeast down to about 450m depth. . .Probe noted that the deposit is now being considered a typical Archean lode gold deposit."

Ryan Walker, Casimir Capital (6/18/13) "Probe Mines Limited has released assay results from eight holes on the southeast high-grade zone at the Borden gold project. . .we continue to be impressed with the grade and continuity of the high-grade zone. . .to date, the higher-grade intervals reported from the zone yield a weighted average grade of 8.75 g/t over an average width of 11m. . .in all, the Borden gold system stretches more than 3 km, and remains open in both directions of strike."

Ali Khan, Stonecap Securities (5/29/13) "With the financing successfully completed in difficult markets, Probe Mines Limited continues to outshine peers in terms of asset quality in the form of the Borden gold project. The company is well financed to continue further derisking the project and gets a vote of confidence by an intermediate producer (Agnico-Eagle Mines Ltd.) in the form of a strategic investment; we reiterate our Outperform rating and $3.50 price target."

Tyron Breytenbach, Cormark Securities (5/29/13) "We view Probe Mines Ltd.'s Borden as one of the more buildable projects still owned by a junior in a secure Canadian jurisdiction; based on its current burn rate, Probe is financed to complete exploration and engineering to beyond 2015. . .we continue to believe that the company is one of the more compelling juniors. The well-located, grade-flexible open-pit deposit backstops our valuation, while the deep discovery offers continued exploration upside and a potential grade uptick. Probe is well insulated from the current turbulent junior equity market and is well positioned for a rebound in investor sentiment."

Kwong-Mun Achong Low, Jennings Capital (5/29/13) "Probe Mines Ltd. announced the closing of its bought deal private placement for net proceeds of $14.4M of flow-through units. Agnico-Eagle Mines Ltd. was the back-end investor of the charitable flow-through and now owns 9.97% of the non-diluted shares of the company. Interest in Probe's Borden gold project comes as no surprise to us, given its safe jurisdiction, exploration blue-sky potential and out-forecasted sizeable production potential; we estimate Probe to have an enviable treasury of $42M at the end of May, assuming a burn rate of $1.2M per month. Borden remains a robust project."

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 >

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."

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."

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."

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."

Pierre Vaillancourt, Macquarie Capital Markets (4/12/13) "Probe Mines Limited received further assays from the drilling program at its Borden gold project. . .highlights of the drilling included 4.6 g/t over 25m at the southeast end of the deposit, 2 g/t over 20m on the northwest extension,and infill drilling of 11.9 g/t over 25m in the 'high-grade' zone. . .the scope of the Borden gold project is growing as the drilling progresses. . .we believe this potential will ultimately add value to the deposit and to the stock. . .we reiterate our Outperform rating."

Barry Allan, Mackie Research Capital (4/10/13) "Probe Mines Limited released assays from an additional 19 holes completed as part of its ongoing drill program at its Borden gold project. . .a high-grade component within the resource is showing continuity and potentially over a large additional strike length beyond the existing mineralized envelope. . .we continue to believe the company has successfully defined a resource that will become a mine, and is onto something new. We remain a Buy."

John Hayes, BMO Capital Markets (4/9/13) "Probe Mines Limited released a total of 26 intercepts from 25 holes drilled at the company's Borden Gold project. Importantly, it reported two significant intercepts: 44m averaging 2.9 g/t and 10.2m averaging 12.5 g/t from 500m southeast stepout holes, from the previous high-grade zone discovery. . .results suggest high-grade resources extend for a considerable distance along strike and dip extent. . .management noted the project now has potential for an underground component."

Ryan Walker, Casimir Capital (4/9/13) "Two recent holes drilled by Probe Mines Limited at its Borden gold project suggest continuity of the high-grade mineralization toward the southeast. . .meanwhile, infill drilling on the main deposit continues to confirm overall deposit (and higher-grade core) continuity and improved grades. . .we maintain our Speculative Buy rating. . .the latest results demonstrate the immediate and wider-scale exploration potential at the project. . .the shares should command a premium to its peers especially since the company continues to delineate higher-grade materials, helping it stand out from its peers."

