Probe Mines Announces C$5 Million Bought Deal Financing


Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is
pleased to announce that it has entered into an agreement with a
syndicate of underwriters led by BMO Capital Markets, under which the
underwriters have agreed to buy on a bought deal basis by way of
private placement, 2,100,000 flow-through common shares (the
"Flow-Through Common Shares") of the Company, at a price of C$2.45 per
Flow-Through Common Share for gross proceeds of C$5,145,000. In
addition, the Company has also granted the underwriters an option,
exercisable up to 48 hours prior to the closing of the offering, to
purchase up to an additional 4,100,000 Flow-Through Common Shares for
gross proceeds of C$10,045,000.

The gross proceeds from the Offering will be used for Canadian
Exploration Expenses ("CEE")(within the meaning of the Income Tax Act
(Canada)), and the Company will use its best efforts to ensure that
such Canadian Exploration Expenses qualify as a "flow-through mining
expenditure", for purposes of the Income Tax Act (Canada), related to
the exploration of the Company's exploration projects. The Company will
renounce such CEE with an effective date of no later than December 31,
2011.

The Offering is expected to close on or about November 8, 2011 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the TSX
Venture Exchange and applicable securities regulatory authorities.

This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended, (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to or for the account or benefit of a
U.S. person (as defined in Regulation S under the U.S. Securities Act)
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $23MM in treasury and a
portfolio of highly prospective mineral properties. The Company is
actively exploring a significant new gold discovery on its Borden Lake
project near Chapleau, Ontario and owns 875 claims covering
approximately 14,000 hectares in the McFauld's Lake area, including a
100% interest in the Black Creek chromite deposit. Probe is also
exploring its Cree Lake gold project in Ontario's Swayze Belt, under
option from Mantis Mineral Corp, and maintains a 5% net smelter royalty
on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which
began production in 2008. Probe also maintains a 45% interest in a
joint venture property with Lake Shore Gold Corp, which surrounds Lake
Shore's Timmins Mine project. The Company's shares trade on the TSX
Venture Exchange under the symbol PRB. To find out more about Probe
Mines Limited, visit our website at www.probemines.com.