Probe holds a 5% net smelter royalty (NSR) interest on claims covering a portion of the Goldex deposit, owned by Agnico-Eagle Mines Ltd. ("Agnico-Eagle") and located five kilometres west of Val d'Or, Quebec. Goldex lies within the Abitibi Belt, one of the world's most prolific gold and base metal regions. In 2005, Agnico-Eagle announced that a new gold mine would be built at Goldex. Surface construction and underground development began in 2005 and full production of the new gold mine began in 2008. The deposit, hosting a measured reserve of 1.6M ounces of gold, is expected to produce 170,000 ounces per year. Goldex is a low grade, bulk tonnage gold deposit with ore that is easy to treat and recoverable by gravity and flotation.
The commencement of production at Goldex means that Probe's NSR has moved a step closer to becoming a potential revenue stream for the Company. Probe is conducting an independent valuation of the resource and will keep investors apprised of developments.