| | | Wed Oct 31, 2007
Drilling Intersects 15.1 Meters of 100 Grams/tonne Germanium and 31.25% Zinc
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War Eagle Mining Company Inc. (TSX Venture Exchange - WAR) (the "Company") has received assay results from 23 additional underground core drill holes located on the 4th and 6 ½ levels of the Tres Marias Mine in Mexico which, using a 5% zinc and a 50 grams per tonne germanium cut off grade, have an average grade of 18.76% Zinc and 75 grams per tonne germanium. Underground diamond drilling is currently on hole #58 of 90 of the estimated CAN $10 million exploration and development program. Germanium currently trades at US$1.20 - $1.30/gram and zinc at US$2,900/tonne.
Highlights
- TE-40 intercepts 15.1 meters of 31.25% Zinc and 100 grams/tonne Germanium;
- TE-45 intercepts 3.86 meters of 37.74% Zinc and 226 grams/tonne Germanium;
- TE-29 intercepts 16.28 meters of 14.97% Zinc and 25 grams/tonne Germanium;
- TE-37 intercepts 2.63 meters of 15.02% Zinc and 195 grams/tonne Germanium.
Underground Core Drilling - Tres Marias Mine
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Distance
Drill hole From To (m) Zn (%) Ge (g/tn) Mine Level
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TE-21 6.84 8.35 1.51 5.51 16.8 4
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TE-22 2.60 3.60 1.00 14.36 176 4
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TE-23 20.84 22.25 1.41 5.32 46 4
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TE-23 55.75 59.10 3.35 8.01 70 4
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TE-26 3.27 4.20 0.93 8.19 3 6 1/2
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TE-27 7.30 10.83 3.53 23.14 20 6 1/2
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TE-28 0.00 0.85 0.85 35.82 17 6 1/2
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TE-29 0.00 3.19 3.19 18.12 51 6 1/2
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TE-29 4.51 9.45 4.94 20.31 34 6 1/2
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TE-29 11.82 16.28 4.46 19.20 16 6 1/2
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TE-30 1.86 2.28 0.42 37.33 18 6 1/2
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TE-30 4.26 4.72 0.46 22.25 less than 2 6 1/2
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TE-31 2.47 3.84 1.37 24.75 22 6 1/2
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TE-31 6.05 7.21 1.16 16.41 35 6 1/2
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TE-32 1.03 3.46 2.43 14.72 32 6 1/2
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TE-32 6.50 11.83 5.33 9.10 7 6 1/2
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TE-32 12.66 14.20 1.54 10.15 35 6 1/2
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TE-35 0.30 5.50 5.20 9.94 53 6 1/2
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TE-36 6.42 10.56 4.14 18.53 31 6 1/2
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TE-37 2.30 6.08 3.78 24.46 47 6 1/2
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TE-37 10.83 12.79 1.96 7.61 20 6 1/2
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TE-37 14.11 16.74 2.63 15.02 195 6 1/2
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TE-38 6.15 10.33 4.18 26.72 52 6 1/2
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TE-40 0.00 15.10 15.10 31.25 100 6 1/2
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TE-40 17.27 21.76 4.49 33.40 10 6 1/2
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TE-40 24.27 24.72 0.45 35.28 20 6 1/2
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TE-41 2.37 7.02 4.65 16.67 22 6 1/2
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TE-42 4.92 6.60 1.68 2.79 63 6 1/2
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TE-42 12.66 14.20 1.54 9.21 23 6 1/2
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TE-44 7.45 9.70 2.25 5.78 140 6 1/2
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TE-45 0.00 3.86 3.86 37.74 226 6 1/2
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TE-45 4.75 7.13 2.38 36.44 47 6 1/2
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TE-46 2.02 4.10 2.08 18.41 13 6 1/2
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TE-46 12.32 17.42 5.10 9.75 31 6 1/2
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TE-47 2.62 3.41 0.79 5.38 583 6 1/2
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TE-47 14.60 21.56 6.96 7.39 57 6 1/2
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TE-47 30.91 34.40 3.49 8.31 152 6 1/2
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TE-48 0.00 5.55 5.55 17.96 23 6 1/2
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TE-48 9.28 10.90 1.62 9.89 6 6 1/2
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TE-48A 0.00 4.07 4.07 17.29 6 6 1/2
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TE-48A 16.80 19.75 2.95 16.06 23 6 1/2
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Assay results are distance weighted averages. The samples above were assayed by Copperstate Analytical Laboratory in Prescott, Arizona. Samples are analyzed for Zinc by titration, germanium, gallium and lead contents are determined using ICP methods.
Germanium values are generally higher in sulfide mineralization than in silicate or oxide material. Zinc values remain similar throughout the sulfide, silicate and oxide material.
Note that the complete drill hole and channel sample assay results scan be reviewed on the Company's web site at www.wareaglemining.com. All the drill hole assays results will form part of the 43-101 report.
The Company will also be drill testing the Nacional target located some 200 meters southwest of the main mineralized zone on the 6th level. This zone was located by underground drilling and drifting by previous operators.
The Company is planning to complete surface exploration work on Targets 17, 18, and 19 before drill testing. Two of these targets are located approximately 500 meters NW & SW of the shaft with #18 being 3 KM NW of the shaft. A total of 87 exploration targets exist on the 100 % owned Tres Marias project.
Based on a report by Gregory F. Smith, B.Sc., PGeo. the potential exists for between 5,000,000 to 10,000,000 tonnes of mineralization on the Tres Marias Project. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource.
About War Eagle Mining:
War Eagle Mining Company Inc. is an experienced mineral exploration company publicly traded since 1987 and on the TSX Venture Exchange under the symbol WAR. The company is in the exploration and development phase of the Tres Marias Germanium and Zinc Mine in Mexico. The Tres Marias Mine is a former producing high-grade zinc and germanium mine that first produced ore in 1949.
The Project is under the direction of Mr. Terence Schorn, P. Geo., the qualified person pursuant to the National Instrument 43-101.
"Terence F. Schorn"
Terence F. Schorn, P. Geo
President War Eagle Mining Company Inc
For further information contact:
Bob Faris, Vice President, Corporate Development
at 1-800-877-1626 or 604-606-7973
www.wareaglemining.com
info@wareaglemining.com
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with mining operations, therefore the Company's actual results, performance or achievements could differ materially from those expressed in or implied by these forward-looking statements will transpire, or occur, or if any of them do so, what benefits, including the amounts of proceeds which the company will derive therefrom. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future pricing trends of Ge metal, completion and production timetables. These statements are based on assumptions made by the company based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
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