Home > Boards > US OTC > Mining/Resources >

Probe Mining Ltd. (PROBD)

Add PROBD Price Alert      Hide Sticky   Hide Intro
Search This Board: 
Last Post: 5/3/2014 6:39:20 AM - Followers: 6 - Board type: Free - Posts Today: 0

Probe Mines Ltd.


Below is an image from the Black Creek Presentation on the Probe website.  The reason I posted this image is it is the key to why this investment can and most likely go to $4 - $12.00 PPS.  You will note that Black Creek falls between Big Daddy and Black Thor mines both are by now I assume properties of  Cliff Natural Resourses.  It is also my understanding that Black Creek is on solid ground with only 4 meters of burden to remove to get to the CHROMITE while both Black Thor and Big Daddy are basically swamp land.  One other matter that is of considerable interest to Cliff Natural Resources is that if it does not aquire Black Creek it loses 100 meters of mining potential because of limitations restricting mining within 50 meters of a claims boundary. 

Be sure to read the 2 articles below the picture concerning Cliff Natural Resources aquisition of Black Thor and Big Daddy Mines.

Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302

Share Stucture

Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302

Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302
Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302



Cliffs Natural Resources to acquire Freewest Resources' Chrome assets for C$150 million

by Jamie Ashcroft company news image


Cliffs Natural Resources (NYSE: CLF) (‘Cliffs’) announced it has entered into an Arrangement Agreement to acquire 100% of the outstanding shares in Freewest Resources (TSX-V: FWR) (‘Freewest’) in a share-based deal with a total estimated value of C$150.6 million, equating to C$0.70 per share. Freewest was previously the subject of an unsolicited offer from Noront Resources Ltd.

The offer from Cliffs represents a 122% premium to the Freewest share price on the 2nd October prior to Noront’s offer and a 27% premium on the closing price for Friday 20th November. Accordingly the Freewest Board of Directors unanimously support the offer from Cliffs. The Freewest board have deemed the offer to be ‘clearly superior’ to the Noront offer.

Freewest’s chromite assets, primarily the McFaulds property and the associated McFaulds joint venture property will be integrated into Cliffs broad base metal operations. Cliffs is the largest producer of iron ore pellets in North America and a major supplier of direct-shipping lump and fines iron ore out of Australia. Cliffs also has significant coking and thermal coal producing projects.

The company’s remaining non-chromite assets including its Shareholding in Quest Uranium Corp (TSX-V: QUC) (‘Quest Uranium’) and the high-grade Clarence Stream gold property will form a new company, New Freewest Resources (‘New Freewest’).

Under the terms of the proposed deal, for each share held in Freewest investors will receive a fractional share in Cliffs to the value of C$0.55 and one share in the New Freewest company.

According to the statement, New Freewest will be a well-funded, Canadian-focused mineral exploration company with C$2.0 million in cash, a portfolio of exploration assets and investments, New Freewest will be managed by the current Freewest Board and management.

New Freewest primary asset, the Clarence Stream gold property is located in New Brunswick. The high-grade gold property currently contains Indicated Resources of 235,000 ounces of gold grading 8.99 grams per tonne and Inferred Resources of 156,000 ounces of gold grading 7.35 grams per tonne.

Clarence Stream also has Indicated Resources of antimony estimated at 126,000 tonnes averaging 2.3% antimony, or 6.3 million pounds of antimony. Antimony has a variety of industry applications including the semi-conductor industry, it’s an element used in the manufacture of batteries and forms part of several metallic alloys.

Additionally once the deal is complete, New Freewest will own approximately 4.1 million shares in Quest Uranium which was valued at C$13.3 million on 20th November 2009, representing approximately 10% of Quest Uranium’s issued share capital. Quest is currently advancing several high-potential exploration projects in Canada, with four properties in North-Western Ontario, two properties in Quebec and one located in New Brunswick.

Freewest CEO, Mackenzie Watson commented on the latest proposal:

"We believe this transaction is clearly superior to the proposal put forward by Noront. It will provide Freewest shareholders with highly-liquid shares in a company with a market capitalization in excess of US$5 billion, while allowing New Freewest to continue as a well-financed exploration company focused on the high-grade Clarence Stream gold property and an attractive suite of early-stage exploration properties. The New Freewest shares represent significant value and ongoing upside potential."


TORONTO (miningweekly.com) – The exceptionally high grades at the Big Daddy chrome project, in Ontario's Ring of Fire district, may mean un- or partly-refined material could be economically shipped directly from a future mine to customers, says KWG Resources president Frank Smeenk.

