chromite could be worth 100 billion
posted on
Apr 08, 2009 10:39AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
I hope Cooper123 does not mind me posting this on the NOT board. Spirits seem low. The TSX is up and having good day and not/fwr & Rof stock are not following the lead. Perhaps, a reminder of the words of Probe's email to Cooper123 will reinforce the potential here while we wait for news. Keep in mind that 100billion is just the chrome. What about Nickel, PGM's etc? Keep in mind Probe's words below that they have been presented with a number of opportunities. Keep in mind the words "we've been active behind the scenes." and the idea of waiting for news release because it seems to fall flat in the market. We saw that with FWR's great recent chrome release. Please print this. Post this above your computer and when you feel down read the 10 billion part over and over again.
Hi Gary,
Dave is away from the office at the moment and I wanted to ensure that you received a prompt reply to your email.
As you know, for the past number of months, the dismal state of the global economy has had a profound effect on most publicly traded vehicles. Those in the junior resource sector have been heavily hit as demand for base metals has diminished drastically. Many junior companies will not be able to survive this downturn. Probe is very aware of the current economic conditions and potential pitfalls and has been in cost-savings mode since early fall 2008 so that it will be in a position to flourish when the markets turn around.
That being said, Probe is very well positioned. The Company has $4.2 million in the bank and is trading below cash value; a number of our McFauld’s West properties lie right in the midst of the massive 14km high-grade chromite zone; a potential chromite parallel trend appears to extend over a kilometer onto our Tamarack project; PGE pods are known to occur at the base of these chromite deposits.
Probe has $500,000 in flow-thru money that has to be spent this year. While we do not have solid dates as of yet, Dave is currently investigating an early summer program, possibly June. The focus will be on the McFauld’s West properties – particularly the potential chromite targets. Once arrangements have been finalized, we will make an announcement. We are also hopeful that the markets will have had more time to recover by this time so that any potential good news does not fall flat. The investing community seems to be getting educated about chromite and is catching on to what the McFauld’s Lake chromite discoveries could mean – according to various sources, it could be worth as much as $100 billion. Probe’s properties are situated in such a way that we may very well have a sizable piece of that.
While we have not had a release for some time, the Company has been very active behind the scenes. The Company has been presented with a number of opportunities and has a very good relationship with all companies currently involved in the Ring of Fire. Additionally, a number of diverse, very promising properties are becoming available. We are currently evaluating these opportunities and once our due diligence has been completed and any acquisitions/relationships are finalized, we will make an announcement.
I have included the materials that we presented at the PDAC this year – they include new maps and will show you how well positioned our properties are. If you have any other questions, please do not hesitate to contact me.
Regards,
Karen Willoughby
Director of Corporate Communications
kwilloughby@probemines.com
Tel: 416-287-9554