As we look back over the past year, I am reminded that when writing this message last year we were focused on calculating the Black Creek chromite resource and had only just begun working on a grassroots gold acquisition called Borden Lake. Now, one year later, the Company has added another resource estimate to its portfolio, this time a multi-million ounce gold deposit which could represent Ontario's newest and most promising gold discovery.
We are encouraged by what we have accomplished in such a short space of time and with the increasing potential that we see at Borden Lake, as well as on our other assets such as Black Creek and our Goldex Mine royalty. We have always been a results-driven company, and now our efforts are beginning to show real value for shareholders.
Our timing couldn't have been better with the discovery of Borden Lake, as gold prices continue to climb and the markets and industry are receptive to significant new gold stories. As such, we are diligently working to maintain our momentum and increase our progress at Borden Lake in a timeframe that allows the Company to capitalize on current conditions.
Even as the initial resource estimate was released, we were working towards upgrading and expanding the gold zone for an updated resource estimate, as well as beginning metallurgy and environmental baseline studies. It is our goal to stay ahead of the curve at Borden Lake and begin a preliminary economic assessment as soon as possible.
We have shown that the scale of Borden Lake is similar to that of other bulk tonnage gold deposits that are capturing the attention of the markets and we are confident that Borden Lake will receive the same recognition.
We are also very pleased to have reached a Memorandum of Understanding with Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations and are looking forward to developing an ongoing relationship with these three communities in the area of the Borden Lake Gold Project.
While work progresses on Borden Lake, our other assets continue to increase in value as well. The Ring of Fire area, which hosts our Black Creek chromite deposit, is developing into one of Ontario's most prominent exploration plays. With the continued work in the area the development of infrastructure becomes an increasing probability, which will significantly impact the economic viability of Black Creek, a strategic, potentially open-pitable surface deposit of high-grade chromite. Our Goldex Mine royalty is also seeing increased value as the price of gold increases and Agnico-Eagle Mines Limited continues its exploration and development work within and around the royalty area.
On the corporate front, the Company is stronger than ever. We completed a $25 million financing with BMO Capital Markets at the end of the fiscal year and now have a robust treasury, which will allow us to increase our work schedule and add value to the Borden Lake project without worries over possible market volatility. The financing has also introduced Probe to institutional investors and helped raise the profile of the Company and increase the market awareness of our developing story. The past year has seen exceptional corporate growth, and we intend to add significantly to this as we move into 2012.
During the 2012 fiscal year Probe will be capitalizing on the work started in 2011 by further increasing shareholder value with the high-quality portfolio of assets we have built. Shareholder support has brought us to this point and on behalf of myself and the Board of Directors, I would like to thank you for your past and continued support as we forge ahead into a new period of growth.
David Palmer, Ph.D., P.Geo
President & CEO
September 12, 2011