KWG, fellow junior Spider Resources and US coal and iron-ore miner Cliffs Natural Resources are engaged in a tussle for control of the project, in which Cliffs owns 47% and KWG and Spider each own 26,5%, with an option to boost that to 30%.

Late last month, Cliffs announced it planned hostile takeover offers for both Spider and KWG, in a bid to ensure that it can control the development programme for Big Daddy. (Of course, with 47% already, it only needs to succeed in one of the offers to get a controlling stake in the project.)

Now, in an attempt to put control in their own hands, KWG and Spider are going ahead with a plan to combine their companies, in a merger that would give the enlarged firm 53% of Big Daddy.

Depending on which side comes out in the driving seat, there are a couple of quite different scenarios for the development of the Big Daddy project

Cliffs has said it would look at developing its larger- (but lower-grade) Black Thor project first, while KWG and Spider are naturally keen to see progress at their own asset.

Secondly, while Cliffs would likely focus on the North American market, Smeenk said he would have aspirations to tackle export markets.

And Cliffs has also indicated it would probably build electric-arc furnace facilities in Ontario to refine the ore mined from its projects into ferrochrome.

But for Big Daddy, that may not be necessary, Smeenk said.

“Big Daddy looks to be a deposit that can produce a marketable product readily and that is something that would be in the interest of Spider and KWG shareholders, but not necessarily in the best interest of Cliffs shareholders.”

Most of the world's supply of chrome - a key ingredient in stainless steel - is smelted into ferrochrome – about half of which comes from South Africa.

However, mines Kazakhstan, which also produces a big slice of global output, have high enough grades so that lump ore is shipped directly to users.

Importantly, the Kazakh grades are similar to what has been established at Big Daddy, at around 39% or 40% chrome, Smeenk said.

To get production to market, KWG has already staked a line of claims from the deposit down to the CN trans-Canada railroad.

“And to us, that looks like a viable option to access the export markets via Prince Rupert with lump product, with unrefined or perhaps partly refined material.”

The final decision will depend on the market, and what kind of product can be sold economically.

If the merger with Spider does go ahead, the next steps will be the consultation process with the local First Nations, and to launch baseline environmental studies.

A decision will also need to be made on whether to start out as an openpit mine, or to go straight underground.

“You can make the case that a nice big deposit like this may just as well go underground from the outset,” Smeenk said.

Depending on what kind of product can be marketed, it is possible that a concentrate could be produced on site using simple gravity separation and potentially magnetic separation.

Unless there are some roadblocks related to permitting or community relations, the route to production should not be a lengthy one, Smeenk said.

“If the First Nations consultations and permitting processes do not take longer than planning and construction, we are advised that the planning and construction process could be completed in less than four years.”

Commenting on the timetable, Spider Resources vice-president for finance Rick Hamelin said there will be a better indication of the timeline once a feasibility study is completed.

“There is still a lot of work that needs to be done,” he said.


Although the news only broke in the last couple of weeks, discussions had been under way with both Cliffs and Spider for some time, Smeenk said in an interview this week.

In fact, the negotiations with Cliffs got more “enthusiastic” in the last month or so, he said, but the parties could not agree on a valuation and so Cliffs opted to let the market decide whether its price was good enough.

With Spider, talks had been going on for more than a decade, which is about as long as the two companies have been working together in the Ring of Fire, and shareholders in both companies have responded positively to the merger plan, Smeenk asserted.

“By and large, our shareholders and Spider shareholders are thrilled. I think it's self-evident that the whole is greater than the sum of its parts.”

Cliffs launched its formal offer for Spider Resources this week. Because the US company has a stake in KWG, the offer is a related party transaction, and so KWG must first obtain an independent valuation report on the company. It announced on Thursday it has hired Cormark Securities to do the work.

Smeenk said there is always a possibility that something friendly could be negotiated with Cliffs, but said that there are no talks under way at the moment.

Spider's Hamelin declined to comment on whether the company would consider negotiations with Cliffs.

Cliffs was not immediately available to comment.




StockGoodiesRadio Interview with Karen Willoughby, Director of Corporate Communications, Probe Mining


(You have to register with StockGoodies to listen. When I figure out how to download and post the audio file, I will update the iBox).


