New Property Acquisition
posted on
Dec 06, 2012 04:32PM
Probe bought another property in the vicinity...this is more good news.
TORONTO, ONTARIO--(Marketwire - Dec 6, 2012) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has acquired a 100% interest in Platinex Inc''s (TSX VENTURE:PTX) ("Platinex") Ivanhoe property, located approximately 20 kilometres east of the Company`s Borden Lake project and contiguous with Probe''s recently acquired Ava-Claire property (see News Release dated December 7th, 2012). The Ivanhoe property is comprised of 374 claims covering approximately 59 square kilometres situated at the eastern end of the Borden Lake Belt. The claims are believed to cover the same horizons which host the Borden Lake deposit, discovered by Probe in 2010.
In exchange for a 100% interest in the Ivanhoe property, the Company has agreed to pay Platinex $80,000, issue 50,000 of its common shares, and grant a net smelter royalty ("NSR") of 1.5% on the property. The securities will be subject to a restricted period of four months and one day from the date of issuance. The purchase is subject to TSX Venture Exchange approval.
Dr. David Palmer, President of Probe, states: "The acquisition of the Ivanhoe property is strategic for Probe as it covers the remaining section of the Borden Lake belt in this area. With the addition of Ivanhoe to the property package, Probe now controls over 136 square kilometers of virtually unexplored ground along strike of our discovery."
APPOINTMENT OF INVESTOR RELATIONS CONSULTANTS
Probe is pleased to announce that it has retained the services of Proconsul Capital Ltd. ("Proconsul") and Renmark Financial Communications ("Renmark") to provide investor relations services.
In consideration of the services to be provided by Proconsul, founded by Andreas Curkovic, the Company has agreed to pay a monthly retainer of $5,000, plus reimbursement of approved expenses. The agreement is automatically renewable on a monthly basis, subject to termination by either party on 30 days of notice. In addition, the Company shall grant Proconsul incentive stock options, the number of which will be determined by the board of directors, subject to the provisions of the Company''s stock option plan and the policies of the TSX Venture Exchange.
In consideration of the services to be provided by Renmark, the Company has agreed to pay a monthly retainer of $7,000, plus reimbursement of approved expenses. The agreement with Renmark has a term of 6 months, commencing December 1, 2012. The Company has the right to terminate the agreement at any time after May 31, 2013 by providing Renmark with a 30-day written notice to that effect.
STOCK OPTION GRANTS
The Company has granted a total of 180,000 options to purchase common shares of Probe to officers and consultants at an exercise price of $1.90 per share for a period of 5 years.