Kwong-Mun Achong Low, Jennings Capital (4/9/13) "Gutsy stepout drilling hit high grades at Probe Mines Limited's Borden Gold project in Ontario. . .two holes in the 500m stepout averaged 17.6m of 6.9 g/t gold. . .we believe this high-grade zone could contain close to 1Moz. . .given the exploration potential above and beyond the already defined robust deposit, we suggest that the company should trade at a premium valuation to its peers."

The Gold Report Interview with Kwong-Mun Achong Low (3/8/13) "For example, Probe Mines Limited should be coming out with a PEA in the next few months. I am assuming a $450M capex and, depending on if some warrants come in over the next few months, it could have as much as $50M in cash with some assets that still could be monetized, such as the chromite asset in the James Bay area. It could also raise some debt, which would give it a fair chance of getting to production on its own accord, in our view.". . .the deposit comes to surface, which benefits open-pit mining, and there have not been any red flags from the preliminary metallurgical studies . The resource is substantial: Apart from the 4.3 Moz deposit at about 1 g/t grade, Probe has a higher-grade core that could be more economically robust. It has 2.3 Moz gold at 1.7 g/t. An open pit with those grades means it may not cost as much to reach a certain level of production because the mill doesn't have to be as big to get there. For the first five years of production, I'm assuming it can get 250 Koz gold at cash costs of $500/oz with start-up in 2017." More >

Ali Khan, Stonecap Securities (2/22/13) "Probe Mines Limited's drilling results continue to highlight the higher-grade portion of the deposit to the southeast. The company remains well funded to pursue its exploration plans, and a major catalyst in the form of a PEA is expected this quarter, which is expected to further derisk the Borden gold project; we are maintaining our Outperform rating."

Tyron Breytenbach, Cormark Securities (2/22/13) "When considering strip ratio along with grade and size of the resources, Probe Mines Limited's Borden ranks high among the higher-quality projects. . .we reiterate our Top Pick recommendation. . .Borden remains one of a very small group of large and advanced (85% Indicated) resources located with excellent access to infrastructure along with a predictable and reliable higher-grade core."

Barry Allan, Mackie Research Capital (2/22/13) "Probe Mines Limited has released assays from an additional 52 holes completed as part of its ongoing drill program at its Borden gold project. . .important is a higher-grade core of 1.66 g/t containing 2.34 Moz, which materially enhances the overall economic potential of exploitation. . .we remain a Buy."

John Hayes, BMO Capital Markets (2/21/13) "Probe Mines Limited released a total of 72 intercepts from 52 holes drilled at the company's Borden gold project. . .the company reported two significant intercepts, 26.7m averaging 3.2 g/t Au (including 12.6m averaging 5.9 g/t) and 42.9m averaging 3.4 g/t (including 31m averaging 4.3 g/t). . .the project now has growing potential for an underground component. . .using spot prices, the company's shares are trading at a 33% discount to our NAV estimate, below the emerging producers in our coverage universe."

Kwong-Mun Achong Low, Jennings Capital (2/21/13) "Probe Mines Limited announced an additional 52 holes at its Borden gold project, Ontario with good follow up on the previous high-grade hit and drilling 50m away returning 36.5m of 4.5 g/t gold and 12.6m of 5.9 g/t gold. . .this potential u/g accessible mineralization is showing good continuity and is starting to build tonnage. . .the stock remains cheap versus its peers, trading at an EV/oz of $16 vs. $20. . .we reiterate our Buy rating and 12-month target of $4/share."

Pierre Vaillancourt, Macquarie Capital Markets (2/14/13) "We are initiating coverage of Probe Mines Limited with an Outperform rating and a $3.50 target price. . .Borden has been interpreted as a copper-deficient porphyry system, but recent work indicates the deposit also has Archean lode gold characteristics with potential for higher grade mineralization. . .it has an Indicated resource of 3.7 Moz, with potential to go higher. . .the Borden gold project is an attractive low-grade deposit that we believe could develop into an operating mine. The resource, metallurgy and mineralization, as well as proximity to infrastructure, make for a strong development opportunity, which could also become a takeover candidate."

