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Jennings Capital – Probe Mines Ltd. - Updated Resource Estimate

UPDATED RESOURCE ESTIMATE: 43%MORE OUNCES, 70% INDICATED

Probe Mines has increased its resource estimate for its Borden Lake deposit to 4.4 million ounces grading 0.89 g/t Au (combined resources at 0.5 g/t Au cut-off grade) with 71% of these ounces in the "Indicated" category. That is a 43% increase in total ounces of gold. Grade has decreased marginally by 5% (i.e., to 0.89 g/t from 0.93 g/t).

Total contained gold has increased by 1.3 million ounces, with 3.1 million ounces in the “Indicated” category (at 0.5 g/t Au cut-off grade).

We had been expecting an addition of approximately 1 million ounces at the 0.5 g/t cut-off, with approximately 1.5 million total ounces being in the “Indicated” category. Probe has beaten our expectation on both counts.

Even more promising, in our view, is the high-grade (i.e., 1.0 g/t cut-off) core containing 1.9 million ounces at an average grade of approximately 1.43 g/t.

We believe that this high-grade core and the project location (i.e., a short distance from Chapleau, a former industrial centre) will result in favourable project economics to be investigated in the announced PEA.

This updated resource is based on drilling completed to the end of February 2012.

The Company continues to drill Borden Lake with three drills and now plans to commence a

Preliminary Economic Assessment ("PEA") on the Borden Lake deposit.

The Company says Borden Lake remains open on strike and at depth.

We are maintaining our SPECULATIVE BUY recommendation on Probe Mines Limited, with a revised 12-month target price of $5.00 per share, up from $4.75 per share.