Dr. David Palmer reports

PROBE GOLD COMPLETES ACQUISITION OF THE BEAUFOR AND MCKENZIE BREAK PROPERTIES IN VAL-D'OR, QUEBEC; CONSOLIDATES GOLD RESOURCES AROUND THE NOVADOR PROJECT

Probe Gold Inc. has completed its previously announced agreement of purchase and sale with Monarch Mining Corp. (see press release "Probe Gold announces acquisition of the Beaufor and Mckenzie break properties in Val-d'Or, Quebec"). Pursuant to the agreement, Probe acquired a 100-per-cent interest in the McKenzie Break and Beaufor properties (collectively, the property). The property acquisition extends the company's land package adjacent and immediately to the north of the company's Novador project and increases Probe's landholdings in Val d'Or to 685 square kilometres.

Transaction details

Pursuant to the agreement, the company acquired a 100-per-cent interest in the McKenzie Break and Beaufor properties, for aggregate consideration of $8.5-million, paid to Monarch as follows: (i) Probe issued 3,580,902 common shares for a total value of $5.4-million based on the 10-day volume-weighted average price (VWAP) of Probe's common shares on the Toronto Stock Exchange for the period ending on April 1, 2024, with the consideration shares being issued at a deemed price of $1.508 per consideration share; and (ii) a cash payment of $3.1-million. The consideration shares have a hold period of four months and one day from closing date of the acquisition.

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. 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 at the McKenzie Break 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. 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 financed 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 Quebec project. 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. The company's recent Novador preliminary economic assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

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