Dr. David Palmer reports

PROBE ENTERS INTO UNDERWRITING AGREEMENT AND ANNOUNCES INVESTMENT BY AGNICO EAGLE MINES LIMITED

Further to the press release dated May 10, 2013, Probe Mines Ltd. has entered into an underwriting agreement dated May 23, 2013, pursuant to which a syndicate of underwriters, co-led by Cormark Securities Inc. and BMO Nesbitt Burns Inc., which are also acting as joint bookrunners, will purchase or arrange for the purchase of 7.5 million units of the company at a price of $2 per flow-through unit for aggregate gross proceeds of $15-million. Each FT unit will consist of one common share, issued on a flow-through basis, and three-quarters of one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of $2.10 for a period of two years from the closing date. The company has not granted any overallotment option in connection with the offering.

Agnico Eagle Mines Ltd. has agreed to purchase from Cormark 7.5 million units of the company at a price of $1.50 per unit, each such unit to consist of one common share and three-quarters of one warrant following completion of the offering. On closing of the investment, Agnico Eagle will own approximately 9.94 per cent of Probe's issued and outstanding common shares on a non-diluted basis. The common shares and warrants to be purchased will be subject to a mandatory four-month hold period under applicable securities laws. Upon closing of the investment, subject to certain conditions, Agnico Eagle will have the right to participate in any future equity offerings by Probe to maintain its pro rata investment in the company.

Closing of the offering is expected to occur on or about May 28, 2013.

In the event that all warrants are exercised, the company will raise an additional $11,812,500.

Dr. David Palmer, president and chief executive officer of Probe, commented: "We are very pleased that Agnico Eagle has agreed to make a strategic investment in Probe. Agnico Eagle is a highly successful gold-mining company with a strong track record of developing and operating mines in Canada and elsewhere around the world. We believe that the investment validates the progress we are making at the Borden gold project and look forward to drawing upon Agnico Eagle's exploration and mine-building experience."

Sean Boyd, president and chief executive officer of Agnico Eagle, commented: "Our participation highlights the quality and potential of the company's Borden gold project. We are looking forward to developing our relationship with the Probe team and to contributing to the advancement of the Borden gold project."

Dr. Palmer, PhD, PGeo, is the qualified person for all technical information in this release. To find out more about Probe, visit the Probe website.

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