Probe Mines Announces Completion of Bought Deal Private Placement Including Exercise of Underwriters' Option Raising $15.19 Million

TORONTO, ONTARIO -- (Marketwire) -- 11/08/11 -- Further to its press release dated October 24, 2011, Probe Mines Limited (TSX VENTURE: PRB) (the 'Company') is pleased to announce the completion of its previously announced brokered private placement consisting of the sale and issue of 2,100,000 common shares issued on a flow-through basis (the 'Flow-Through Shares') at $2.45 per Flow-Through Share (the 'Initial Offering') and the sale and issue of an additional 4,100,000 Flow-Through Shares at $2.45 per Flow-Through Share pursuant to the full exercise of the Underwriters' option (the 'Underwriters' Option') for total gross proceeds of $15,190,000 (the Initial Offering together with the Underwriters' Option, the 'Offering'). BMO Capital Markets, acting as the lead underwriter of a syndicate including Jennings Capital Inc. (collectively, the 'Underwriters'), exercised the Underwriters' Option in full to increase the amount of the Offering from $5.145 million to $15.19 million.

A cash commission equal to 6% of the gross proceeds of the Offering was paid to the Underwriters in connection with the Offering and compensation warrants were issued to the Underwriters entitling them to purchase up to 372,000 common shares of the Company at a price of $2.25 per common share until November 8, 2013.

The Company intends to use the net proceeds from the Offering towards exploration expenditures on its Borden Lake property, as well as other projects.

All securities issued pursuant to the Offering are subject to a four month and one day statutory hold period until March 9, 2012.

Stock Option Grant

The Company also announces the grant of a total of 230,000 stock options to certain employees and consultants of the Company pursuant to the Company's stock option plan. The stock options were granted on October 31, 2011, exercisable at a price of $2.45 per common share and expire on October 31, 2016. The stock options vest as to one-quarter (1/4) on January 31, 2012, one-quarter (1/4) on April 30, 2012, one-quarter (1/4) on July 31, 2012 and one-quarter (1/4) on October 31, 2012.

About Probe Mines Limited:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit, and is currently exploring its Cree Lake project in Ontario's Swayze Belt, under option from Mantis Mineral Corp. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project, and a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company's common 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, please visit our website at www.probemines.com.

Forward-Looking Statements

This News Release includes certain 'forward-looking statements'. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by terms such as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Probe Mines Limited

David Palmer

President

(416) 777-6703


Probe Mines Limited

Karen Willoughby

Investor Relations

(866) 936-6766
www.probemines.com