Current Price
Bid Ask Day's Range
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
#201   LOL I think it did a big R/S TRAPPER JIM 05/03/14 06:39:20 AM
#200   Wow. Really had to jog the old memory Super Dave 05/03/14 02:48:56 AM
#199   If only carnac was around to see TRAPPER JIM 05/02/14 10:32:17 PM
#198   Auguries - December 14, 2012 canucklehead80 12/29/12 04:55:53 AM
#197   Fresh Releases - December 13, 2012 canucklehead80 12/18/12 03:08:51 PM
#195   PROBF: 1-100 R/S immediately followed by 100-1 F/S; Renee 11/07/12 05:16:23 PM
#194   $PRB.V ~ Buy-ins ~ Naked Short List! In Penny Roger$ 03/08/12 03:52:56 AM
#193   Three Companies In One canucklehead80 10/12/11 07:10:09 PM
#192   Probe President David Palmer on Ontario gold assays canucklehead80 10/11/11 07:17:30 PM
#191   Probe Mines Announces Further Assay Results for its Carnac 03/28/11 01:20:19 PM
#190   Probe Mines Announces Further Assay Results for its Carnac 03/28/11 01:20:16 PM
#189   Probe Mines Announces Assay Results for Its Borden Carnac 03/15/11 11:47:07 AM
#188   Yes it is, as I dash from building Carnac 01/19/11 03:52:51 PM
#187   So it's possible to drill and sample in Super Dave 01/19/11 02:11:16 PM
#186   Probe Mines Announces Second Phase Assay Results on Carnac 01/19/11 08:12:00 AM
#185   Probe Mines Commences Second Phase Drilling on the Carnac 01/18/11 08:32:02 AM
#184   I have no problem with Karen, all NoDummy Carnac 01/17/11 12:12:59 PM
#183   Just was some DD someone on another board Mobiaus 01/17/11 12:10:26 PM
#182   And your post concerns Probe how? Carnac 01/17/11 12:03:20 PM
#181   http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58047850 Mobiaus 01/17/11 11:59:11 AM
#180   chucker hang tight, it is in a consolidation Carnac 01/16/11 02:58:03 PM
#179   What has happened to this stock? Last post chuckerfmfla 01/16/11 02:53:00 PM
#178   Probe Mines Acquires Additional Property on Its Borden Carnac 01/06/11 09:41:00 AM
#177   If anyone is noting that PROBF had no chuckerfmfla 12/28/10 01:49:29 PM
#176   Probe Mines Provides Update on its Borden Lake Carnac 12/21/10 11:50:33 PM
#175   Probe Mines Announces Updated Resource Estimate for Its Carnac 12/21/10 08:46:56 AM
#172   Options are granted to insiders at a certain Carnac 12/14/10 10:01:25 PM
#171   Why are the insiders buying at .75 cents TRAPPER JIM 12/14/10 10:00:15 PM
#170   Insider Buying at Probe Carnac 12/14/10 09:32:46 AM
#169   3 possible new events left for the year Carnac 12/13/10 08:52:03 PM
#168   The PPS is rising like we knew it Carnac 12/13/10 10:37:21 AM
#167   Great Management, I have another one like this Carnac 12/13/10 09:22:20 AM
#166   That would be awesome. I love what Probf smitter 12/13/10 09:19:05 AM
#165   Probe is very solid and this is not Carnac 12/13/10 09:16:45 AM
#164   Probf has Massive potential, and is moving on up. smitter 12/13/10 09:14:56 AM
#163   Why I am in PROBF Carnac 12/13/10 09:01:04 AM
#162   Probe Mines Announces Formation of Joint Venture With Carnac 12/13/10 08:16:29 AM
#161   News for all that I have not kept Carnac 12/12/10 08:30:49 PM
#160   Actually I have been busy with my stockitution Carnac 12/12/10 07:56:03 PM
#159   Looks like this is a Board that does chuckerfmfla 12/12/10 07:36:46 PM
#158   Yea darn I was so excited I wanted Carnac 12/10/10 08:36:54 AM
#157   NOW !!!!!!!! WHO IS THE OLD chuckerfmfla 12/10/10 05:47:09 AM
#156   NOW !!!!!!!! WHO IS THE OLD chuckerfmfla 12/10/10 05:46:43 AM
#155   False Alarm, That was Probe Resources not Probe Mining. Carnac 12/09/10 11:04:17 PM
#154   FALSE Alarm, that was Probe Resources not Probe Mining. Carnac 12/09/10 11:03:39 PM
#153   http://www.marketwire.com/press-release/IIROC-Halt-Probe-Resources-Ltd-1366799.h Carnac 12/09/10 10:47:11 PM
#152   Trading halted. You old codger read the Carnac 12/09/10 10:43:11 PM
#151   Carnac. I was starting to get nervous( chuckerfmfla 12/09/10 07:59:30 PM
#150   This property border PROBEs property directly east. Carnac 12/07/10 06:34:57 PM
Consent Preferences