Toronto, February 12, 2008 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) ("Probe") are pleased to announce the closing of a non-brokered private
placement financing with the MineralFields Group as announced on February
5, 2008. The private placement consisted of the sale of 2,666,666
Flow-Through Units at $0.75 per Unit for gross proceeds of $2,000,000. Each
Unit consisted of one flow-through 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 $1.50 until February 7, 2010
provided, however, that should Probe's shares close on the TSX Venture
Exchange for a period of 20 consecutive trading days at a price of $2.00
per share or higher during the exercise period, Probe may accelerate the
expiry time to 30 calendar days from the date express written notice is
provided by Probe to the holder by way of registered mail. In connection
with the financing, a finder was issued 105,333 Units with a value of
$79,000 or $0.75 per Unit, and 210,666 non-flow-through finder options. Each
finder option entitles the holder to acquire until February 7, 2010 one
common share and one common share purchase warrant exercisable on the same
terms as the Warrants at an exercise price of $0.75 per finder option. All securities
issued in conjunction with the offering are subject to a hold period, which
expires on June 8, 2008.
"We are very pleased to be continuing our relationship with
MineralFields Group", said Dr. David Palmer, President and CEO.
"This is an important milestone in the growth of Probe Mines Limited
and we look forward to working with MineralFields Group as we develop our
holdings in the McFauld's Lake region."
Proceeds of the financing will be used to fund exploration on the Company's
McFauld's Lake West Project, located immediately north of Noront Resources'
high-grade nickel-copper-platinum group element (PGE) discovery in the
McFauld's Lake area. The exploration program is described in detail in
Probe's January 30, 2008 Press Release (2/2008). Field operations are
currently underway on the McFauld's West property with the ground grid
established and mobilization of Insight Geophysics' field crews expected
shortly. The geophysical program will be followed by diamond drilling.
The McFauld's West Project is located immediately adjacent Noront Resources'
Eagle One property where high-grade nickel-copper-PGE mineralization was
discovered during this past summer. The most recent drilling intersection
returned the highest grade material to date averaging 6.25% nickel, 2.75%
copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t
silver over 46.6 meters. Probe is encouraged by the proximity of the
McFauld's West property to this significant discovery and believes there is
a strong potential for the property to also host mineralization.
About MineralFields, Pathway and First Canadian Securities �:
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to
investors throughout Canada during most of the calendar year, as well as
hard-dollar resource limited partnerships to investors throughout the
world. Pathway Asset Management also specializes in the manufacturing and
distribution of structured products and mutual funds. Information about
MineralFields Group is available at www.mineralfields.com. First Canadian
Securities�, a division of Limited Market Dealer Inc., is active in leading
resource financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, with investors both
within, and outside of MineralFields Group.
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
the McFauld's West Project, comprised of 12 claims (192 hectares) situated
less than 450 metres from the site of Noront's significant new
nickel-copper discovery, representing 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 Mineral 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
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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