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TSX.V: PRB

TSX.V: PRB. Focused on Creating Significant Shareholder Value in 2011. Cautionary Notes. Disclaimer

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TSX.V: PRB

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  1. TSX.V: PRB Focused on Creating Significant Shareholder Value in 2011

  2. Cautionary Notes Disclaimer This presentation contains a review of the Company’s projects in Canada. Viewers are cautioned that the projects are at an early stage of exploration and that estimates and projections contained herein are based on limited and incomplete data. More work is required before the mineralization on the projects and their economic aspects can be confidentially modeled. Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. No representation or prediction is intended as to the results of future work, nor can there be any promise that the estimates herein will be confirmed by future exploration or analysis, or that the projects will otherwise prove to be economic. Forward-Looking Statements This presentation includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. 1

  3. Patrick Reid, B.A. Chairman of the Board David Palmer, Ph.D., P.Geo. President, CEO & Director Carmelo Marrelli, B.Comm, CA, CFO Dennis Peterson, B. Comm,LLB Director John Gammon, Ph.D. Director Karen Willoughby Director Corporate Communications Directors & Management Sound Management Experienced Exploration Team 2

  4. At-a-Glance TSX Venture V.PRB Industry Mining Shares Outstanding 37.6M Shares Fully Diluted 41.6M Recent Share Price $1.70 Market Cap $62.23M Fiscal Year End April 30 Cash-on-Hand $3.0M 3

  5. Corporate Highlights Borden Lake • New gold discovery located near Chapleau, Ontario • Airborne geophysics trace horizon over approximately 1.5km within Probe's property • Extensive drilling program currently underway Tamarack Project • 100%-owned project hosting the predicted extension of the “Ring of Fire” horizon and VMS belt • Discovery of the high-grade A-Zone VMS deposit in 2005, up to 7.8m of 3.1% Cu • Black Creek Project • High-grade Black Creek chromite deposit discovered in July 2009 • NI 43-101 Resource Estimate calculated; 10MM tonnes Cr2O3 • Strategically located along the main Ring of Fire” trend, between Black Thor/Big Daddy Chromite Deposits Cree Lake • Prospective gold property located in Swayze township; • excellent open-pit potential for a high tonnage, low-grade gold deposit • Drilling program currently underway Victory Project • Significant land package in associated volcanic belt • Sulphide-mineralized ultramafic rocks identified during 2008 drill program, possible corollary to “Ring of Fire” West Timmins Project • About 800 metres from Lake Shore Gold’s high-grade Porphyry Zone gold discovery (83.4m @ 12.75g/t Au). • JV with Lake Shore Gold; upcoming drill program planned Goldex Royalty • 5% Net smelter royalty on a portion of Agnico Eagle’s producing Goldex Mine in Val d’Or • Potential non-dilutive revenue stream 4

  6. Borden Lake Project • New gold discovery located near Chapleau, Ontario, within 1 km of major highway and well-developed local infrastructure • • Hosted by overlooked section of Timiskaming sediments • • Excellent potential to host a low-grade, bulk tonnage deposit 5

  7. Borden Lake Project • Extensive drilling program currently underway, to date 27 holes have been drilled representing 960m of strike length (assays pending) • Geophysics indicates horizon could be over 1.5km in length • Mineralization characterized by higher grade zones occur within a broad, lower grade envelope 6

  8. Borden Lake Project • Assay results confirm gold mineralization over 560m along strike • Mineralized zone intersected from surface for widths of up to 220m to a depth of 200m • Intersections include 91m averaging 2.0g/t Au in the discovery hole and up to 182 metres grading 1.1g/t Au in follow-up drilling • Higher grade zones with samples of up to 26.5 g/t Au • Open at depth and along strike 7

  9. Black Creek Chromite Discovery • Strategically located in the heart of the “Ring of Fire” • 2009 drilling program resulted in discovery of high-grade “Black Creek” massive chromite zone • August 2010 Probe acquires 100% interest in Black Creek and dissolves Probe-Noront Joint Venture; announces initial NI 43-101 resource estimate • September 2010, Phase III drilling commences • December 2010, updated 43-101 released 8

  10. Black Creek Chromite Discovery • Chromite horizon intersected under less than 4m of overburden; potential open-pit extraction • A single open-pit design could be access point for both Black Creek and Black Thor chromite deposits • Black Creek chromite deposit appears to continue on Cliff’s property 2010 NI-43 101 Resource Estimate Avg Cr:Fe Category T Cr2O3 (%) Ratio Measured (M) 5.256 37.00 1.8 Indicated (I) 3.389 38.04 1.8 Total M & I 8.645 37.41 1.8 Inferred 1.610 37.78 1.7 9

  11. West Timmins Project • Joint venture project between Probe (45%) and Lake Shore Gold (LSG) (55)%) • Immediately adjacent LSG’s West Timmins Gold Mine (1,290,000 ozs Au) and within 800 metres of the high-grade Porphyry Zone discovery of an 83.4 metre section grading 12.75 g/t Au • Additional high-grade gold discoveries continue to be identified near the eastern edge of the Porphyry Zone, including 147.3 metes of 11.53g/t Au; 18.6 metres of 75.14 g/t Au; and 4.60 metres of 284.19 g/t Au • Alteration similar to that associated with the Porphyry Zone to be tested in upcoming drill program Fall Drill Program Complete, Assays Pending 10

  12. The Goldex Royalty • Probe Holds a 5% Net Smelter Royalty on a portion of Agnico-Eagle Mines’ Goldex Deposit (1.6M ozs Au) • Production officially commenced June 2008; expected to produce 170,000 oz/year • Independent valuation of the royalty currently underway • AEM continuing exploration within royalty boundary 11

  13. McFauld’s Lake Probe is one of larger land owners in McFauld’s Lake, almost 14,000 hectares Tamarack Project • 100%-owned Tamarack Project represents northern extension of the primary VMS horizon and northeastern extent of the “Ring of Fire” ultramafic horizon • Discovery of high-grade A-Zone VMS deposit in 2005, drilling returns up to 7.8m of 3.1% Cu Strong potential for additional VMS mineralization, Ni-Cu and vanadium discoveries Victory Project • First Company to fly EM/MAG survey over volcanic package associated with the McFauld’s Belt • Acquired all of the priority conductors • Identified sulphide-mineralized ultramafic horizon during 2008 drill program Significant potential for Ni-Cu and VMS discoveries 12

  14. Cree Lake • Optioned from Mantis Mineral Corporation; located 125km southwest of Timmins, Ontario • Property consists of 19 claims totalling 4,032 hectares in Swayze township • Widespread occurences of gold including the historic Flint Rock Showing - high grade gold showing of up to 1,300 g/t Au and visible gold • Drill program currently underway 13

  15. Looking Ahead • Focus on expanding the new gold discovery at Borden Lake with the objective of producing initial resource estimate • Monitor Development of Goldex Mine and complete independent valuation • Drilling priority target on the Lake Shore Gold JV Project 14

  16. Contact Information David Palmer, Ph.D., P.Geo. President and CEO (416) 777-6703 Karen Willoughby Director Corporate Communications (866) 936-6766 Head Office Suite 306, 2 Toronto Street Toronto, Ontario, Canada M5C 2B6 Tel: (416) 777-6703 Fax: (416) 777-6705 Email: info@probemines.com Website: www.probemines.com 15

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