Probe Mines Ltd.

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Feb 01, 2010
Probe Mines Announces Proposed $250,000 Non-Brokered Private Placement
Toronto, February 1, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce a proposed private placement financing for gross proceeds of $250,000 consisting of the sale of 500,000 Units sold at $0.50 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share for $0.75 for a period of two years after closing. All securities will be subject to a hold period of four months.

Proceeds of the financing will be used to continue the Corporations exploration efforts in the McFauld's Lake area, as well as for working capital.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4M in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares, including joint venture properties with Noront Resources covering 87 of these claims. Probe currently has an option-joint venture agreement with Lake shore Gold Corp on its Bristol Township gold project adjacent to Lakeshore's million-plus ounce gold deposit. Recent exploration results from Lakeshore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 33,566,472 shares issued and outstanding, which 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:

David Palmer
Tel: (416) 777-6703

Karen Willoughby
Investor Relations
Tel: (866) 365-4724

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.

You can view the Next News Releases item: Wed Feb 3, 2010, Probe Mines Announces Closing of $250,000 Non-Brokered Private Placement

You can view the Previous News Releases item: Tue Nov 24, 2009, Probe Mines' Phase II Drilling Results Yield More High-Grade Chromite for the Black Creek Discovery, McFauld's Lake Area, Ontario; Significant Core Intervals of up to 43.7% Cr2O3

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