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Probe Mines Announces High Grade Intercepts and Exploration Update

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2013) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company")

Highlights:

  • Continued improvement in the higher-grade core in southeast infill drilling, including intercepts of 36.5 metres grading 4.5 g/t Au and 42.9 metres averaging 3.4 g/t Au;

  • Infill drilling continues to improve central area of mineralization with intersections of up to 53.7 metres averaging 1.6 g/t Au, including 25.2 metres grading 2.5 g/t Au

  • Highest gold value from a single sample, to date, of 102 g/t Au over 1 metre

  • Gold-bearing intervals continue to be identified in the Hanging Wall zone

Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario. Results for 52 diamond drill holes, BL12-314 to BL13-365, were received and continue to improve grade in the southeast, identify new mineralization to the hanging wall side (northeast) of the main zone and improve the quality and consistency of the main zone through infill drilling. These results include drilling in the area of the new high-grade discovery, which returned a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256 (see News Release dated December 12, 2013). As part of the evaluation of this new high-grade zone, infill section, 1150m SE, was drilled to assess the continuity of the mineralization between previous sections. All holes on Section 1150 returned significant values of gold with highlights of 42.9 metres grading 3.4 g/t Au in Hole BL13-362, including a 31-metre interval averaging 4.3 g/t Au and a 26.7-metre intersection in Hole BL13-359 averaging 3.2 g/t Au, including a 12.6-metre interval grading 5.9 g/t Au. The following table shows selected results from Section 1150m SE drilling, with all intervals approximating true width. Updated plan and section maps are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Lake-Drill-Plan-and-Section-Maps:

Section 1150m SE Drilling

DDH

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

BL12-353

1150m SE

320.7

350.4

29.7

1.8

including

335

343.8

8.8

3.8

BL13-359

1150m SE

335.5

362.2

26.7

3.2

including

349.6

362.2

12.6

5.9

BL13-362

1150m SE

334.1

377

42.9

3.4

including

344

375

31.0

4.3

including

364.4

369.1

4.7

14.1

BL13-365

1150m SE

345

387.8

42.8

1.3

including

354

375

21.0

1.7

including

369.1

375

5.9

2.7

also including

380

383.6

3.6

2.5

The Company is currently drilling step-out holes in the southeast to test the extent of the High-Grade Zone further along strike. Results from previous drilling suggest that the high-grade mineralization is an integral part of the horizon and is improving along strike. An analysis of the higher-grade core mineralization on Sections 1000m SE, 1050m SE, 1100m SE, 1150m SE and 1200m SE indicate a continual improvement in thickness and grade, and it is expected that this trend could continue with further drilling. The following table shows selected results from current and previously reported intersections on these sections illustrating the consistent improvement of the higher-grade core along strike to the southeast:

Higher-Grade Zone Intercepts

DDH

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

BL12-215

1000m SE

321.4

355.4

34.0

1.3

BL12-340

1050m SE

341.3

374

32.7

1.7

BL12-233

1100m SE

338.9

376

37.1

1.9

BL13-362

1150m SE

334.1

377

42.9

3.4

BL12-256

1200m SE

328

379

51.0

10.3

Infill Drilling

Of the fifty-two (52) new holes, a further forty-five (45) in-fill holes are presented, which confirm the internal consistency of the main zone mineralization and, in a number of cases, an improvement in grade. Hole BL12-327 returned a significant interval of 53.7 metres averaging 1.6 g/t Au, including 25.2 metres of 2.5 g/t on Section 250m NW, confirming that the infill program on previous sections in the northwest portion of the deposit is still being successful in defining higher-grade gold values. On Section 900m SE, Hole BL13-358 intersected a thick zone of higher-grade mineralization averaging 4.5 g/t Au over 36.5 metres, containing 11.7 metres grading 11.9 g/t Au and includes the highest value returned to date from the property of 102 g/t over one metre. Multiple high-grade samples were returned from other infill holes, including one metre of 83.6 g/t Au in Hole BL12-336 and one metre of 72 g/t gold in hole BL12-344, on Sections 50m SE and 250m SE, respectively. Overall the results from the infill drilling are encouraging, with over 80% of the intervals and sub-intervals returning greater than 1 g/t Au average grades. Please refer to the end of this News Release for a table of drilling results.

Hangingwall Drilling

Only two holes of the 52 were drilled to test for hangingwall zones, with both successful identifying narrow zones of higher grade material, including 7 metres averaging 1.3 g/t Au in Hole BL12-328, and a shallow intersection of 3.5 metres grading 1.4 g/t Au in Hole BL12-354, on Sections 150m NW and 500m SE, respectively.

