Silver Eagle Mines Inc.
TSX : SEG

Silver Eagle Mines Inc.

April 30, 2007 09:06 ET

Silver Eagle Announces Pricing of Proposed Financing

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Silver Eagle Mines Inc. ("Silver Eagle") (TSX:SEG) is pleased to announce that it has agreed to pricing for its previously announced public offering of units. Silver Eagle's offering will consist of up to 17,400,000 units at a price of C$1.50 per unit, for aggregate gross proceeds of up to C$26,100,000. Each unit shall be comprised of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one common share for a period of eighteen months following the closing at a price of C$2.03 per share.

In connection with the offering, Silver Eagle will also grant the agents an option to purchase up to an additional 15% of the offering (up to 2,600,000 shares and 1,300,000 warrants) for a period of 30 days from the closing of the offering, to cover over-allotments, if any, and for market stabilization purposes. If the over-allotment option is exercised in full, gross proceeds of the offering would be approximately C$30,000,000.

The completion of the offering is subject to, among other things, the approval of the Toronto Stock Exchange, and the applicable Canadian securities commissions. Completion is expected on or about May 10, 2007.

Cormark Securities Inc. and Blackmont Capital Inc. are acting as co-lead agents in connection with the offering, together with a syndicate that includes Fraser Mackenzie Limited and TD Securities Inc.

The Offering is being made in all provinces of Canada except Quebec by means of a short form prospectus, and is subject to, among other things, the approval of securities regulatory authorities, the approval of the Toronto Stock Exchange and the termination rights granted to the Agents under the Agreement. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.

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.

Contact Information