"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.

One thing at a time. The claims that are the subject of the recent JV agreement were staked and recorded by Probe in the spring of 2006. That is during the period of time during which the old JV agreement was still in effect. Look up the claim numbers, and check with the Ministry of Northern Development and Mines. I did.

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.

Correct, but they rescinded that agreement. Noront announced in May of that year that Probe had terminated, and that Noront thereafter held 100% of the subject claims. Yes they included the Eagle district. Probe drilled and missed, and they backed out. Probe also held a JV with FWR for what would later become the 100% FWR block that hosts Black Thor, Black Label, and the F2 nickel targets. Probe drilled, and missed. And they terminated that agreement also.

I think this was a complex ownership issue and Probe could have lost all claims.

Yes, they could have lost the subject claims in court. But that would have tied both parties' hands for a long time, and made some lawyers rich at the expense of both parties. Noront did give up something in this, their right to damages going forward. Instead, as I understand it, they settled for the terms laid out in the prior JV agreement. Now, whether that's literally the case, or not, I cannot say, as I have not reviewed the respective contracts. I read a lot of law and legal papers, but I haven't yet read those contracts. Whether that specific element of the story is true or not is not my point, in any case. This recent JV agreement is Probe conceding to Noront.

For myself, I'm glad to have this issue has been settled in this way.

I'm glad to see it settled, too. I've been in Probe a lot longer than you have.

Lar