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Probe Mines Announces $3,000,000 Non-Brokered Private Placement to Explore McFauld’s Lake Project

Tuesday, October 23rd, 2007

The Directors of Probe Mines Limited 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.

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