TORONTO, ONTARIO--(Marketwire - Nov. 23, 2012) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has sold its 5% Net Smelter Royalty (the "Royalty") on a portion of the Goldex Mine to Agnico-Eagle Mines Limited ("Agnico-Eagle") for total consideration of $18.0 million.

Under the terms of the Purchase Agreement (the "Agreement"), Agnico-Eagle will provide Probe with the following consideration for the acquisition of the Royalty:

1. a cash remittance of $14.0 million to Probe at closing;
2. an additional payment of $2.5 million payable, at the option of Probe, in cash or common shares in the capital of Agnico-Eagle in the event that production at the portion of the Goldex Mine subject to the Royalty exceeds 17,320 ounces (such shares to be priced at a 5-day VWAP); and
3. an additional payment of $l.5 million payable, at the option of Probe, in cash or Agnico-Eagle Shares in the event that production at the Goldex Mine subject to the Royalty exceeds 20,320 ounces, inclusive of the 17,320 ounces provided for in paragraph (b) above (such shares to be priced at a 5-day VWAP).