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Re: News Releases - Monday, October 22, 2007
Probe Mines Announces $3,000,000 Non-Brokered Private Placement
to Explore McFauld's Lake Project
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Toronto, October 22, 2007 -- The Directors of PROBE MINES LIMITED
(TSX-V: PRB) ("Probe") are pleased to announce a proposed non-brokered
private placement financing of up to $3,000,000 comprising the sale of
up to 4,000,000 Units, to be sold at $0.75 per Unit, subject to
regulatory approval and closing. 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 for a period of 24 months (the "Warrant Term") from the
closing of the transaction (the "Closing Date"), 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 issued in conjunction with the offering will be subject
to a hold period, which expires four months after closing.

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 450m 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 winter program of magnetic and
electromagnetic geophysical surveys followed by Diamond drilling. The
programs are expected to commence shortly, and will be focused on
bringing the properties to a drill-ready state as soon as possible.
Drilling will 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.

The McFauld's area is once again receiving considerable attention with
the recent discovery of high-grade nickel-copper-PGE mineralization by
Noront Resources. Results from hole NOT07-05 returned a 63.8m
intersection of massive and net-textured sulphides in olivine-bearing
peridotite grading 5.9% nickel, 3.1% copper, 2.9 g/t Pt and 9.8 g/t Pd;
including a 3m interval grading 8.7% nickel, 10.9% copper, 41 g/t Pt
and 14 g/t Pd. Recent field observations indicate the boundary of
Probe's McFauld's West property is only 450m from the discovery zone.
The management of Probe is encouraged by the proximity to this
significant discovery, and believes there is a strong potential for
this property to also host mineralization.

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
http://www.agoracom.com/IR/Probemines 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 PRB@agoracom.com 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 www.probemines.com, or contact:

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

Karen Willoughby
Investor Relations
Tel: (866) 365-4724

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

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.

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Copyright (c) 2007 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at http://www.probemines.com/ or
send mailto:info@probemines.com
Message sent on Mon Oct 22, 2007 at 1:27:21 PM Pacific Time
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