Morning Coffee (1/16/13) "Probe Mines Limited announced an updated mineral resource estimate for its Borden gold deposit. The new report estimates that the Borden gold zone contains a pit-constrained Indicated resource of 3,686,000 oz gold averaging 1.02 g/t gold and an additional Inferred resource of 625,000 oz gold averaging 1.08 g/t gold, at a 0.5 g/t gold cutoff grade; this represents an overall increase of approximately 26% from the previous report."

Kwong-Mun Achong Low, Jennings Capital (1/16/13) "Probe Mines Limited announced a 10% increase in its Borden Lake resource to 4.31 Moz (all categories, pit-constrained, 0.5 g/t cut-off), along with a 12% increase in grade to 1.02 g/t gold. . .the stock remains cheap versus its peers, trading at an EV/oz of $24 vs. $32, the median average of select open-pit deposits in Ontario and Quebec. . .we expect investors and potential acquirers to take note of this most recent resource update due to the significant higher-grade, open-pittable deposit located in one of the best mining jurisdictions. . .we reiterate our Buy rating and increase our 12-month target to $4/share."

Tyron Breytenbach, Cormark Securities (1/16/13) "Probe Mines Limited updated its resource estimate at Borden Lake, incorporating another 12 months of drilling. . .in-pit higher grade resources have increased in size (+13%), grade (+12%) and quality (85% Indicated). . .the company should trade closer to the average given the grade rerating, favorable jurisdiction and the large Indicated component to the ounces."

Ali Khan, Stonecap Securities (1/16/13) "Probe Mines Limited released an updated resource estimate on its flagship Borden gold project. . .we feel that the increased size of both the constrained in-pit resource and the high-grade zone bodes well for the upcoming economics of the PEA and increases the appeal of the Borden gold project. . .we reiterate our Outperform rating."

(1/15/13) "Probe Mines Ltd. is advancing its Borden gold project, a multimillion-ounce gold discovery hosting near-surface mineralization. . .the results from drilling will be included in an updated resource anticipated in mid-January 2013. . .the 2013 exploration program will focus on improving the understanding of the deposit and the exploration targets identified during the 2012 program."

John Hayes, BMO Capital Markets (1/15/13) "Probe Mines Limited's Borden Lake resource estimate showed total global in-pit resources of 131 Mt grading 1.02 g/t gold (4.3 Moz) using a cutoff grade of 0.5 g/t gold, growing 10% in ounces and 12% in grade over the previous estimate. This included Indicated resources of 113 Mt grading 1.02 g/t gold (3.7 Moz), with the remainder classified as Inferred."

Mansur Khan, Stonecap Securities (1/9/13) "Probe Mines Limited released assay results for 17 drill holes from its flagship Borden gold project in Ontario. . .four drill holes were released from the expansion drilling at depth that continued to show higher-than-resource grade toward the south-east portion of the deposit. These include intercepts of 5.3m grading 6.4 g/t gold and 41m grading 1.1 g/t gold. . .we are maintaining our Outperform rating and continue to believe that Probe is trading at a compelling valuation."

Kwong-Mun Achong Low, Jennings Capital (1/9/13) "Probe Mines Limited has now released all 313 holes that will be included in the updated resource due next week. . .overall, we are impressed with the many facets of the company as it advances the robust Borden Lake deposit toward its initial PEA and continues to explore the high-grade potential at depth as well as regional targets. . .we reiterate our Buy rating and 12-month target of $3.75/share."

John Hayes, BMO Capital Markets (1/8/13) "Probe Mines Limited released 17 holes from the Borden Lake project. . .overall, the drilling, excluding holes with no significant results, had a weighted average intercept of 17.8m at a weighted average grade of about 1.07 g/t gold. Grade appears to be higher but at a lower intercept thickness than the overall weighted average thickness of about 28m and weighted average grade of 0.84 g/t. . .the deep extension drilling also continued to intercept higher-grade material than the average, as nine intercepts from four holes averaged 1.4 g/t over about 13m."

