Probe Metals Temporarily Suspends Exploration at Val-d’Or East, Quebec
March 25 2020 - 5:30AM
Probe Metals Inc. (TSX-V: PRB)
(OTCQB: PROBF)
(“Probe” or the “
Company”)
announces that in response to Quebec’s government directive to
close all non-essential businesses until April 13th, 2020, it has
suspended exploration activities at its Val-d’Or East project in
Quebec. Employees from the Val-d’Or office are now working from
home and will continue to advance exploration work such as modeling
and interpretation in preparation for the resumption of activities.
The health and safety of our employees and our
community is of utmost importance to the Company. To date, Probe
has had no suspected or confirmed cases of COVID-19 and has had a
COVID-19 protocol in place since March 12, 2020, to protect its
work force. We are closely monitoring the situation and will
provide regular corporate updates during this unprecedented time.
As of now, the closure up until April 13th should have a minimal
impact on our 2020 exploration program as the winter drilling
program is almost complete. The Company has over $30 million in
cash and is committed to maintaining financial strength during the
current period of uncertainty.
The Val-d’Or East Project
In the recent years, Probe Metals has been
consolidating its land position in the highly prospective Val-d’Or
East area of Quebec. The Val-d’Or East project is a district-scale
land package comprising 334 square kilometers and represents one of
the largest land holdings in the Val-d’Or mining camp. The property
is host to three past producing mines (Beliveau Mine, Bussiere Mine
and Monique Mine) and falls along four regional mine trends,
including 14 kilometres of strike length along the prolific
Cadillac Break. Val-d’Or East is situated in a politically stable
and low-cost mining environment that hosts numerous active
producers and mills.
The Val-d’Or East project includes gold
resources totaling 866,300 measured & indicated ounces and
2,558,100 inferred ounces.
Qualified Persons
The scientific and technical content of this
press release has been reviewed, prepared and approved by Mr. Marco
Gagnon, P.Geo, Executive Vice President, who is a "Qualified
Person" as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101").
About Probe Metals:Probe Metals
Inc. is a leading Canadian gold exploration company focused on the
acquisition, exploration and development of highly prospective gold
properties. The Company is committed to discovering and developing
high-quality gold projects, including its key asset the Val-d’Or
East Gold Project, Quebec. The Company is well-funded and controls
a strategic land package of approximately 1,000-square-kilometres
of exploration ground within some of the most prolific gold belts
in Quebec. The Company was formed as a result of the sale of Probe
Mines Limited to Goldcorp in March 2015. Newmont currently owns
approximately 12.5% of the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,President
& Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com
or contact:
Seema SindwaniDirector of Investor
Relationsinfo@probemetals.com+1.416.777.9467
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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