Probe Mines Limited TSX VENTURE: PRB

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") would like to update shareholders on the Company's recent corporate and exploration developments. Owing to the financial turmoil in recent weeks and its effect on the capital markets, the Company is now reviewing its finances in order to reduce overhead costs and preserve capital. Probe is fortunate to have a strong treasury, which will not only see it through this downturn in the markets, but also allow the Company to capitalize on potential corporate development opportunities that are beginning to present themselves.

McFauld's Lake Projects

Probe will continue to explore its key assets in the McFauld's Lake area, and the Company is waiting for final results from a recently completed airborne geophysical survey over its Victory and McFauld's West properties. Exploration programs will be advanced after a thorough evaluation of previous results and airborne survey data.

Assay results have been received for the entire intervals of peridotite in Holes MW08-02 and MW08-08. Results were disappointing, with the previously reported platinum, palladium and gold results from drill hole MW08-08 remaining the highest values obtained. Samples from either side show only weakly anomalous and background values. Core samples from hole MW08-02 also returned only weakly anomalous and background values for platinum, palladium and gold.

About Probe Mines:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. This includes a 100% interest in the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which commenced production in 2008. 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.