Ali Khan, Stonecap Securities (12/19/12) "The final set of good assay results before the resource estimate for Probe Mines Limited's Borden Lake project has now been received. We expect to see a metallurgical report by year-end, followed by a resource update in early January, which will form the basis of a PEA expected in Q1/13; we are maintaining our Outperform rating and $3.65 price target."

Pope & Company Morning Notes (12/18/12) "Probe Mines Limited has received further assays from its ongoing drilling program at the Borden Lake gold project near Chapleau, Ontario: Results for diamond drill holes BL12-272 to BL12-296 were received and continue to expand the Borden Lake gold zone to depth, identify new mineralization to the hanging wall side (northeast) of the main zone and confirming the main zone through infill drilling. These results continue to show improvement in the Borden Lake deposit outside the area of the recently announced high-grade mineralization, particularly with respect to the higher-grade core."

Barry Allan, Mackie Research Capital (12/13/12) "Probe Mines Limited released assays from 25 holes at its Borden Lake project. . .the most interesting of these results was hole BL12-256, which returned 10.3 g/t Au over 51m, including 17.8 g/t Au over 25m—the highest grades returned to date, which suggests that gold grades continue to improve at depth and towards the southeast extend of the resource envelope. . .we have left our Buy rating unchanged."

Ali Khan, Stonecap Securities (12/13/12) "Probe Mines Limited released assay results from its ongoing drilling program at its Borden Lake project. . .the highlights include drilling at depth resulting in the best interval to date with a 51m wide zone averaging 10.3 g/t Au, including 25m at 17.8 g/t Au in drill hole BL 12-356. . .the expansion of the high-grade ore at Borden Lake could potentially improve the overall project economics. . .we are maintaining our Outperform rating."

Kwong-Mun Achong Low, Jennings Capital (12/12/12) "Probe Mines Limited announced its best hole to date at Borden Lake, hole BL-1256, assaying 51m of 10.3 g/t Au. . .hole 256 was drilled to the southeast of the discovery hole, extending mineralization to depth and opening the possibility of finding similar grades as stepout drilling is completed. . .we view this high-grade hit as adding another dimension to Borden Lake exploration potential beyond the low-grade bulk tonnage model. . .we reiterate our Buy rating."

Tyron Breytenbach, Cormark Securities (12/12/12) "Earlier this week we had the opportunity to visit Probe Mining Limited's flagship Borden Lake asset. Key takeaways were the uncomplicated, continuous grade distribution and superb location that is close enough to Chapleau to access key infrastructure (power/hydro/labor), without being too close to negatively affect permitting. . .we reiterate Probe as being our favored name in the junior gold space."

John Hayes, BMO Capital Markets (12/12/12) "High-grade potential opens at depth at Borden Lake: Probe Mines Limited released 25 holes from the Borden Lake project including 6 stepout holes, 14 holes testing hanging-wall zones to the main mineralization and 5 infill drill holes. . .included in the results is a single high-grade intercept of 10.3 g/t gold over 51m."

Ryan Walker, Casimir Capital (11/27/12) "We are initiating coverage on Probe Mines Limited with a Speculative Buy recommendation and a price target of CA$3.75/share. We contend that the company's shares provide investors with exposure to a large and growing gold resource in geopolitically stable Ontario, Canada. . .the Borden Lake gold deposit has quickly grown to host a global resource of 5.85 Moz; importantly, the resource includes a shallow, pit-constrained higher-grade core totaling 1.8 Moz. . .On the exploration front, existing resources remain open in all directions."

Ali Khan, Stonecap Securities (11/26/12) "Probe Mines Limited announced that it has sold its net smelter royalty on a portion of the Goldex mine to the operator, Agnico-Eagle Mines Ltd. . .we view the successful divesture of the Goldex royalty as positive as it provides Probe with nondilutive funds to aggressively advance the Borden Lake project. We are maintaining our Outperform rating, with our target price increasing to $3.65 from $3.50 based on the expected cash from the Goldex royalty sale."

