Charles Oliver, HBSc CFA Probe Mines Ltd PRB-X COMMENT Mar 25, 2014

Interesting deposit. One of the spiky ones where gold grades are very erratic in the holes as they follow it down. Most recent drilling was deeper with some really good hits. Once you get down there though, you have to start thinking what is the strip ratio and what is the cost to get down to it.

Visited this summer. They found some high grade core this spring which is dipping to the SSE and they started to drill that. May go under the lake and to the other side. May change from a low grade deposit to a high grade underground deposit and this got the market excited. He is interested to see if it extends and what grades they get.

(Market Call Minute.) High quality people, high quality deposit. Doesn’t think the market has fully priced this.

They acquired adventure gold. They are re-drilling a depleted old mine and finding new zones. They reported a find this morning. It has lots of cash and not a lot of stock out. (Analysts’ target: $2.15).