Probe Mines Ltd.

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Apr 01, 2005
PROBE MINES LIMITED Announces $200,000 Private Placement
The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce a $200,000 private placement financing comprising the sale of up to 500,000 Units, to be sold on a flow-through basis at $0.45 per Unit and on a hard dollar basis at $0.40 per Unit, subject to regulatory approval and closing. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share for $0.70 in the first year after closing, and thereafter for $1.00 until the second year after closing, at which time the warrants expire. All securities issued in conjunction with the offering will be subject to a hold period, which expires four months after closing. In connection with this offering, Standard Securities Capital Corporation acted as a finder. The finder will be paid a cash commission of 10% totaling $20,000, and will be issued broker warrants to acquire 50,000 Units (equal to 10% of the number of Units sold) exercisable for $0.45 per Unit in the two year period following closing.

Proceeds of the financing will be used to fund ongoing exploration and for general working capital purposes.

Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has identified three separate base metal-enriched horizons on the McFauld's Lake property, with a total potential strike length of more than 10km. Gold mineralization has been discovered by Probe on its Bristol Township property in the new West Timmins gold camp. As well, Probe Mines maintains a 5% net smelter royalty interest in claims covering part of Agnico-Eagle Mines Limited (TSX: AGE) Goldex Mine property in Val d'Or, Quebec, which is currently undergoing feasibility studies. Probe's shares trade on the TSX Venture Exchange under the symbol PRB. To find out more about Probe Mines Limited (TSX-V: PRB), visit our website at or contact:

David Palmer
President, Probe Mines Limited
Tel: 416-777-6703, Fax: (6705)
[email protected]
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376, Fax: (4606)
[email protected]
Agora Investor Relations (select
Probe Mines)
[email protected]


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 approv ed 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: Thu Apr 7, 2005, Probe Mines Acquires 489 Claims After Airborne Survey Identifies 23 Electromagnetic Conductors In New, Unexplored Greenstone Belt In Northern Ontario

You can view the Previous News Releases item: Mon Feb 28, 2005, PROBE MINES LIMITED Completes High-Resolution Airborne Survey over McFauld's Lake VMS Base Metal Project, James Bay Lowlands

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