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| | February 22, 2006
Probe Mines Announces Completion of $1,500,000 Non-Brokered Private Placement to Explore McFauld's Lake Area Projects
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| | Toronto, February 22, 2006 - The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce the completion of a non-brokered private placement financing of $1,500,000 comprising the sale of 2,000,000 Units, sold at $0.75 per Unit. Each Unit consists of one common share, one-half of one Series A common share purchase warrant and one-half of one series B common share purchase warrant. Each whole Series A Warrant entitles the holder to acquire one common share for $1.25 until September 30, 2006. Each whole Series B Warrant entitles the holder to acquire one common share for $1.50 until March 31, 2007. The Series B Warrants may not be exercised until the corresponding Series A Warrant is exercised. Of the 2.0 million Units sold, 1.72 million Units were issued on a flow-through basis. In conjunction with the financing, a finder was issued 50,000 Units on the same terms as the Units sold to the private placees. All securities issued in conjunction with the offering are subject to a four month hold period, which expires on June 7, 2006.
Proceeds of the financing will be used to fund a 2006 exploration program on McFauld's Lake area projects as previously announced.
About the Company:
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has made a significant copper VMS discovery during recent drilling on its Tamarack (formerly McFauld's Lake) project in the James Bay Lowlands, Ontario, including a near-surface intercept grading 3.1% Cu over 7.8 m, and now has access to over 22,000 hectares of volcanic stratigraphy. In addition, Probe has recently signed a joint venture agreement on its Bristol Township project located in the new Timmins West gold camp and adjacent to the Timmins West deposit of Lake Shore Gold Corp. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com, or contact:
Fiona Childe, Ph.D.
Manager of Corp. Communications
Tel: (416) 777-6703
Harry J. Hodge, P.Eng.,
Director
Tel: (416) 363-4376
Forward-Looking Statements
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release 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. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators. |
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| | You can view the Next News Releases item: Thu Mar 16, 2006, Probe Mines Continues to Consolidate Land Position in the McFauld's Lake Area, James Bay Lowlands
You can view the Previous News Releases item: Tue Feb 21, 2006, Probe Mines Commences McFauld's Lake Area Winter Drill Program
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