Probe Mines Announces Initial Resource Estimate for Its Black Creek Chromite Deposit; Commences Phase III Drilling; Borden Lake Update

- Massive chromite zone estimated to contain a Measured and Indicated
Resource of 5,714,000 tonnes averaging 40.00% Cr2O3 and an additional
Inferred Resource of 2,726,000 averaging 40.99% Cr2O3

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - The Directors of Probe 
Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the 
Company has received the initial mineral resource estimate for its 
100%-owned Black Creek chromite deposit from Micon International Limited 
("Micon"). 

The resource estimate, which meets the guidelines for reporting mineral 
exploration programs as set out in National Instrument 43-101, was based on 
an initial 15 diamond drill holes that tested the chromite horizon along 
approximately 200 metres (m) of strike length and to a vertical depth of 
approximately 175 m at a spacing of approximately 50 m by 50 m. 
Mineralization at Black Creek is dominated by three massive chromite 
layers, with subordinate amounts of banded, semi-massive and disseminated 
chromite found between and below the massive layers. The cumulative 
thickness of the mineralized zone averages approximately 65 m.

The following table summarizes the Black Creek chromite mineral resource 
estimate at a cut-off grade of 30% Cr2O3:

/T/

Summary of Black Creek Chromite Resources                                   
                                                                            
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Category              Tonnes     Avg. Cr2O3 (%)   Cr:Fe Ratio
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Measured (M)       3,729,000             39.90            1.8
-------------------------------------------------------------
                                                             
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Indicated (I)      1,985,000             40.06            1.8
-------------------------------------------------------------
                                                             
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Total M & I        5,714,000             40.00            1.8
-------------------------------------------------------------
                                                             
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Inferred           2,726,000             40.99            1.9
-------------------------------------------------------------

/T/

Mineral resources do not have demonstrated economic viability. The estimate 
of mineral resources may also be materially affected by other relevant 
factors or issues. There is no guarantee that the project will be placed 
into production. Micon is currently in the process of completing the NI 
43-101 Technical Report supporting the estimate and the Technical Report 
will be filed within 45 days of this press release with SEDAR.

The mineralized material was classified into the Measured, Indicated or 
Inferred mineral resource category on the basis of a combination of the 
following factors: (a) confidence in the geological and mineralization 
continuity, (b) position of blocks in relation to the range of influence as 
defined by the variographic analysis and (c) and the search ellipse ranges.

The Black Creek deposit Measured and Indicated resources have been 
categorized taking into account the search parameters in relation to 
variographic results, and the observed geological and mineralization 
continuity based on sectional interpretation. The inferred resource down to 
a vertical depth of about 360 m is based on drilling intercepts recorded at 
this depth at the adjacent Big Daddy deposit. The known mineralization in 
the entire McFaulds Lake sill has been considered in the process of 
resource categorization.

The cut-off grade of 30% Cr2O3 is based on consideration of chromite 
operations in South Africa, Zimbabwe and Finland. The lack of 
infrastructure in the McFauld's Lake area demands an above-average grade 
deposit to ensure reasonable prospects for economic extraction.

Phase III Diamond Drilling

The report also recommends additional diamond drilling to establish the 
full lateral limits of the deposit and the continuity of chromite horizons 
down dip. The Company has now mobilized crews to the McFauld's Lake area to 
begin the drilling recommended by Micon in order to expand the deposit in 
preparation for updating the current resource estimate. The drilling will 
comprise six holes designed to test the lateral continuity of the deposit 
along an additional 100 m to 150 m of strike length and the down-dip 
continuity to approximately 400 m depth, more than twice the depth of the 
currently drilled resource. The Company will provide an update on the 
drilling once the program has been completed.

Dr. David Palmer, President of Probe states "We are extremely pleased with 
the results of the initial resource estimate and thank Micon for the 
excellent job they did in preparing this. Probe will now focus on expanding 
the deposit and updating this current resource through the next phase of 
drilling. The results of this resource estimate show that Black Creek is 
not only strategically located between the Black Thor and Big Daddy 
deposits, but is a quality, high-grade deposit with strong economic 
potential. To date, we have only tested the zone down to a 175 m vertical 
depth and this next program, if successful, will more than double this to 
400 m as well as extending the chromite along strike."

Micon International Limited

Ing. Alan San Martin, MAusIMM and Charley Murahwi, M.Sc., P.Geo, MAusIMM of 
Micon were responsible for the preparation of this resource estimate. They 
are Qualified Persons as defined in NI 43-101, and are independent of 
Probe. Micon acknowledges that it has read this press release and there are 
no errors contained herein. Micon has provided consulting services to the 
international mining industry since 1988, with particular focus upon 
mineral resource estimations, metallurgical services, mine design and 
production scheduling, preparation of pre-feasibility and feasibility 
studies, independent reviews of mining and mineral properties, project 
monitoring, independent engineer roles, financial analysis and litigation 
support. Additional information about Micon can be found at 
www.micon-international.com.

Borden Lake Project

The Company announces that it has amended the previous Borden Lake 
agreement to include additional claims staked by the vendors surrounding 
the original property package. In consideration for the claims the Company 
will issue an additional 50,000 shares to the vendors upon signing of the 
amended agreement, subject to regulatory approval. The agreement has also 
been amended to include an area of influence covering these new claims and 
all future acquisitions by the Optionor. All other terms and payments from 
the original agreement remain unchanged. The Company recently completed a 
first phase drilling program on the property and will provide geochemical 
results once they have been received and reviewed.