Probe Mines Resource Estimate update report for Borden gold project

http://probemines.com/i/pdf/Probe%20Mines%20Limited%20Mineral%20Resource%20Update%20Borden%20Gold%20Project.pdf

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You wanted to know why apples and oranges - here are a few extracts from the document:

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"The resource estimate update was constrained within the high-grade zone at a cut-off grade
of 2.5 g/t Au. The 2.5 g/t Au cut-off was chosen by analysis of likely cut-off grades. The cutoff
grade selected represents a realistic estimate for potential underground mining operations
based on the size of the mineralized zone and possibility of employing bulk-underground
mining methods."

So underground and high grade zone cut-off of 2.5g/t (we have 0.19g/t).

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"The sensitivity tables in Table 1.3 and Table 1.4 represent the resource estimate at a series of cut-offs with 0.5 g/t base case highlighted cut-off for potential open pit constrained resource."

They are giving a base case cut-off of 0.5g/t for open pit mining of gold. With our 0.19g/t we are below the cut-off, thus not feasible to be looked at as a gold mine only. We are a copper mine, with bonus credits for gold, silver, moly, etc. that would be extracted during the copper mining operations.

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From the Financial Post article:

"Goldcorp knows the Timmins area well, as its Porcupine mine continues to be the region’s dominant producer. The company plans to unlock savings in this transaction by transporting ore from Borden to its Porcupine processing facilities. That would reduce capital costs and permitting requirements at Borden.

“Goldcorp is uniquely suited to add Borden to its asset portfolio due to its proximity to our Porcupine operation,” chief executive Chuck Jeannes said in a statement.

"The deal was priced at a whopping 49% premium to Probe’s closing price last Friday."

The property is only a few kms away from Chapleau, where there is a CP rail yard and access to the main line for inexpensive transport of ore to be processed.

You asked why I don't think we will see a dollar again. Well, the financial post categorized the 49% premium as 'whopping". What do you think they would say about a 700% premium and how likely do you think Teck's would like to present their shareholders with that? Teck has proven they are going to do this for as little as they can when it comes to us. They will pay the least amount possible and we are not in a good bargaining position IMHO. We may have to stick around and mine it.

Like I said in my original post - there is likely more to the story, and it turns out there is.

IMHO, apples and oranges apply here don't you think?

How can you use that as a basis for valuating SC? I don't think you can in any meaningful way...

Our gold way below thier defined cut-off for viable open pit gold mining - a definate orange. You ask why they don't buy us - we have way more gold - but its all about the grade and the proximity to their own processing facilities.

I think our best hope will be selling to another company after a production decision is made. Maybe my never see over a dollar again was too extreme. If the venture ever roars back to life, who knows what we will see? I do still think it will be tough to get a big multiple of SP in a buy out, but if a bull market brings our SP up significantly - a double could get us well north of a buck.

Im just so tired of sitting in the teens and hearing we should be getting a buck-fifty a share, etc.