Tyron Breytenbach, Cormark Securities (11/26/12) "Probe Mines Limited has taken advantage of a rising gold price to monetize its 5% royalty on a portion of Agnico Eagle Mines Ltd.'s Goldex mine. . .with large exploration upside at Goldex, the transaction premium makes sense for both parties. . .we maintain our $3.15 target and our Top Pick rating."

Morning Coffee (11/26/12) "Probe Mines Limited announced today that is was selling its 5% net smelter royalty on a portion of the Goldex mine to Agnico-Eagle Mines Ltd. for $18M. . .the company will receive $14M in cash along with another $4M in cash or Agnico-Eagle Mines stock should the Goldex mine achieve certain production targets."

Barry Allan, Mackie Research Capital (11/26/12) "Probe Mines Limited announced that it has sold its 5% net smelter royalty on a portion of the Goldex deposit, including 100% of the M zone, to Agnico Eagle Mines Ltd. for total consideration of up to $18M. . .given the $14M initial payment, Probe's current cash balance should now total ~$41M, allowing for the company to remain well-funded through the 2013 exploration program and potentially well into 2014."

Matthew Zylstra, Northern Securities (11/26/12) "Probe Mines Limited announced the sale of its 5% net smelter royalty on a portion of the Goldex Mine to Agnico-Eagle Mines Ltd. for total consideration of up to $18M. . . The deal is positive news for the company. . .the initial $14M payment will be a nondilutive source of funding for flagship Borden Lake project, available almost immediately. . .we continue to rate shares a Buy and have raised our 12-month target price to $3.60/share."

Kwong-Mun Achong Low, Jennings Capital (11/23/12) "Probe Mines Ltd. announced it sold its 5% net smelter royalty Goldex interest to Agnico-Eagle Mines Ltd. for $18M. . .we view this transaction as positive since Goldex only represented 2% of our NAV 5% but represents an opportunity for the company to monetize a noncore asset and top up its treasury in a non-dilutive way. . .we continue to like Probe Mines, with a number of significant catalysts due in the next few weeks including updated met results, an updated resource and possible land acquisitions all before the end of the year. "

John Hayes, BMO Capital Markets (11/23/12) "Probe Mines Limited announced the sale of its 5% net smelter royalty on a portion of the Goldex mine to Agnico-Eagle Mines Ltd. for total consideration of CA$18M. . .the proceeds are expected to be used to advance the company's Borden Lake gold project, where Probe plans to spend CA$14M on exploration in fiscal 2013. . .the sale could increase our 10% NAV estimate on the order of 2%."

Barry Allan, Mackie Research Capital (11/20/12) "Ongoing drilling at Probe Mines Limited's Borden Lake project has confirmed a discrete and continuous higher-grade core of ~38.7 Mt grading 1.43 g/t out of an overall resource of ~216.1 Mt grading 0.72 g/t (both constrained). . .the Borden Lake resource starts at surface, hence, mining could immediately start in the higher-grade core, providing an elevated ore grade in the early years of mine life. . .we maintain our Buy rating."

Matthew Zylstra, Northern Securities (11/14/12) "We are transitioning coverage of Probe Mines Limited with a Buy recommendation and a 12-month target of $3.50/share. . .the company is, in our opinion, considerably undervalued given the potential of its flagship Borden Lake gold deposit. . .based on capex of $450M, we expect an operation at Borden Lake could produce an average of 188 Koz annually at a cash cost of $638/oz, over a 17.5-year mine life. . .Probe is well-funded with ~$23 million in cash and no outstanding debt and will benefit from an NSR on Agnico-Eagle's Goldex property, which could provide $2–3M annually starting in 2014. . .we believe Probe Mines is considerably undervalued and is a takeover target."

Christos Doulis, Stonecap Securities (11/8/12) "Probe Mines Limited announced the acquisition of the Ava-Claire property from Red Pine Exploration Inc., located approximately 20Km east of its flagship Borden Lake project. . .this is still early stage, but we believe the acquisition of this grass root property bodes well for the company as it gives Probe further land package to explore prospective regional targets on its belt. . .we are maintaining our Outperform rating and $3.50 price target."

