War Eagle Mining Company Inc.
TSX VENTURE : WAR

War Eagle Mining Company Inc.

November 01, 2007 10:30 ET

War Eagle Mining Company Inc.: Private Placement Increased to $4.25 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - War Eagle Mining Company Inc. (the "Company") (TSX VENTURE:WAR) announces that it is increasing the previously announced private placement to a total of $4,250,000. The non-brokered private placement will be for a maximum of 8.5 million units (a "Unit") of the Company at a price of $0.50 per Unit. Each Unit will consist of one common share and one half of one common share purchase warrant (a "Warrant"), each whole Warrant entitling the holder thereof to purchase one Common Share at a price of $0.75 for a period of 18 months from the date of issue. The offering remains subject to the approval of the TSX Venture Exchange.

The Company may pay a finder's fee, payable in cash and/or securities to certain entities in connection with introductions of investors made by the finders, such finder's fees to be paid in accordance with TSXV policies.

The net proceeds from the private placement will be used for general administration and further development of the Company's Tres Marias project located in Mexico.

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.

Terence F. Schorn, P. Geo, President, War Eagle Mining Company Inc.

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.

CUSIP. No. 933901209

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.

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