May 24, 2005
Probe Mines Limited Announces $2,000,000 Private Placement to explore Victory Project
The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce a proposed private placement financing of up to $2,000,000 comprising the sale of up to 5,000,000 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.
On April 1, 2005, Probe announced a $200,000 private placement. This private placement will be included as part of the larger $2,000,000 private placement. The private placement will close in tranches with an initial closing of approximately $1,400,000. Further announcements will be made on the progress of this financing.
Proceeds of the financing will be used to fund exploration on the Victory Project and for general working capital purposes. The Victory project is a recently staked, 100% owned project, comprising 494 claims (19,500 acres) representing a newly recognized, previously unexplored, greenstone belt, immediately adjacent to the McFauld's Lake area where high-grade copper-zinc-gold-silver VMS deposits are currently being explored by Spider Resources-KWG Resources. An airborne survey recently conducted on the Victory Project for Probe by Fugro Airborne Surveys has discovered at least 23 electromagnetic conductors believed to have excellent potential for massive sulphides. Field exploration will start shortly and drilling is planned to commence in late June or early July of this year.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to the Victory Project, 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 www.probemines.com or
President, Probe Mines Limited
Tel: 416-777-6703, Fax: (6705)
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376, Fax: (4606)
Agora Investor Relations
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 min eralization 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 Jun 15, 2005, Probe Mines to Begin Diamond Drilling Program on Victory Project Base Metal Targets
You can view the Previous 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
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