News

Probe Mines Limited (TSXV: YPB) is pleased to announce that it has completed its reactivation and is no longer deemed inactive as per TSX Venture Exchange Policy 2.6. To clarify information contained in a press release of January 29, 2003, a non-brokered private placement financing for gross proceeds of $99,950 has been completed. The private placement consisted of the sale of 1,198,667 Units of which 798,667 Units were sold at $0.075 per Unit and 400,000 Units were sold at $0.10 per Unit. The Units sold at $0.10 per Unit were sold on a flow-through basis. Each Unit separated immediately upon issuance into one common share and one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share for $0.10 until December 31, 2003. Of this private placement, 400,000 Units sold at $0.10 per unit for gross proceeds of $40,000 were sold on a non-arm's length basis in accordance with applicable regulations.

The proceeds of the private placement will be applied to working capital and resource exploration property expenditures. The shares issued in the private placement, including any shares issued pursuant to the common shares purchase warrants, have a hold period of twelve months from the date of closing.

For further information please contact:

Harry J. Hodge
Tel: 416-363-4376
Fax: 416-363-4606

CAUTIONARY STATEMENT

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.
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