Probe Mines to Option Reliant Gold Corp's Borden Lake South Project

TORONTO, ONTARIO -- (Marketwire) -- 03/15/12 -- Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that the Company, subject to regulatory approval, has entered into an option agreement (the "Agreement") with Reliant Gold Corp. (TSX VENTURE: REC) ("Reliant") to acquire up to a 70% interest in Reliant's Borden Lake South Project. Pursuant to the Agreement, Probe has an option to acquire up to a 70% interest in twenty mining claims, representing 294 claim units covering approximately 4,704 hectares, which comprise the Borden Lake South property.

The property ties on to the southern boundary of Probe's Borden Lake project, which hosts the Borden Lake gold discovery, and was optioned to further enhance the Company's regional exploration programs. The Borden Lake gold zone is a relatively new discovery in a previously unexplored area of Ontario, and therefore represents significant potential for further discoveries in the surrounding area. Although Probe has advanced the Borden Lake project very rapidly, there is still considerable work to be done in terms of understanding the regional setting of the mineralization, and the Borden Lake South property represents a very prospective project within this area. Reliant has recently completed geophysical surveys of the property, and Probe will follow up with drill testing of those targets already identified as well expanding the scope of the exploration programs.

An updated property map is available on the Company's website, www.probemines.com.

Dr. David Palmer, President of Probe, states, "We are very pleased to have this opportunity of working with Reliant and expanding our exploration area around the Borden Lake project. Although we have accomplished a considerable amount in a very short time, we think there is still incredible potential in this almost unexplored area and hope to demonstrate significant value in the Borden Lake South Project."

Probe may earn a 60% undivided interest in the Borden Lake South Project by making an initial payment of $20,000 and issuing 25,000 common shares of Probe upon signing of the Agreement; funding exploration expenditures of $900,000, over the three-year period of the Agreement, with a firm commitment of $150,000 within the first year; issue a further 200,000 shares and make further payments totaling $120,000, in aggregate, over the three-year period of the Agreement and mobilize a drill to the property before April 15, 2012. Upon completing all the payments and expenditures above, Probe will have a second option to acquire an additional 10% undivided interest in the Borden Lake South Project by making an additional cash payment of $60,000; issuing 225,000 shares within 60 days of acquiring its 60% interest; and delivering a feasibility study on the Property within 18 months of the vesting date.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $33MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource 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 also 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, and 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.

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

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 such terms 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.

Shares Issued: 64,688,478

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