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Discuss the various junior resource companies within the McFaulds Lake Area

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Message: Re: Tuesday morning thoughts
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Feb 04, 2008 09:22AM
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pw
Feb 04, 2008 10:44AM
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Feb 04, 2008 11:17AM
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Feb 04, 2008 12:11PM
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Feb 04, 2008 05:49PM
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Feb 05, 2008 02:46AM
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Feb 05, 2008 03:09AM
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Feb 05, 2008 03:26AM

PM
Feb 05, 2008 03:41AM

No worries, Al.  For all of the information you have given to us, I am just glad that I can provide a tidbit that you didn't know. 

This is a full fledged camp - it may not be as big as the one Noront has built, but Probe rents it out to other companies when they are not using it. 

I think I have told you that my biggest McFauld's Lake position is in Probe-  I have had it for a few years now - adding to it during the lows the SP has experienced over the years.  My number one reason has been the management team - they are as straight-up as they come and the number one concern is for their shareholders. Something you yourself have noted in terms of  how  they have structured their financings.

The Goldex royalty is also a big consideration - the value of that could be substantial or could be a negotiating tool to obtain some higher profile claims that Agnico may be willing to trade for. 

They also have a JV  with West Timmins Mining on their Bristol Project which is adjacent to the million-plus ounce deposit owned by Lake Shore Gold Corp., who recently announced a positive pre-feasibility study for the project. 

Probe's overall position in McFaulds is still very strong with the McFaulds West, Tamarack JV with Mantis, and their Victory Project which has over 34 electromagnetic airbourne conductors. 

I think that we would all agree that  hindsight is everything and they admittedly dropped their JV's with Noront last year on a large number of McFauld's claims - but the drilling that took place did not yield results strong enough to justify spending another $2million by the end of 2007, nor was it on the discovery zone.  The JV never did include the Condor Greenstone claim on which the discovery hole was drilled - Probe had been negotiating for it and staked the claims immediately surrounding it before the Noront JV took place but the then-owners were having some legal issues and Probe could not close it.  The JV with NOT commenced and they said they would continue negotiating on PRB's behalf...PRB cancelled the JV agreement, NOT got the Condor Greenstone claims and the rest is history.

This is just my opinion, but I   think that you have seriously underestimated the potential of Probe - I am glad to see that you are going to look into it further.  I am looking forward to your take on things. 

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Feb 05, 2008 05:39AM
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