TORONTO - Probe Metals Inc. (TSX-V: PRB) ('Probe' or the 'Company') is pleased to announce positive results from the independent Preliminary Economic Assessment ('PEA') for its 100% owned Val-d'Or East project (the 'Project') located near Val-d'Or, Quebec.

The PEA provides a base case assessment of developing the Val-d'Or East mineral resource by open pit and underground mining, and gold recovery with a standard free milling flowsheet, incorporating gravity and leaching of the gravity tails, with 50% estimated to be recovered via gravity. The economic model supports an operation with low capital cost and high rate of return over a 12.5-year mine life, with significant average annual production of 207,000 ounces. The PEA was prepared by Ausenco Engineering Canada Inc. ('Ausenco') in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101').

David Palmer, President and CEO of Probe, states, 'Our goal for Probe Metals has always been to find a project that could sustain profitable mining operations of 200,000 gold ounces per year for a minimum of 10 years. We are very pleased to say that we have not only been successful in achieving that goal, but that we have actually exceeded it with Val-d'Or East. The current PEA shows that Val-d'Or East is a large, sustainable mining project that is highly leveraged to gold price and can produce over 200,000 ounces of gold a year for at least 12.5 years, with an average of over 230,000 ounces a year in the first eight years. To have a project like this in Canada is remarkable, but to have a project like this in an established mining camp like Val-d'Or, which still has tremendous exploration upside and growth potential is even more rare. We have explored less than 15% of our property and will be accelerating our programs to capture this exploration upside while continuing to increase confidence in the resource.

We will continue advancing the project on all fronts as we build Val-d'Or East into one of the preeminent Canadian development stories.'

Yves Dessureault, COO of Probe, states, 'We are extremely pleased at the results of our first PEA on the Val-d'Or East project. It has exceeded all of our expectations in terms of size, annual production, initial capital costs and financial returns such as NPV and IRR. It truly is one of the more robust development projects in Canada, and being situated in the heart of mining infrastructure, 25 kilometres from downtown Val-d'Or and directly linked to power and rail, provides us with low execution risk. The project has performed extremely well in initial planning and we see many opportunities to further improve upon this study as we advance into the next phase of work. We also see potential for this project to be a leader in environmental and socially responsible mining, with low environmental impact, ore sorting, use of dry stacked tailings and access to green electricity for electrification of mining operations being just a few of the initiatives we will be working on. We look forward to unlocking further value as we progress Val-d'Or East towards development.'

Description of the Val-d'Or East Project and PEA

The Val-d'Or East Project includes the properties on the Pascalis Gold Trend, the Monique Gold Trend, the Courvan Gold Trend and the Lapaska property, which are all 100% owned by Probe. The Project benefits from world-class mining infrastructure, expertise for underground and open-pit operations and highly qualified personnel. It can be easily reached by roads that are well maintained in all seasons. Several large-scale mining operations and gold mills are currently active in the area. Since 1930, approximately 30 million ounces of gold have been produced at Val-d'Or.

Since 2016, Probe has been consolidating its land position in the highly prospective Val-d'Or East area in the province of Quebec. The Val-d'Or East Project is a district-scale land package comprising 436 square kilometres and represents one of the largest consolidated land holdings in the Val-d'Or mining camp. The current total resource stands at 1,800,900 ounces of gold in the Measured and Indicated category (M&I) and 2,309,600 ounces of gold in the Inferred category.

Ausenco was appointed as lead consultant in November of 2020 to prepare the PEA in accordance with NI 43-101, and was assisted by Moose Mountain Technical Services for the mine design.

The independent PEA was prepared through the collaboration of the following firms: Ausenco Engineering Canada Inc. (Ausenco), Moose Mountain Technical Services (MMTS), Goldminds Geoservices (Goldminds), Geologica Inc., Richelieu Hydrogeologie Inc., Lamont Inc. and Rock Engineering Consulting Services. These firms provided mineral resource estimates, design parameters and cost estimates for mine operations, process facilities, major equipment selection, rock and tailings storage, reclamation, permitting, and operating and capital expenditures.

Non-IFRS Financial Measures

The Company has included certain non-IFRS financial measures in this news release, such as initial capital cost, sustaining capital cost, total capital cost, AISC, and capital intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

About Ausenco

Ausenco is a global company based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors.

About Probe Metals

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d'Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 11.5% of the Company.

Contact:

Seema Sindwani

Tel: +1.416.777.9467

Email: info@probemetals.com

Forward-Looking Statements

This News Release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan' and include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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