The Gold Report

Peter Campbell, Jennings Capital (7/7/14) "Today, Probe Mines Limited released results for the first five holes of its initial infill drilling program on the portion of the High Grade zone that was expanded in last year's winter drilling program. The highlight intersection is on hole BL14-621W (W=wedge hole) on Section 2150mSE, which returned 7 g/t Au over 21m including 10.5 g/t Au over 13m."

Sam Crittenden, RBC Capital Markets (7/7/14) "Probe Mines Limited released results from five infill holes at the Borden project. . .the headline hole of 7 g/t over 21m appears to have intersected the core of the deposit at a depth of 395m. . .the headline hole is promising."

Ryan Walker, Euro Pacific Canada (7/7/14) "Probe Mines Limited has reported positive results from the first five holes of an ongoing infill drill program at its Borden gold project. . .the key takeaway from the results is that all of the holes encountered the High Grade zone, thereby helping to further confirm deposit continuity."

Andrew Kaip, BMO Capital Markets (7/7/14) "Probe Mines Limited announced results from the first five holes of the preliminary drilling program targeting its High Grade zone at the Borden Lake project. . .reported intercepts returned a weighted average grade of 3.5 g/t over an average true width of 14.5m."

Tickerscores (6/15/14) "Probe Mines Limited recently released an NI 43-101 underground resource estimate for the Borden project; the underground resource estimate was 1.6 Moz Indicated at 5.39 g/t and 430 Koz Indicated at 4.32 g/t. . .the stock has pulled back after a nice run and could be a good entry level."

David Sadowski, Raymond James (6/12/14) "Probe Mines Limited released a resource update at its Borden gold project in Ontario, which included a maiden estimate for the High Grade zone (HGZ), to us, the company's main value driver. At the headline 2.5 g/t cutoff grade, the HGZ hosts 2 Moz at 5.1 g/t (global NI 43-101), exceeding our contained metal forecast by a wide margin. . .we believe the new resource provides the basis for a robust, low-cost underground mine; underscores further HGZ growth potential; and offers optionality on open-pit production at higher gold prices."

Pierre Vaillancourt, Macquarie Capital Markets (6/11/14) "While the market did not respond kindly to the updated Borden resource (Probe Mines Limited was down ~11% on the news), we believe the value of the company lies in the underground resource, which delivered a strong grade, and has potential for additional ounces. We reiterate our Outperform rating and look for a positive PEA in the fall."

Tyron Breytenbach, Cormark Securities (6/11/14) "Probe Mines Limited's much-awaited High Grade zone resource has exceeded our forecast, coming in at 2 Moz at 5.14 g/t (at 2.50 g/t cutoff), providing an excellent opportunity to start out with a lower capital budget (<$250M) and improve returns at $1,200/oz. . .the 'new-look' Borden has a return-focused approach that suits both the company's market cap and the current gold price environment. We increase our target to $3.60 (from $3.50)."

Ali Khan, Edgecrest Capital (6/11/14) "Probe Mines Limited's initial resource estimate for the High Grade zone of 2 Moz at 5.1 g/t gold (all categories, 2.5 g/t cutoff), exceeds our expectation and, in our opinion, provides the critical mass to drive favorable project economics. . .we still see a robust 48% return to our target. . .we reiterate our Buy rating and continue to recommend investors buy the stock ahead of the all-important PEA."

Barry Allan, Mackie Research Capital (6/11/14) "Probe Mines Limited has released an updated resource which, for the first time, includes a high-grade underground component consisting of 2.03 Moz at an average grade of 5.2 g/t (Indicated plus Inferred). . .comparing the updated resource to the prior one, the company has essentially kept the ounce count flat (now 4.33 Moz versus 4.31 Moz in pit previously) while increasing the average grade (current average of 2.96 g/t versus 1.03 g/t previously)."

