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Probe Mines Ltd.

Victory Project

In March 2005, Probe identified a previously unknown and unexplored greenstone belt proximal to recent copper-rich base metal VMS discoveries, east of the Company's Tamarack project in the James Bay Lowlands of Northern Ontario. It was immediately apparent to the Company that the newly discovered Victory Belt, named for the V-shaped outline defined by airborne geophysics, held excellent potential to develop into a new VMS camp. As a result Probe acquired a 100% interest, by staking, in the Victory project, which consists of 493 claims totaling 7,888 hectares and covering at least 34 airborne EM conductors.

The Victory project lies approximately five kilometres southeast of Probe's Tamarack project and as is typical for this area of subdued topography and Paleozoic cover, is best explored by geophysical surveys followed by diamond drilling. Phase One (2,301 metres in 13 holes) and Two (894 metres in 6 holes) diamond drill programs were completed in August to October 2005, with disseminated to massive sulphides cut in 16 of 19 holes -- an exceptional success rate on blind grassroots targets.

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The aerial extent of Probe's land position in the Victory Belt is comparable to that of established VMS camps, most notably the Noranda area of Quebec, which contains numerous deposits and base metal occurrences. Similar to both Noranda and Matagami, which are characterized by multiple deposits within a VMS camp, exploration successes by Probe and others throughout the McFauld's area indicate camp potential in this region. To demonstrate the size of the Victory belt with respect to the Noranda Camp, the two areas are shown to scale in the diagram below. This figure shows the interpreted geology of the Victory project with known conductors at the same scale as the Noranda Camp. Note the similarity in distribution and stratigraphic control of conductors as well as the possible vertical "stacking".

Probe is currently planning a 2006 exploration program to fully evaluate its land holdings in the Victory Belt. This work will include interpretation of airborne and ground surveys and drilling of sulphide targets.

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