Dr. David Palmer reports

PROBE GOLD ANNOUNCES ACQUISITION OF THE BEAUFOR AND MCKENZIE BREAK PROPERTIES IN VAL-D'OR, QUEBEC

Probe Gold Inc. has entered into a definitive purchase agreement with Monarch Mining Corp., pursuant to which Probe has agreed to acquire a 100-per-cent interest in the McKenzie Break and Beaufor properties. The property acquisition will extend the company's land package adjacent and immediately to the north of the company's Novador project and will increase Probe's landholdings in Val-d'Or to 685 square kilometres. The closing of the transaction is expected to occur in the coming weeks and is contingent upon receipt of all necessary court, regulatory and other approvals, including approval of the Superior Court of Quebec in the Companies' Creditors Arrangement Act proceedings of Monarch, approval of the Toronto Stock Exchange and the satisfaction of other closing conditions.

Dr. David Palmer, president and chief executive officer of Probe, states: "The tuck-in acquisition of the Beaufor and McKenzie Break properties is a strategic fit with our current development model in Val-d'Or. It will add 365,200 measured and indicated and 373,100 inferred ounces of higher-grade gold to our current resource inventory and will provide an additional 85 square kilometres of highly prospective and underexplored ground for further expansion and discovery. Beaufor, which has produced over 1.2 million ounces of gold in the past, was the missing piece in our Novador claim fabric and will complete the consolidation of our Courvan trend. The McKenzie Break property is within trucking distance of Novador and hosts higher-grade gold resources with tremendous exploration upside. We plan to commence exploration on both properties immediately after closing the acquisition, with a focus on expanding resources and identifying regional targets. Thanks to our strong balance sheet, we can proceed to finalize the acquisitions. This timing aligns well with the conclusion of our winter drilling program at Novador, allowing us to shift our focus to regional exploration at Novador, Croinor, and our new properties."

Transaction details

Pursuant to the agreement, the company will acquire a 100-per-cent interest in the McKenzie Break and Beaufor properties, with the consideration to be payable in a combination of cash and common shares of the company. The closing of the transaction is subject to receipt of all necessary court, regulatory and other approvals, including approval of the Superior Court of Quebec in the Companies' Creditors Arrangement Act proceedings of Monarch, approval of the TSX and the satisfaction of other closing conditions.

About the Beaufor property

The Beaufor property is immediately adjacent to the company's Novador project and consists of 23 claims covering 6.9 square kilometres. The property hosts a current measured and indicated resource of 219,200 ounces of gold at 5.3 grams per tonne and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t (source: Monarch National Instrument 43-101 technical report Beaufor Gold -- July, 2021). The property is easily accessible via Highway 117 and a gravel road and is located approximately 25 km east of Val-d'Or. It has surface mining rights and infrastructure, including underground developments descending to 900 metres below the surface.

About the McKenzie Break property

The high-grade gold deposit on the property is situated only 20 kilometres north of the company's Novador project. The property hosts a current, high-grade indicated gold resource of 146,000 ounces of gold at an average grade of 3.2 g/t, with an inferred mineral resource of 250,600 ounces of gold at an average grade of 3.1 g/t (source: Monarch NI 43-101 technical report McKenzie Break -- October, 2021). Spanning 183 mineral claims over 78.5 square kilometres, it has surface and underground infrastructure, including a ramp descending to 80 metres below the surface. Additionally, the property remains accessible year-round via Route 397 and a gravel road.

Qualified persons

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 well funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100 per cent of its flagship asset, the multimillion-ounce Novador gold project in Quebec, as well as an early-stage Detour gold project in Quebec. Probe controls a large land package of approximately 1,685 square kilometres of exploration ground within some of the most prolific gold belts in Quebec.

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