TSX.V: PRB

Focused on Creating Significant Shareholder Value in 2011

Cautionary Notes

DisclaimerThis 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 StatementsThis 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.

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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

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Sound ManagementExperienced Exploration Team

At-a-Glance

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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

Corporate Highlights

Victory Project

• Significant land package in associated volcanic

belt

• Sulphide-mineralized ultramafic rocks identified

during 2008 drill program, possible corollary to

“Ring of Fire”

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

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

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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 

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

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

Borden Lake Project

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• 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

Borden Lake Project

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• 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

Borden Lake Project

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• 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

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

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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

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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 

2010 NI-43 101 Resource Estimate

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 programFall Drill Program Complete,

Assays Pending

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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

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McFauld’s Lake

Probe is one of larger land owners in McFauld’s Lake, almost 14,000 hectares

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Strong potential for additional VMS mineralization, Ni-Cu and vanadium discoveries

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

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

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

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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

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Contact Information

David Palmer, Ph.D., P.Geo.President and CEO(416) 777-6703

Karen WilloughbyDirector Corporate Communications(866) 936-6766

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Head OfficeSuite 306, 2 Toronto StreetToronto, Ontario, CanadaM5C 2B6

Tel: (416) 777-6703Fax: (416) 777-6705Email: info@probemines.comWebsite: www.probemines.com