Probe Mines Closes the Sale of its Goldex Royalty Interest to Agnico-Eagle Mines for $18 Million

Toronto, November 29, 2012 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that it has closed the previously announced sale of its 5% Net Smelter Royalty (the "Royalty") on a portion of the Goldex Mine to Agnico-Eagle Mines Limited ("Agnico-Eagle").

Under the terms of the Purchase Agreement, Probe received a cash remittance of $14.0 million from Agnico-Eagle at closing. Additionally, Probe will receive a further 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 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 above (such shares to be priced at a 5-day VWAP).