The following table shows the selected highlights from the Hangingwall drilling. Drill width approximates true width for both holes:

Hangingwall Drilling Results

DDH

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

BL12-328

150m NW

181

188

7.0

1.3

BL12-354

500m SE

2.3

5.8

3.5

1.4

Depth Extension Drilling

Only one hole targeted depth extensions to the mineralized zone. Hole BL12-316 was drilled on Section 800m SE and identified the gold zone to approximately 400 metres vertical depth.

The following table shows the selected highlights from Hole BL12-316. Drill width approximates true width for this hole:

Depth Extension Drilling Results

DDH

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

BL12-316

800m SE

355.3

360

4.7

4.4

BL12-316

383

412

29.0

0.7

including

403

409

6.0

1.4

Exploration Update

Owing to the encouraging results on the Borden Gold Project, Probe Mines plans a minimum of 80,000 metres of drilling in 2013, with a budget allocation of $15 million. The majority of this drilling will be focused on further delineation of the Borden Gold Deposit, with much of this centered on the expansion and definition of the new high-grade zone. Drills have now been mobilized to test the area around the high-grade intersections. In order to take advantage of winter ice conditions drilling is now focused on testing the mineralized zone 500 metres along strike to the southeast of the high-grade intersection identified in Hole BL12-256 (Section 1200m SE). It is anticipated that high-grade gold mineralization, if present, would exist at greater depths and potentially be amenable to underground mining methods.

In addition to drilling on the Borden Gold Deposit, up to 25% of the 2013 drill budget will be allocated towards testing regional targets on the Borden Gold and new East Limb properties. These areas have seen almost no previous exploration and the Company believes that the potential for additional discoveries is high. Drilling will commence on new regional targets once they have been identified and prioritized.

There are presently four drills operating on the deposit.

Dr. David Palmer, President and CEO of Probe, states "The results from the Borden Gold deposit drilling include some of the best intersections we have seen to date and indicate a coherent transition into higher grade gold values to the southeast. Our priority now is to continue defining and evaluating this high-grade mineralization and drilling is now underway to begin accomplishing this task. The Borden Gold project continues to distinguish itself and evolve into what might become one of Ontario's most significant gold deposits. With over $30 million in treasury, we are well-funded through 2014 and able to advance the Borden Gold project and continue building value for our shareholders."

Infill Drilling Results

The following tables show selected results from the Infill Holes. For the majority of holes, drill width approximates true width. For holes BL12-314, -318, -331, -338, -344, -345, -351, -352, -356 and -366 true width is approximately 90% of drilled width:

