Probe Mines Ltd.

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Nov 06, 2007
Probe Mines Announces Closing of $3,500,000 Non-Brokered Private Placement
Toronto, November 6, 2007 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce the closing of the non-brokered private placement financing as announced on October 22, 2007 (Press Release -- 6/2007) and October 25, 2007 (Press Release -- 7/2007) for gross proceeds of $3,500,000 consisting of the sale of 4,667,000 Units sold at $0.75 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share for $1.00 from November 6, 2007 (the "Closing Date") until November 6, 2009 (the "Warrant Term") provided, however, that should the closing price at which the common shares trade, equal or exceed $1.75 for 20 consecutive trading days following the date that is four months and one day after the Closing Date, Probe may accelerate the Warrant Term to the date which is 30 days following the date a press release is issued by Probe announcing the reduced Warrant Term. All securities were issued in conjunction with the offering are subject to a hold period, which expires on March 7, 2008. In conjunction with this financing, a cash payment in the amount of U.S. $150,000 and 200,000 finder warrants were issued to finders. Each whole finder's warrant entitles the holder to acquire one common share for U.S. $0.75 per share until November 6, 2009. Upon completion of this financing Probe has 29,994,473 shares issued and outstanding and 4,821,001 shares reserved for stock options and warrants

Proceeds of the financing will be used to fund exploration on the Company's McFauld's Lake properties, including the 100%-owned McFauld's Lake West Project, located approximately 450 metres from Noront Resources' recent high-grade nickel-copper-PGE discovery; and the 100%-owned Victory Project which hosts numerous untested drill targets in a volcanic belt attached to the McFauld's Lake Belt. Exploration on the McFauld's Lake properties will include a program of magnetic and electromagnetic geophysical surveys followed by diamond drilling. Drilling will initially focus on the McFauld's West property, where regional government magnetic data shows the presence of two anomalies within the claims that are similar in size and shape to that associated with Noront's discovery. Management is encouraged by both the properties proximity to this significant discovery and the presence of the magnetic anomalies, and is currently negotiating contracts to begin fieldwork.

About Probe Mines:

Probe Mines Limited is a Canadian base and precious metal exploration company with 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. This includes a 100% interest in 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery and represents one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Minerals Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.

Investors are invited to visit the Probe Mines IR Hub at where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

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, Ph.D.
Tel: (416) 777-6703

Harry J. Hodge, P.Eng.,
Tel: (416) 363-4376

Karen Willoughby
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: Thu Nov 15, 2007, Probe Mines Announces Appointment of Dr. John B. Gammon to the Board of Directors

You can view the Previous News Releases item: Thu Oct 25, 2007, Probe Mines Announces Increase in Size of Non-Brokered Private Placement to Explore McFauld's Lake Project

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