Probe Metals Announces Sale of Certain Properties in the Casa-Cameron Project, Quebec

Toronto, July 20, 2016 – Probe Metals Inc. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that the Company has entered into an agreement to sell three blocks of mining claims in the Casa-Cameron Project known as the Vezza Extension Property, the Vezza North Property and the Bachelor Extension Property (the “Properties”) to GFK Resources Inc. (TSXV: GFK) (“GFK”). In exchange for the Properties, GFK will issue 3,000,000 common shares of GFK to the Company which are subject to a four month statutory hold period. Probe will maintain a 2-per-cent net-smelter-return royalty over the Properties, of which 1% can be purchased by GFK, at any time, for $1 million.

In addition, under the terms of the agreement, Probe and GFK have agreed to terminate the option agreement dated December 11, 2013 pursuant to which GFK had the right to earn a 100% interest in the Casa Cameron Project. In consideration for termination of the option agreement, GFK will pay Probe an amount of $275,000 to keep the mining claims in the Casa-Cameron Project in good standing for 2016 and 2017.

The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.