War Eagle Mining Company Inc.
TSX VENTURE : WAR

War Eagle Mining Company Inc.

February 17, 2010 09:01 ET

War Eagle Announces Tres Marias Assay Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2010) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) ("War Eagle" or the "Company") is pleased to announce the results of an assay program conducted on the Tres Marias drill core, located in Chihuahua, Mexico, from its 2008 drilling program. As previously disclosed, the Company suspended its exploration program at its Tres Marias property in February 2009 due to weak resource prices and uncertainly in the financial markets. In the fall of 2009, the Company undertook a fieldwork program to assay the drill core in storage and had the core assayed in January and February 2010.

The assay program focused on mineralized drill intercepts in two areas of the Tres Marias property that had been recognized but not sampled due to the suspension of exploration activities in February 2009. Drilling was done in the general mine area located south and west to the former mine workings.

The "GO-series" holes were drilled from the mine-yard on surface down into the historic mine during the fourth quarter of 2008. The mineralization that was intersected by the surface GO drill holes is a new zone that is located above the fifth level to the west of the former mine workings.

Table 1 - Drill Results for GO-32 to GO-38

Borehole ID From To Intercept in metres Germanium ppm Zinc % Lead % Iron %
GO-32 56.22 75.89 19.67 103 6.98 2.61 2.17
GO-32 62.28 75.89 13.61 111 8.06 2.50 2.88
GO-33 58.07 61.32 3.25 165 11.04 1.76 1.62
GO-33 77.05 79.67 2.62 107 9.40 0.87 20.00
GO-33 89.74 98.84 9.10 390 16.54 1.20 3.50
GO-34 76.50 92.52 16.02 391 28.77 1.89 4.36
GO-35 53.43 59.26 5.83 84 6.75 9.07 2.78
GO-36 58.90 60.20 1.30 216 15.00 0.91 8.80
GO-36 71.40 74.26 2.86 261 17.38 2.10 10.79
GO-36 76.67 81.60 4.93 154 10.98 0.82 2.90
GO-36 85.94 90.14 4.20 380 21.89 2.72 7.64
GO-37 58.85 61.54 2.69 154 11.62 1.17 7.64
GO-37 69.78 72.00 2.22 303 15.52 3.05 11.85
GO-37 75.70 86.15 10.45 140 19.31 0.65 2.32
GO-37 89.60 97.87 8.27 198 14.85 1.35 1.94
GO-38 54.42 56.15 1.73 172 18.00 9.58 2.18
GO-38 67.38 86.76 19.38 221 15.93 1.61 6.20
GO-38 89.40 90.90 1.50 209 15.00 1.61 9.32

The "TE-series" holes were drilled underground within the old workings of the historic Tres Marias mine during the second half of 2008. The mineralization intersected by the TE underground drill holes is additional zones located beyond the former mine workings to the south.

Table 2 - Drill Results for TE-086 to TE-108

Borehole ID From To Intercept in metres Germanium ppm Zinc % Lead % Iron %
TE-086 16.80 20.10 3.30 41 37.67 0.15 2.50
TE-087 0.00 8.90 8.90 20 47.50 0.04 0.57
TE-090 0.00 11.70 11.70 139 11.27 1.25 1.48
TE-092 0.00 6.00 6.00 68 33.64 0.16 2.14
TE-092 37.45 40.27 2.82 427 14.59 2.56 3.94
TE-092 44.00 45.00 1.00 423 27.43 3.71 2.83
TE-093A 19.20 21.93 2.73 24 18.43 0.12 1.30
TE-096 0.00 4.60 4.60 232 6.22 1.55 2.35
TE-097 6.30 8.25 1.95 410 39.86 3.36 3.69
TE-097 22.50 41.25 18.75 246 19.24 2.73 3.76
TE-098 12.70 16.70 4.00 65 8.09 0.81 13.40
TE-098 22.65 35.00 12.35 147 12.50 1.96 3.37
TE-098 36.70 42.40 5.70 285 21.41 3.04 15.24
TE-099 5.85 9.40 3.55 201 18.03 1.87 3.73
TE-099 16.70 28.80 12.10 291 21.67 3.06 11.67
TE-099 34.90 36.60 1.70 11 5.02 0.51 12.07
TE-100 0.00 1.40 1.40 35 5.24 0.61 2.51
TE-100 11.20 26.05 14.85 147 19.64 1.79 9.71
TE-100 29.30 34.35 5.05 166 16.03 2.18 10.08
TE-100 44.90 49.40 4.50 n/a 18.03 0.07 0.40
TE-101 18.45 21.50 3.05 138 9.21 0.86 1.27
TE-101 24.30 29.10 4.80 335 19.33 2.39 3.36
TE-101 29.60 30.00 0.40 290 19.10 2.29 2.85
TE-102 3.80 6.80 3.00 424 34.50 10.92 2.89
TE-102 8.15 9.04 0.89 400 38.06 3.84 2.64
TE-105 32.09 34.82 2.73 518 37.99 12.93 3.82
TE-105 37.61 39.00 1.39 5 27.62 0.16 0.16
TE-106 11.27 13.04 1.77 196 1.00 1.57 4.50
TE-106 16.17 17.27 1.10 179 1.00 4.02 9.75
TE-107 8.10 10.50 2.40 570 41.08 1.80 3.52
TE-107 11.43 13.36 1.93 72 23.00 0.23 0.54
TE-107 18.27 19.35 1.08 452 36.70 2.85 9.58
TE-107 29.69 34.93 5.24 400 20.31 3.33 3.22
TE-108 10.67 13.23 2.56 356 32.87 1.70 4.61
TE-108 15.22 19.74 4.52 404 35.34 6.32 11.27

As is normal, the Company undertook an assay program with blanks and check assays. The Qualified Person, as defined below, reported that the blanks lined up perfectly and the check assays were all acceptable.

The assay results were completed by Inspectorate in Durango, Texas using four-acid digest and AA finish; SGS Lakefield processed the check assays.

The Company plans to update its exploration plan and section maps of the Tres Marias mine site incorporating the additional mineralization located by this drill program.

The program was supervised by Mr. Alistair Logan, a qualified geologist, reporting to Mr. Terry Schorn, P. Geo, the Qualified Person for the Company, pursuant to the National Instrument 43-101, and who has reviewed and approved the contents of this news release.

About War Eagle

War Eagle Mining Company Inc. is an experienced mineral exploration company publicly traded since 1987 and listed on the TSX Venture Exchange under the symbol WAR. The Company is in the exploration phase of the Tres Marias germanium and zinc project in Mexico. Tres Marias is a former producing high-grade germanium and zinc mine that first produced ore in 1949.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents.

Legal Notice Regarding 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 future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. 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 references to a future drill program and related plans. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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