Ryan Walker, Euro Pacific Canada (6/10/14) "Probe Mines Limited reported positive results from ongoing metallurgical test work at its Borden gold project near Chapleau, Ontario. . .the results help to derisk the story on the metallurgical front, and are supportive of the potential for higher Au recoveries. . .the results indicate whole ore leaching Au recoveries of 85% for lower-grade material, and up to 95% at higher head grades. . .we soon expect an updated resource estimate from Borden. . .we continue to rate the company as a Speculative Buy, and reiterate our price target of CA$3.75/share."

Andrew Kaip, BMO Capital Markets (6/10/14) "Probe Mines Limited provided an update on the metallurgical program for the Borden gold project. . .initial results indicate that gravity followed by whole ore leach looks to be the preferred process option. . .overall, the updated recovery curve demonstrates a slight improvement in recoveries from the April 2013 metallurgical program update."

Ryan Walker, Euro Pacific Canada (5/26/14) "We are initiating coverage on Probe Mines Limited with a Speculative Buy recommendation and a 12-month price target of $3.75/share. . .an investment in it affords investors exposure to a well-funded exploration/development company with a large and growing gold resource in Canada."

The Mining Report Interview with John Kaiser (5/13/14) "Probe Mines Limited has been one of my Top Picks. . .in the last year, the story has been the discovery of a high-grade zone extending southeast of the low-grade zone. . .the speculative hope had been that the zone would blossom in grade and width as it plunged deeper. . .partway through the drill program, management realized that the zone's plunge leveled off. The drills were intersecting the lower grade down-dip envelope of the zone, rather than the high-grade core that dazzled the market last year. But it was too late to prepare new drill pads because winter in Canada came to an end.

"Probe plans to drill several angled holes from the lake shore to intersect up-dip where management now thinks the high-grade mineralization is still present. Confirmation would restore optimism that the extension will add many mineable high-grade ounces. Meanwhile, we are waiting for an NI 43-101 resource estimate for the high-grade zone. We hope it comes in at 1–2 Moz with a grade of 4–6 g/t. A PEA expected at the end of Q3/14, will show what underground mining would cost. In three to five years, the time to permit and build a modest 2,000 tpd underground mine, gold is likely to be higher than $1,300/oz. At that point, the mine could be fed with additional ore from the low-grade zone." More >

Barry Allan, Mackie Research Capital (5/7/14) "Probe Mines Limited issued interpretation of recent drill testing extension of its resource. . .successful drilling of a higher-grade zone to the southeast has completely changed the kind of resource and potential mine. . .the zone is Indicated to be 2.5 Moz, but within this resource envelope is a high-grade core of 1.2 Moz. . .we continue to believe Probe Mines has successfully defined a resource which will become a mine; we maintain our Buy recommendation."

Andrew Kaip, BMO Capital Markets (5/6/14) "Probe Mines Limited announced plans for a 40,000m infill drill program beginning mid-May at the Borden project. . .the focus of the program will be to better delineate the high-grade zone. . .the company plans to release an NI 43-101 compliant resource for Borden by the end of Q2/14, which will serve as the basis for a PEA expected later this year."

Andrew Kaip, BMO Capital Markets (5/5/14) "Probe Mines Limited announced that Yves Dessureault has been appointed chief operating officer of the company. . .he has been the main consultant to Probe and has been involved in the development of the Borden gold project since 2012."

Jay Taylor, Gold, Energy & Tech Stocks (5/2/14) "Probe Mines Limited received results from the expansion drill program at its Borden gold project. . .the 19,000m expansion drill program has successfully expanded the high-grade gold zone 600m along strike. . .the 34 completed holes drilled in the expansion program returned significant intersections of gold mineralization over significant widths. . .results include thick intersections of gold mineralization amenable to potential underground mining, the most notable being hole BL14-611 on section 2400mSE, which returned a 71m interval grading 3.5 g/t Au, including 4.7 m of 25.1 g/t Au."

Tyron Breytenbach, Cormark Securities (5/1/14) "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. . .the high-grade zone strike has grown by 60%."

