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Probe Metals, GFK Resources nix 2013 option deal for new Casa-Cameron sale agreement

said July 20 that itsigned an agreement to sell three blocks of mining claims within its gold project inQuebec to GFK Resources Inc.

In exchangefor the Vezza Extension, the Vezza North and the Bachelor Extension properties,GFK will issue 3 million common shares to Probe. Probe will also retain a 2% netsmelter royalty over the properties, half of which can be repurchased by GFK atany time for C$1 million.

Furthermore,the companies also agreed to terminate their option agreement signed in December2013, which gave GFK the right to earn a 100% interest in the Casa-Cameron project.For the termination of the 2013 deal, GFK will pay Probe C$275,000 to keep the projectin good standing this year and the next.

The transactionremains subject to approvals, including that of the TSX Venture Exchange.