Infill Drilling Results

DDH

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

BL12-314

250m NW

373.9

382.5

8.6

0.7

BL12-315

450m SE

353.2

379.6

26.4

1.2

including

353.2

366

12.8

1.9

including

362

366

4.0

3.1

BL12-317

450m NW

313

318

5.0

0.9

BL12-318

450m SE

344

347.9

3.9

0.7

BL12-318

355

360

5.0

1.0

BL12-318

369

376

7.0

0.7

BL12-318

382

398

16.0

0.7

BL12-319

150m NW

286

306

20.0

1.5

including

296

297

1.0

12.3

BL12-320

950m SE

240

244

4.0

1.4

BL12-320

330.1

355

24.9

1.3

including

348

353.7

5.7

2.6

BL12-321

350m NW

NSI

BL12-322

350m NW

100

103

3.0

1.1

BL12-322

139

174.6

35.6

0.8

BL12-323

300m NW

211

220

9.0

0.7

BL12-324

350m SE

319.6

337

17.4

0.8

including

322

328

6.0

1.1

BL12-324

348

372.1

24.1

1.0

BL12-325

950m SE

315.3

327

11.7

1.4

BL12-325

337.2

360

22.8

1.1

BL12-326

150m NW

189.6

199

9.4

1.7

BL12-327

250m NW

94

108.3

14.3

0.7

BL12-327

125.3

179

53.7

1.6

including

135.8

161

25.2

2.5

BL12-329

150m NW

141

206

65.0

1.1

including

157

171

14.0

1.9

also including

191

199

8.0

2.2

BL12-330

950m SE

304.9

312.6

7.7

0.9

BL12-330

344

354

10.0

1.0

BL12-330

364

379

15.0

1.3

BL12-331

350m SE

360.4

363

2.6

6.3

BL12-331

393

400

7.0

0.7

BL12-331

403.3

410.2

6.9

0.9

BL12-332

50m NW

104

171

67.0

1.3

including

104

129

25.0

1.6

including

123.5

129

5.5

3.4

BL12-333

50m SE

97.6

162

64.4

1.2

including

112

128

16.0

1.6

also including

145

162

17.0

1.5

BL12-334

L330250

213

235.2

22.2

1.5

including

229

233

4.0

2.9

BL12-334

239

261

22.0

0.8

BL12-335

1050m SE

335

340.1

5.1

0.9

BL12-335

351

372.3

21.3

2.5

BL12-336

50m SE

88.3

92

3.7

25.0

including

89

90

1.0

83.6

BL12-336

179.8

230

50.2

1.0

including

186

201

15.0

1.6

also including

203.5

226

22.5

1.0

BL12-337

350m SE

201.5

272

70.5

1.1

including

217

255

38.0

1.4

including

233

238

5.0

2.5

BL12-338

L330250

315

326

11.0

1.7

including

323

324

1.0

10.9

BL12-338

348.7

360

11.3

0.7

BL12-339

50m SE

232

253.8

21.8

1.0

including

249

253

4.0

2.2

BL12-340

1050m SE

317

321

4.0

3.2

BL12-340

341.3

374

32.7

1.7

including

350

370

20.0

2.0

BL12-341

300m SE

298

308

10.0

0.7

BL12-341

337

371

34.0

1.2

including

348

358

10.0

2.2

BL12-342

50m NW

195.1

223.4

28.3

1.0

BL12-343

250m SE

166

237.6

71.6

1.0

including

173

197

24.0

1.5

also including

226

237.6

11.6

1.5

BL12-344

250m SE

212

213

1.0

72.0

BL12-344

228.7

261

32.3

1.2

BL12-344

266.4

288

21.6

0.6

BL12-345

50m NW

279

312

33.0

1.3

including

291

309

18.0

1.8

BL12-346

316.3

326.5

10.2

1.0

BL12-346

1050m SE

346

392.2

46.2

0.9

including

347.3

356

8.7

1.3

also including

374

392.2

18.2

1.2

BL12-347

450m SE

196

201.1

5.1

1.3

BL12-347

205

234

29.0

0.7

BL12-347

247.9

280

32.1

1.0

BL12-348

150m SE

174

239

65.0

1.2

including

190

208

18.0

1.4

also including

213

237.9

24.9

1.6

BL12-348

284.4

288

3.6

5.0

including

286.1

286.9

0.8

19.8

BL12-349

400m SE

253.1

327

73.9

1.1

including

279

314

35.0

1.6

BL12-350

1100m SE

371.2

428.6

57.4

0.8

including

393

417.4

24.4

1.2

including

414

417.4

3.4

2.2

BL12-351

150m SE

246

311

65.0

1.0

including

246

252.2

6.2

1.7

also including

259

271

12.0

1.1

also including

278

294

16.0

1.4

BL12-352

450m SE

267.7

281

13.3

8.2

including

271

278.7

7.7

13.8

BL12-352

295.9

323

27.1

1.0

including

301.5

306

4.5

1.4

also including

314

319.2

5.2

1.4

BL12-355

150m SE

116.6

178

61.4

1.4

including

127

150

23.0

2.5

also including

150

178

28.0

0.7

BL12-356

277

295

18.0

4.8

including

280

281

1.0

55.3

also including

289

291

2.0

7.7

BL12-356

500m SE

300

342

42.0

1.2

including

306

326.7

20.7

1.7

BL13-357

750m SE

358.7

388.2

29.5

1.4

BL13-358

900m SE

249.5

286

36.5

4.5

including

262

273.7

11.7

11.9

including

263

264

1.0

102.0

BL13-360

750m SE

296

322.9

26.9

1.1

BL13-360

349

357.2

8.2

1.2

BL13-361

850m SE

257.5

294.7

37.2

1.1

including

260

275

15.0

1.8

including

260

267

7.0

2.1

also including

282.3

288

5.7

1.3

BL13-363

850m SE

248

280.5

32.5

2.4

including

259.4

268.4

9.0

5.1

BL13-364

750m SE

327

335

8.0

2.4

BL13-364

361

391.9

30.9

1.0

including

362

367

5.0

1.7

*NSI - no significant intervals

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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.

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

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: 67,196,927

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