Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

December 21, 2006 07:00 ET

Probe Mines Limited Completes $200,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) are pleased to announce the completion of a non-brokered private placement financing of $200,000 comprising the sale of 1,000,000 common shares at $0.20 per share. All securities issued in conjunction with the offering will be subject to a hold period, which expires on April 22, 2007. No fees or commissions were paid in conjunction with the financing. Proceeds will be used to fund the Company's 2007 exploration programs.

In the Company's news release of November 30, 2006, regarding the terms of Ms. Karen Willoughby's investor relations agreement, the expiry date of the 200,000 options granted to Ms. Willoughby should have read November 28, 2011, and not May 19, 2011. All other terms of the agreement stated in the press release were correct.

About the Company:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has only recently acquired the Greenlaw and Norway Lake base metal projects, which both host numerous base metal occurrences and untested conductors. Probe also owns the Tamarack project in the James Bay Lowlands, Ontario, site of a significant copper VMS discovery, and a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, slated for production in 2008. In addition, Probe has signed a joint venture agreement with West Timmins Mining Inc. on our Bristol Township Project adjacent to Lake Shore Gold Corp's million-plus ounce gold deposit. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.

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.

Forward-Looking Statements

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer, Ph.D.
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Harry J. Hodge, P.Eng.
    Director
    (416) 363-4376
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com