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Toronto, November 6, 2007 � The Directors of PROBE MINES
LIMITED (TSX-V: PRB) ("Probe") are pleased to announce the closing of the non-brokered private
placement financing as announced on October 22, 2007 (Press Release � 6/2007) and October 25, 2007
(Press Release � 7/2007) for gross proceeds of
$3,500,000 consisting of the sale of 4,667,000 Units sold at $0.75 per
Unit. 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 from November 6, 2007 (the "Closing Date") until November
6, 2009 (the "Warrant Term") 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 were issued in
conjunction with the offering are subject to a hold period, which expires
on March 7, 2008. In conjunction with this financing, a cash payment in the
amount of U.S. $150,000 and 200,000 finder warrants were issued to finders.
Each whole finder's warrant entitles the holder to acquire one common share
for U.S. $0.75 per share until November 6, 2009. Upon completion of this
financing Probe has 29,994,473 shares issued and outstanding and 4,821,001
shares reserved for the grant of stock options and warrants."
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 450 metres 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 program of magnetic and electromagnetic
geophysical surveys followed by diamond drilling. Drilling will initially
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. Management is
encouraged by both the properties proximity to this significant discovery
and the presence of the magnetic anomalies, and is currently negotiating
contracts to begin fieldwork.
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
Harry J. Hodge, P.Eng.,
Director
Tel: (416) 363-4376
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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