"Probe gave up 50% title, formally. Probe got no compensation for past exploration expenses on the properties. No shares changed hands. No cash. Just a commitment to share costs going forward. What's the quid pro quo?"
Hoove,
In my view, Probe just didn't give up 50% title. IMO, the claim blocks originally belonged to Noront not Probe. Probe had an option for much larger claims in MacFauld's area including Eagle 1 & 2 by incurring expenditures of $2,000,000 by Sep. 1, 2007. Unfortunately, On May 17, 2007, Probe advised Noront that it didn't have a plan (not an intention to terminate an option of acquiring 50% interest) to proceed further exploration for year 2007 on Noront Double Eagle Project. Immediately after Noront's releasing exploration results on Aug. 28, 2007, Probe announced it had an intention to initiate the exploration program on Aug. 29, 2007. Probe closed $3.5 non-brokered financing on Nov. 6, 2007 and completed High Resolution Airborne Survey on the McFauld's West Property on Dec. 6, 2007.
As Probe incurred some expenditures on exploration, the company seemed to have a settlement with four claim blocks in jv form with Noront after 6-month battle. I think this was a complex ownership issue and Probe could have lost all claims. For myself, I'm glad to have this issue has been settled in this way. Otherwise, drilling is not yet underway and winter exploration program will become idle again.
| |
December 22, 2005
Probe Mines to Option Noront Resource's Double Eagle Project in the McFauld's Lake Area, James Bay Lowland
|
|
|
Probe Mines Limited (PRB - TSX Venture), is pleased to announce that an agreement in principle has been reached with Noront Resources Ltd. (Noront) to option the Double Eagle project in the McFauld's Lake area of Northern Ontario. Probe has the right to earn 50% of the Double Eagle project by incurring expenditures of $2,000,000 by September 1, 2007, $750,000 of which must be spent prior to June 30, 2006, and issuing 300,000 common shares of Probe Mines upon signing of the agreement and 200,000 common shares on the first anniversary, subject to regulatory approval.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSXV Trading Symbol: NOT May 17, 2007
DOUBLE EAGLE PROJECT, MCFAULDS LAKE AREA, JAMESBAY LOWLANDS
Noront Resources Ltd. (“Noront”) announces that it has been advised by Probe MinesLimited (Probe) of Toronto that it does not plan to proceed this year with furtherexploration on the Company’s Double Eagle project located in James Bay Lowlands,northeastern Ontario and has returned the property to the Company, which now holds a100% interest.
TORONTO, ONTARIO August 28, 2007 Noront Resources Ltd. (“Noront”)(TSXVenture: NOT) announces that it has been advised by its project manager (BillikenManagement Services Inc.) of Toronto results of the first two holes of the diamonddrilling program started August 24, 2007 on the recently optioned claims of theCompany’s Double Eagle project located in James Bay Lowlands, northeastern Ontario.The first hole of the current drill program NOT-07-01 has intersected visible coppersulphide mineralization (chalcopyrite) in a pyrrhotite – chalcopyrite – peridotitegeological setting.
|
August 29, 2007
Probe Mines Limited Reports on Property Adjacent to Noront's Copper Discovery in the James Bay Lowlands and Recent Increase in Trading Activity
|
Toronto, Wednesday, August 29, 2007-- The Directors of Probe Mines Limited (TSX.V: PRB) wish to comment on the increase in trading volume that has occurred in the company's shares over the past two days.
Probe holds 100% interest in 12 mineral claims adjacent to and partly surrounding claims (The Condor/Greenstone Option) held by Noront Resources Ltd.in the James Bay Lowlands area. Noront today released information that its recent diamond drilling had discovered visible copper mineralization in two holes (See Noront News Release dated 08/29/2007).
The company believes that this new discovery and Probe's significant holdings located directly adjacent to and surrounding Noront's claims have prompted the increased trading activity in Probe's own shares.
Probe is currently reviewing available information on its claims and on other properties in the area and anticipates initiating an exploration program in the near future.
