PROBE GOLD INC. announced that it has entered into a definitive purchase agreement with Monarch Mining Corporation (Monarch), pursuant to which Probe has agreed to acquire a 100% 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, of the Toronto Stock Exchange (TSX), and the satisfaction of other closing conditions. Pursuant to the Agreement, the Company will acquire a 100% 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, of the TSX, and the satisfaction of other closing conditions. 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 g/t 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. 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. Spanning 183 mineral claims over 78.5 square kilometer, 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.