Dr. David Palmer reports

PROBE GOLD COMPLETES ACQUISITION OF THE CROINOR GOLD PROPERTY IN VAL-D'OR

Probe Gold Inc. has completed the previously announced acquisition of the Croinor property pursuant to an asset purchase agreement dated July 12, 2023, between the company, Monarch Mining Corp. and X-Ore Resources Inc. The details of the acquisition and the property are described in the company's press release dated July 13, 2023.

Highlights:

• The Croinor gold property is adjacent to the company's Megiscane property in Val d'Or East and hosts a current, high-grade, measured and indicated gold resource of 187,900 ounces of gold at 6.47 grams per tonne and inferred mineral resource of 39,800 ounces of gold at 6.19 grams per tonne;
• District-scale, underexplored land package of 152 square kilometres with significant resource expansion and exploration upside; work to begin immediately after closing.

Pursuant to the agreement, the company acquired a 100-per-cent interest in the property for aggregate consideration of $4.5-million, issued to Monarch, as follows: (i) Probe issued 1,522,533 common shares for a total value of $2.5-million based on the 10-day volume-weighted average price (VWAP) of Probe's common shares on the Toronto Stock Exchange ending on July 24, 2023, with the consideration shares being issued at a deemed price of $1.642 per consideration share; and (ii) a cash payment of $2-million. The consideration shares have a hold period of four months and one day from closing date of the acquisition. In addition, Probe will assume any reclamation liabilities associated with the past-producing Croinor mine. The acquisition is subject to the final approval of the TSX.

Qualified person

The scientific and technical content of this press release has been reviewed, prepared and approved by Marco Gagnon, PGeo, executive vice-president of the company, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Probe Gold Inc.

Probe Gold is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The company is committed to discovering and developing high-quality gold projects, including its key asset -- the multimillion-ounce Novador gold project in Quebec. The company is well financed and controls a strategic land package of over 1,500 square kilometres of exploration ground within some of the most prolific gold belts in Quebec.

We seek Safe Harbor.