Dr. David Palmer of Probe Metals reports

PROBE METALS ACQUIRES IVANHOE PROPERTY, ONTARIO

Probe Metals Inc. has acquired 100 per cent of the Ivanhoe property held by Larry Gervais and Glen Shalton and optioned by GTA Resources and Mining Inc. in April, 2014. The property represents a land package of approximately 130 square kilometres and is located proximal to, and along the same geological trend as, the company's West Porcupine project. This acquisition brings the total land package of West Porcupine to over 180 square kilometres, including the recently announced acquisitions of White Metals' West Porcupine project and the Ross property (see news releases dated Feb. 25, 2016, and Feb. 29, 2016, respectively). Exploration programs are currently being planned that will encompass all of Probe's property in the area.

Dr. David Palmer, president and chief executive officer of Probe, states: "The acquisition of the Ivanhoe property represents a cost-effective addition to the West Porcupine project, and brings with it a significant number of historical and new gold showings. Previous work by GTA has identified numerous drill-ready targets along an extensive gold-bearing structure interpreted to be the western extension of the Destor-Porcupine fault zone, which is responsible for most of the 70 million ounces of gold produced in Timmins. We are looking forward to commencing exploration on this very prospective land package."

Under the terms of the agreement, Probe will make an aggregate payment of $234,000 and issue 350,000 common shares of Probe in consideration for the property and option interest. GTA will maintain a 1-per-cent net smelter return royalty over the property, which can be purchased by Probe, at any time, for $1-million. The vendors will maintain a 3-per-cent net smelter return royalty over the property, of which 2 per cent can be purchased by Probe, at any time, for $2-million.

The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All common shares of Probe received in connection with the sale will be subject to a hold period of four months and one day from the date of issuance.

Dr. Palmer, PhD, PGeo, is the qualified person for all technical information in this release.

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