Probe Mines and Reliant Gold Agree to Terms of Joint Venture with Respect to the Borden Lake South Property
17 Março 2014 - 9:33AM
Marketwired
Probe Mines and Reliant Gold Agree to Terms of Joint Venture with
Respect to the Borden Lake South Property
TORONTO, ONTARIO--(Marketwired - Mar 17, 2014) - Probe Mines
Limited (TSX-VENTURE:PRB) ("Probe" or the "Company") is pleased to
announce that it has agreed to the principal commercial terms for a
joint venture agreement with Reliant Gold Inc. (TSX-VENTURE:REC)
with respect to Reliant's Borden Lake South Property (the
"Property"), located in Chapleau, Ontario.
The principal commercial terms of the joint venture are as
follows:
- Probe and Reliant will have a 51% interest and a 49% interest,
respectively, in the joint venture;
- Probe will make a cash payment of $200,000 and issue 100,000
common shares of Probe to Reliant upon the execution and delivery
by the parties of a definitive joint venture agreement;
- Probe will be responsible for maintaining the Property in good
standing until the earlier of (i) the completion of a bankable
feasibility study with respect to the Property; and (ii) the date
which is five years from the date of the execution and delivery by
the parties of a definitive joint venture agreement;
- Probe will be responsible for funding 100% of the joint venture
until the earlier of (i) the delivery of a positive bankable
feasibility study with respect to the Property by Probe to Reliant;
and (ii) the date which is five years from the date of the
execution and delivery by the parties of a definitive joint venture
agreement;
- on delivery of a positive bankable feasibility study with
respect to the Property by Probe to Reliant on or prior to the date
which is five years from the date of the execution and delivery by
the parties of a definitive joint venture agreement, Probe will
earn an additional 24% interest in the joint venture increasing its
interest to 75% and, thereafter, Probe and Reliant will be
responsible for the costs of maintaining the Property in good
standing and funding the joint venture as to 75% and 25%,
respectively; and
- if a positive bankable feasibility study with respect to the
Property is not delivered by Probe to Reliant on or prior to the
date which is five years from the date of the execution and
delivery by the parties of a definitive joint venture agreement,
the interests of the parties in the joint venture will be fixed at
51% and a 49% for Probe and Reliant, respectively, and, thereafter,
the parties will be responsible for the costs of maintaining the
Property in good standing and funding the joint venture in those
percentages.
The Borden Lake South Property comprises 20 mining claims
representing 294 claim units covering approximately 4,704 hectares,
located 10 kilometres east of the Town of Chapleau, Ontario and
adjacent to Probe's 100%-owned Borden Gold Project.
Dr. David Palmer, President and CEO of Probe, states "We are
very pleased with the acquisition of our 51% interest in the Borden
Lake South Property. It is an excellent fit with our strategy to
consolidate the Borden Belt. Probe controls over 400 square
kilometers of virtually unexplored ground in Ontario's newest gold
district and we see significant potential for additional gold
discoveries in this area."
The joint venture is subject to the execution and delivery by
the parties of a definitive joint venture agreement by no later
than March 20, 2014 and the receipt of all necessary board and
regulatory approvals. The joint venture is being entered into as a
variation to the existing relationship between Probe and Reliant
with respect to the Property under an option agreement made
effective as of the 12th day of March, 2012 pursuant to which Probe
has an option to acquire up to a 70% interest in the Property.
About Probe Mines:
Probe Mines Limited is a Canadian precious metals exploration
company whose key asset is the Borden Gold Zone in Ontario, Canada.
As of October 31, 2013, the Company is well-positioned with
approximately $33.4 million in treasury. The Company is actively
exploring a significant new gold resource on its Borden Gold Zone
near Chapleau, Ontario and has 100% interest in the Black Creek
chromite deposit located in Northern Ontario. The Company's shares
trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all
technical information in this release. To find out more about Probe
Mines Limited, visit our website at www.probemines.com.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This News Release includes certain
"forward-looking statements". These statements are based on
information currently available to the Company and the Company
provides no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results relating to, among other things, results of exploration,
project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and
prospects, could differ materially from those currently anticipated
in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This
list is not exhaustive of the factors that may affect any of the
Company's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on the Company's forward-looking statements. The Company
does not undertake to update any forward-looking statement that may
be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws.
Shares Issued: 75,684,727
Probe Mines LimitedKaren WilloughbyDirector of Corporate
Communications(866) 936-6766info@probemines.comProbe Mines
LimitedPatrick LangloisVice President, Corporate Development(416)
777-6703patrick@probemines.comwww.probemines.com
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