Probe Mines Ltd.

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Jan 23, 2006
Probe Mines Limited announces $1,500,000 non-brokered private placement to explore McFauld's Lake Project
Toronto, Ontario CANADA, Jan 23, 2006 (M2 PRESSWIRE via COMTEX) -- Probe Mines Limited (PRB - TSX Venture), The Directors of PROBE MINES LIMITED are pleased to announce a proposed non-brokered private placement financing of up to $1,500,000 comprising the sale of up to 2,000,000 Units, to be sold at $0.75 per Unit, subject to regulatory approval and closing. 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. Up to 1.6 million Units will be issued on a flow-through basis. All securities issued in conjunction with the offering will be subject to a hold period, which expires four months after closing.

Proceeds of the financing will be used to fund a 2006 exploration on the McFauld's Lake Project which will include a winter program of approximately 2,000 meters of diamond core drilling on the McFauld's Lake Project, and 3,000 meters of diamond core drilling on the Double Eagle Joint Venture, expected to commence by no later than mid-February. Drilling on the McFauld's Lake Project will concentrate on the recent high-grade copper volcanogenic massive sulphide (VMS) discovery identified in October, 2005, and the two high-priority targets delineated 600m to the south and 1200m to the north, which were identified in the recently completed InfiniTEM geophysical survey. Drilling on the Double Eagle Project will concentrate on the first 15 of at least 45 drill-ready bedrock conductors, most of which are markedly similar to those associated with known VMS deposits.

Options in respect of 650,000 shares, exercisable at 0.75 per share for a five-year term were granted on January 23, 2006 to directors. The options were granted pursuant to Probe's stock option plan and are subject to shareholder approval.

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 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 21,000 hectares of volcanic stratigraphy. In addition, Probe has recently signed a joint venture agreement on its 100% owned Bristol Township Project located in the new West Timmins gold camp, adjacent to Lakeshore Gold's potential multi-million ounce gold deposit. 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, or contact:

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.

CONTACT: Dave Palmer, Ph.D., President Tel: +1 416 777 6703 Fiona Childe, Ph.D., Manager of Corp. Communications Tel: +1 416 992 8402 Harry J. Hodge, P.Eng., Director Tel: +1 416 363 4376

You can view the Next News Releases item: Mon Jan 30, 2006, Probe Mines to Option Fancamp Property in the McFauld's Lake Area, James Bay Lowlands

You can view the Previous News Releases item: Tue Jan 17, 2006, Probe Mines: Identifies New Conductors Near Recent VMS Discovery

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