Barry Allan, Mackie Research Capital (11/5/12) "We note that Probe Mines Limited's 5.85 Moz Borden Lake project remains one of the few large deposits in Ontario that is not yet owned by a junior or senior producer. In addition to a cheap valuation, we also note that little to no value has been ascribed to the company's chromite claims. . .Probe is trading at a discount with lots of upside. . .we maintain our Buy rating and $4 target price."

(11/2/12) "We believe the investment case for Probe Mines Limited has been further enhanced. . .with fewer significant acquisition targets available in politically friendly jurisdictions, we believe that deposits such as the company's Borden Lake will become increasingly sought-after targets for current producers. . .we believe that Probe's shares are still trading at a compelling valuation. We are maintaining our Outperform rating and $3.50 price target."

Kwong-Mun Achong Low, Jennings Capital (10/24/12) "We are initiating coverage on the common shares of Probe Mines Limited with a Buy recommendation and 12-month target price of $3.75/share (implied return of 130%). . .the company offers significant value, in our opinion, trading at just 0.31x our $5.27/share NAV. . .Probe owns 100% of the Borden Lake project in Ontario, located near excellent infrastructure. The stock is trading cheaply compared to its peers on an EV/oz basis of $24/oz vs. the peer median average of $32/oz."

The Gold Report Interview with Peter Vermeulen (10/24/12) "Probe Mines Limited was sitting on this Borden Lake concession that wasn't its flagship asset. . .but then the company poked a few holes into in the Borden Lake project 2010, and came up with this gold discovery. Now, it is the flagship property. The management team managed to get this project from 0 to 5.8 Moz in all categories in just two years' time. That's an amazing accomplishment. The resource is still growing, but the market hasn't shown the company any love because ounces in the ground are only valued at about $11/ounce (oz). People dismiss this as an ultra-low-grade, bulk-tonnage play that will never turn into a mine, but they should have a closer look. This deposit has a higher-grade core zone that's running at 1.4 g/t that bodes very well for the upcoming PEA/scoping study. The study will be a big near-term catalyst, and one that will, in my view, open people's eyes to the project's viability." More >

Tyron Breytenbach, Cormark Securities (10/5/12) "We upgrade Probe Mines Limited to our Top Pick rating (from Buy). . .we retain our $3.15 target and have selected Probe as our favored company in the junior explorer category. . .Borden Lake has immediate access to infrastructure and labor; several large projects in more remote geographies (e.g., the Andes or Alaska) will spend in excess of $500M simply to attain the same level of infrastructure that Probe is already able to exploit."

Ali Khan, Stonecap Securities (10/1/12) "Probe Mines Limited remains rated Outperform and our target has increased to $3.50 from $3. . .the company is currently working on metallurgical test work and we expect to see results in Q4/12."

Tyron Breytenbach, Cormark Securities (9/11/12) "We are initiating coverage on Probe Mines Ltd. with a Buy rating. . .Borden Lake is an impressive asset that contains both a large, low-grade system and a consistent core of higher-grade gold. . .the current management team has done an exceptional job of rapidly growing the geological resources from discovery less than two years ago. . .we expect further hires in the role of COO and other technical positions to beef up the project execution team."

The Gold Report Interview with Alka Singh (5/25/12) Alka Singh: The reason I like Probe Mines Limited is because of its flagship Borden Lake project with a 3.4 Moz gold discovery in Ontario, Canada, a mining-friendly jurisdiction. . .the company has slightly lower grades but still a big resource number of about 3.4 Moz at 1.02 g/t. It also has some higher-grade zones, and it proved to have enough volume with the potential of lowering the capex, and that will make the project less sensitive to the gold price.

The Gold Report: With a $73M market cap, Probe has the highest relative strength of all the juniors that I've looked at over the past month. It's up 11% over the past four weeks. All I see is red ink/negative returns everyplace else. What was the issue here?

AS: Basically, Probe is a story that everybody likes. It's in Ontario, and the recent acquisition of Trelawney has helped the stock as well. People do look at it, and they can see the upside potential.