Peter Campbell, Jennings Capital (5/1/14) "Probe Mines Limited's winter drilling program has successfully extended the high-grade zone (HGZ) to 1.6 km in length; the strike length of the entire Borden gold project now stands at 3.7 km. The HGZ still remains open, having been intersected on the furthest section to the southeast. . .we are enthusiastic about this initial pass of stepout drilling on the HGZ."

Ali Khan, Edgecrest Capital (5/1/14) "Yesterday's results extended Probe Mines Limited's 'high-grade zone' (HGZ) by 600m for a total strike of 1,700m. Notably, the furthest stepout to the southeast still intersected mineralization, leaving the HGZ open to further expansion. . .we see share price weakness as a buying opportunity ahead of two key 2014 catalysts: first, an HGZ resource in mid-2014 and a PEA in late 2014."

Pierre Vaillancourt, Macquarie Capital Markets (5/1/14) "Probe Mines Limited announced results from its winter drilling program at the Borden gold project. All 34 completed holes intersected gold mineralization and expanded the high-grade gold zone (HGZ) 600m along strike to section 2600mSE. . .we believe management can deliver an economic case for mine development of a lower-grade underground HGZ based on a 2.5 g/t cutoff and a higher-grade open-pittable main zone."

Andrew Kaip, BMO Capital Markets (4/30/14) "Probe Mines Limited released assays from drilling at its Borden Gold project. . .wide-spaced drilling has added a further 600m potential to the high-grade zone. The zone remains open to the southeast, providing further exploration potential at Borden Lake. Importantly, drilling has demonstrated continuity of the high-grade core that will be a key component of demonstrating future economic potential."

Mick Carew, Haywood Securities (4/30/14) "Probe Mines Limited's winter expansion drill program at Borden has successfully expanded the high-grade zone (HGZ) by a further 600m, which now extends for over 1.6 km to the southeast. Furthermore, drilling toward the southeastern extent of the HGZ (section 2600mSE) suggests potential to expand the HGZ even further."

David Sadowski, Raymond James (4/30/14) "This morning, Probe Mines Limited released assay results from its winter stepout drill program at the high-grade zone of its Borden gold project. . .drilling successfully expanded the zone, which remains open to the southeast. We see potential to increase grades with infill drilling and find more ounces with further stepouts."

Sam Crittenden, RBC Capital Markets (4/30/14) "Drilling from the ice at Probe Mines Limited's Borden Lake extended the high-grade zone by 600m, which now spans 1.6 km. . .we view the extension of the high-grade zone by 600m as a positive for the project. . .mineralization had been plunging at 15 degrees and appears to have leveled off with the center remaining at a depth of 450–550m at depth, which could reduce drilling and development costs going forward."

Barry Allan, Mackie Research Capital (4/30/14) "Probe Mines Limited's stepout drilling to 2600SE at the Borden project continues to show strong mineralization, increasing the size of the high-grade zone. . .our estimated NAV/share increases to $4.37 from $4.03 previously, all due to the addition of more mineralization. We continue to believe the company has successfully defined a resource that will become a mine."

The Gold Report Interview with Willem Middelkoop and Terence van der Hout (4/21/14) "Willem Middelkoop: We still have a very big focus on new discoveries. Our research department is very active and is always on the hunt for new discoveries. We love the discovery by Probe Mines Limited (PRB:TSX.V).

Terence van der Hout: Probe was looking at classic, low-grade, large, open-pit bulk mining in Canada until it discovered a high-grade zone at depth and along strike. That was the signal for Agnico-Eagle Mines Ltd. to take a 9.9% stake in the company. That started its performance on the stock market as well. Probe is becoming a bit of a different beast. It has shown that the high-grade area is consistent; it's now a matter of finding how long it goes on for because it does need a certain volume. It would require an underground operation. Probe is drilling that area; if that shows upwards of 1 Moz, it might make it to an underground mine as a standalone, apart from the open pit that Probe was looking to develop previously. It becomes a completely different kind of project from then on.

