Silver Eagle Mines Inc.

Silver Eagle Mines Inc.

February 23, 2007 09:37 ET

Silver Eagle Announces Official Opening of Miguel Auza Mine

TORONTO, ONTARIO--(CCNMatthews - Feb. 23, 2007) - Silver Eagle Mines Inc. ("Silver Eagle") (TSX:SEG) is pleased to announce the official opening of its 100% owned Miguel Auza Mine located in the State of Zacatecas, Mexico, at which we were honoured to have in attendance the Governor of Zacatecas State, Senora Amalia Garcia, the Mayor of Miguel Auza, Senor Claudio Lopez, and a number of State and Federal officials involved in mining regulation. The ceremony, which took place on February 20, celebrated the successful start-up of mining and milling operations in early January 2007. (View ceremony photos)

Since start-up, the on-site mill has been processing a bulk sample, mainly comprised of low grade material, while testing the circuit and training new operators in the mill. The Company has now stockpiled in excess of 70 tonnes of poly-metallic silver, zinc, lead, and gold concentrate, which have been assayed by ERSA Global Laboratory and the Company's on-site laboratory, and are estimated to contain more than 7,000 ounces of silver. Negotiations are underway with a local smelter to process this concentrate, and shipments are expected to commence shortly. Test stoping commenced operation earlier this month and has provided additional material for processing. Silver Eagle has also commenced excavation for the foundation to install a second ball mill, which will allow the expansion of the processing capacity of the mill to 300 tonnes per day by September 2007. Approximately 6,000 tonnes of mineralized material remains stockpiled on surface, available for processing.

The ongoing exploration and resource definition program on the Miguel Auza Mine properties, which comprise an area of approximately 200 hectares within its 41,545 hectare San Pedro Resources property holdings (the "San Pedro Property"), is continuing, with four drills working. The objectives of this program are to increase the total resources and upgrade existing inferred resources to measured and indicated resources.

In addition to the ongoing work on the Miguel Auza Mine properties, Silver Eagle is pleased to announce a further US$550,000 exploration program in 2007, focused on properties outside of the Miguel Auza Mine property area. El Pantano (Pb, Zn, Ag skarn target), Loma Las Minas (gold prospect), Mesa El Cobre (copper prospect) and Cerro San Bartolo (tin prospect) are all located within the San Pedro property. (For further information, please view map).

President and Chief Executive Officer, Terry Byberg commented, "We are very pleased by the attendance of the Governor and the Mayor at our official opening, which further demonstrates the partnership that Silver Eagle has fostered in the local community. The restart of mining and milling operations in Miguel Auza has brought a renewed economic vitality to the area that we are proud to be a part of. The continued development of our resources and mining assets and ongoing expansion of our mill will continue to bring substantial benefits to all our stakeholders, including those in the Miguel Auza area."

The Qualified Person for Silver Eagle, as defined by National Instrument 43-101, is Dr. Christopher Hodgson, P. Eng., Vice President, Exploration. Preparation and assaying of the above-reported samples was performed by ERSA Global Laboratory at their facilities in Torreon, Mexico and at Silver Eagle's on site laboratory. Silver Eagle conducts a routine QA/QC program, submitting duplicate check samples for assaying to both ERSA and ALS Laboratories in Vancouver, B.C., with acceptable results to date.


Terrence H. Byberg, President and CEO

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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