WM: It is an important discovery for Ontario because it changes the whole geological understanding of this part of Canada. It's important for investors to study this one." More >

Tickerscores, Seeking Alpha (4/10/14) "Probe Mines Limited has to be on the shortlist of takeover candidates for any major. . .drilling is expected to continue into early April or until weather conditions allow. . .an updated NI 43-101 is in the works (late Q2/14), which will then be followed by a PEA."

Haywood Securities (4/3/14) "Probe Mines Limited is working toward completion of the PEA on its Borden gold project, due in Q2/14, and results from metallurgical testing of the lower- and higher-grade zones as well as comminution testing of the lower-grade zone have been encouraging. The company's 2014 program will focus on drilling the high-grade southeast section of Borden."

The Gold Report Interview with Robert Cohen (3/31/14) "Probe Mines Limited has one of the better discoveries we've seen in Canada for a while. Its infill drilling results are coming in better than expected; that helped Probe go up 58% year-to-date. That story continues to unfold. I wouldn't call it a slam-dunk just yet, but it is certainly worthy to be one of the 24 names we hold in the portfolio." More >

The Gold Report Interview with Michael Gray (3/19/14) "Probe Mines Limited hasn't reached critical mass yet with its 100%-owned Borden Lake asset, but Agnico-Eagle Mines Ltd. has put its marker down for an equity interest in Probe. Probe has a compelling new high-grade discovery at Borden that signals that Canadian gold belts have lots more new, raw discoveries to give. . .our analyst who covers Probe, Pierre Vaillancourt, believes Probe could be in a position to publish a PEA as early as before the end of 2014. Probe has plenty of cash and the ability to raise more. Its share price has defied a lot of investors who might have taken money off the table on its run up." More >

The Mining Report Interview with Jeb Handwerger (3/18/14) "In my last interview with The Gold Report in December, I mentioned that I had taken a position in Probe Mines Limited. Since that time there's been a lot of developments. Probe is developing the Borden Lake project in Ontario, another jurisdiction that's getting a lot of attention. Potential is huge for this. Probe's stock has already made a dramatic run since our last interview from around $2 to $3.35/share." More >

Jordan Roy-Byrne, The Daily Gold (3/5/14) "Probe Mines Limited's large, low-grade resource has been supplemented by the discovery of a growing high-grade resource. Probe had $33M in cash as of Q3/13. . .with already a high-grade in-pit resource of 1.3 Moz at nearly 2.4 g/t Au and a growing high-grade resource, Probe is not expensive with a $240M market cap."

Jordan Roy-Byrne, The Daily Gold (2/19/14) "Probe Mines Limited has a low-grade bulk tonnage deposit but made a high-grade discovery that is getting better and better. . .the company technically is in an excellent position to fulfill the hype that is out there."

Jeff Desjardins, Tickerscores (2/12/14) "Probe Mines Limited is in the development stage with an initial resource estimate of 4 Moz averaging 1 g/t. The company has recently discovered a high-grade system that is not included in this resource estimate that likely makes it a highly sought after takeover target."

Tyron Breytenbach, Cormark Securities (2/11/14) "Probe Mines Limited returned the best hole to date at Borden (16.3 g/t over 39m) just 150m away from the eastern limits of the deposit. These results indicate the system remains open for potential expansion along trend to the southeast and at depth."

Peter Campbell, Jennings Capital (2/10/14) "Probe Mines Ltd. released assay results from twelve holes (10 infill, two extension) drilled on its Borden Gold project. . .the result of significance is from hole BL14-573 on Section 850Mse, which is an infill hole on the so-called High Grade Zone (HGZ): 16.3 g/t Au over 39.0 m. . .we view this as a potential game changer for Probe. . .all previous assay results were very consistent and homogeneous in nature, whereas this is the first one indicating a nugget effect. . .the new results indicate potential for a much larger bulk-tonnage underground operation."

John Hayes, BMO Capital Markets (2/10/14) "Probe Mines Limited released a total of 12 intercepts from 12 holes from the company's Borden gold project. Infill drilling in the high-grade zone returned a notable intercept (approximately true width): 9.1m averaging 16.3 g/t gold (including 2m averaging 238 g/t gold). . .the Borden Lake deposit continues to show consistent results, and with the infill drilling largely complete, the company is well positioned to advance the project to a resource update."

David Sadowski, Raymond James (2/10/14) "We recommend investors bolster positions of Probe Mines Limited on greater evidence of eastward strike potential of the High Grade zone, one of the more exciting gold discoveries in recent years and the main value driver for the company. . .all 12 holes hit the zone, with six cutting strongly mineralized intervals of variable thickness."

Raymond James (1/31/14) "We recently initiated coverage on Probe Mines Limited, which is one of our favored names among gold explorer/developers in our coverage universe. The Borden gold project has superb two-stage (underground/open pit) economic potential in our view, and its high-grade zone continues to grow."

Peter Campbell, Jennings Capital (1/27/14) "Probe Mines Limited is focused on advancing the multimillion-ounce Borden gold project. . .it is well funded, with $33.4M in cash (as at Oct. 31, 2013). . .we are transferring coverage of the company."

David Sadowski, Raymond James (1/24/14) "We are initiating research coverage on Probe Mines Limited with an Outperform. . .we recommend investors buy shares of the company for exposure to what we view to be low-cost, two-stage development potential (underground, open pit) and commensurate gold price leverage; significant high-grade resource blue sky in a historically underexplored region; an infrastructure-rich, mining friendly jurisdiction (Ontario); strong management and balance sheet and a series of upcoming derisking milestones."

Joe Mazumdar, Canaccord Genuity (1/14/14) "Probe Mines Limited is a well-financed gold exploration and development company with a project portfolio in the mining-friendly jurisdiction of Ontario. It is focused on its flagship asset, the Borden Lake gold project. . . the Borden Lake gold project is a candidate for bulk-tonnage, open-pit development with an underground potential within its higher-grade zones. The project is located within 1km of a major highway and proximal to infrastructure. The company is led by mining/exploration veteran, David Palmer, Ph.D., who has over twenty-five years of experience in exploration and development."

Haywood Securities (1/13/14) "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, Canada. . .in May, Agnico Eagle Mines Ltd. invested $15M for a 9.9% equity interest in Probe. We believe Agnico Eagle is interested in the district-scale potential of this discovery."

Barry Allan, Mackie Research Capital (1/8/14) "Probe Mines Limited's Borden gold project started off as a bulk-tonnage, open-pit resource grading 1.03 g/t. But successful drilling of a higher-grade zone to the southeast has completely changed the kind of resource and potential mine that the company has. . .we maintain our Buy recommendation."

Tyron Breytenbach, Cormark Securities (1/8/14) "We continue to believe that Probe Mines Limited is one of the more compelling juniors with a strategic higher-grade asset in a desirable jurisdiction. The company is well insulated from the current turbulent junior equity market with $34M in cash plus $4M from the remaining Goldex payments."

Pierre Vaillancourt, Macquarie Capital Markets (1/8/14) "Probe Mines Limited released results from the remaining 2013 drill holes at its Borden gold project. . .overall, the holes provided additional confidence in mineralization within both zones. . .it has attractive exploration potential. . . we maintain our Outperform rating for the company; it remains one of our top exploration picks, and with $32M in cash and a burn rate of just $1.2M per month, is well positioned to pursue its drill program in 2014. Just as 2013 was a critical year to advance the resource at Borden, we expect that 2014 will be instrumental in developing an economic model for a mine."

John Hayes, BMO Capital Markets (1/7/14) "Probe Mines Limited released a total of 63 intercepts from 48 holes from the company's Borden gold project. Infill drilling in the high-grade zone (HGZ) returned several notable intercepts (approximately true width): 16.1m averaging 8.2 g/t gold (including 4m averaging 15 g/t gold) and 17.5m averaging 6.6 g/t gold (including 8.3m averaging 11 g/t gold). . .the Borden Lake deposit continues to show consistent results, and with the infill drilling largely complete, the company is well positioned to advance the project to a resource update. The update is to include an initial resource for the HGZ and is expected in Q1/14."

Jay Taylor, Gold, Energy & Tech Stocks (12/13/13) "Probe Mines Limited is another one of my top 13 exploration picks. . .this company has an exciting property in Ontario that keeps getting better as grades improve as exploration proceeds eastward under the lake. Already Probe's Borden gold project in Ontario contains 4.3 Moz grading between 1.02 g/t and 1.08 g/t, but that was before much if any of the newly discovered high-grade portion of the gold-bearing trend was factored into the resource calculation. With a new resource estimate, I would expect both the ounces to rise considerably and the average grade to become higher as well."

The Mining Report Interview with Jeb Handwerger (12/10/13) "I recently took a position in Probe Mines Limited. Probe is developing the Borden Lake project in Ontario. It has made a high-grade discovery near infrastructure and has potential to expand. This project is a unique find because it's a totally new discovery. It may be a totally new district. The potential for it to be huge and grow is great. It's one of the few stocks that's outperforming in one of the toughest junior resource markets. The outperforming companies are going to be the first to build value for shareholders in the coming upswing. Probe recently announced metallurgy, which was very impressive with good recoveries and key for the PEA." More >

Ali Khan, Stonecap Securities (11/22/13) "Probe Mines Limited released metallurgical results from its High Grade zone (HGZ) at its flagship Borden gold project. . .the average grades of the composites were 6.47 g/t and 9.52 g/t, respectively. . .these are positive results in our opinion due to the high recoveries from traditional whole ore leaching for the HGZ and further derisk the project. . .we continue to rate the shares as Outperform."

Barry Allan, Mackie Research Capital (11/22/13) "Probe Mines Limited submitted eight individual samples to test the recovery of gold. . .in short, gold recovery in the higher-grade underground component of the resource is very good. . .the implication on economic viability is very good, meaning a very high rate of gold extraction at a low cost should be readily achieved. . .we continue to believe the company has successfully defined a resource that will become a mine, and is onto something new."

Pierre Vaillancourt, Macquarie Capital Markets (11/21/13) "Probe Mines Limited provided a progress update for its metallurgical program on the Borden gold project. . .overall extraction ranged between 93.9% and 97.9%. . .we maintain our Outperform rating. We believe that the upcoming catalysts will continue to add value to the Borden project and to the stock, particularly as the high-grade zone continues to expand."

Andrew Topf, Gold Investing News (11/13/13) "Probe Mines Limited clinched the 2013 Ontario Prospector Award for its Borden gold discovery near Chapleau, Ontario. The property is estimated to contain an Indicated resource of 3.6 Moz gold averaging 1.02 g/t and an Inferred resource of 625 Koz gold with an average grade of 1.08 g/t, a 26% increase from previous estimates. . .to date, the market has rewarded the company with a 23.3% gain, with a 70.7% gain in the last six months alone."

Jay Taylor, Gold, Energy & Tech Stocks (11/8/13) "Probe Mines Limited's Borden gold project in Ontario already has 4.3 Moz gold, but what is most exciting about this story is the discovery of much higher grades as the deposit extends under the lake to its southeast. . .this is a very good exploration project that is likely to become a highly sought-after project once the market turns around. Agnico-Eagle Mines Ltd. already owns 9.9% of the Probe's stock, and if Agnico-Eagle is watching the company, you might do well to do the same. Probe also has a strong cash position with 75.7M shares outstanding."

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 Canada (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 Canada (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."