Silver Eagle Mines Inc.

Silver Eagle Mines Inc.

August 08, 2006 19:04 ET

Silver Eagle Mines Announces the Election of Two New Directors and New Non-Executive Chairman

TORONTO, ONTARIO--(CCNMatthews - Aug. 8, 2006) - Silver Eagle Mines Inc. (TSX:SEG) ("Silver Eagle") is pleased to announce the election of Messrs. Daniel Tellechea and Cliff Davis to the Board of Directors, as well as the election of Mr. John Hick to the position of non-executive Chairman of the Board.

Mr. Tellechea is an independent financial and management consultant. He was President and CEO of Asarco between 2003 and 2005. Mr. Tellechea was the managing director of finance and administration for Grupo Mexico, Asarco's parent corporation, and for the period between 1999 and 2003 he also served as Asarco's chief financial officer and as vice president of finance for Southern Peru Copper Corporation, which is majority owned by Grupo Mexico. Mr. Tellechea received a Bachelor of Science in accounting from the Tecnologico de Monterrey (Mexico) in 1968 and a Masters Degree in Business Administration in 1983. Mr. Tellechea is also a Director of Revett Minerals Inc.

Mr. Davis is a mining engineer with an impressive track record of developing and operating underground mines around the world. Since graduating from the Royal School of Mines in London, Mr. Davis has held increasingly senior operational roles with well known mining companies including; mine superintendent for Mogul of Ireland at its underground zinc-lead mine, he was responsible for the construction and commissioning of Neves Corvo for RTZ and he later managed the operations at Greens Creek for Kennecott (RTZ). Subsequent to RTZ, he joined Echo Bay Mines as VP of Alaskan Projects, after which he joined TVX Gold, ultimately becoming President and COO. He was also President and CEO of Gabriel Resources from 2001 to 2002. Mr. Davis is Director and Chairman of New Gold Inc., and also sits on the boards of Tiberon Minerals Ltd. and Rio Narcea Gold Mines, Ltd.

Mr. Hick, who joined the Board of Silver Eagle in March of this year, has over 20 years of executive management experience in the mining industry. He was most recently the CEO of Rio Narcea Gold Mines Ltd. Mr. Hick was President and CEO of Defiance Mining Corp. and its predecessor company from 2001, until Defiance was acquired by Rio Narcea in 2004. Mr. Hick is also a Director of Cambior Inc., Queenstake Resources Ltd., Revett Minerals Inc., and Hudson Resources Inc.

"We are privileged and pleased to add two such experienced and respected executives to our Board as independent Board members, and to have John Hick accept the Chairmanship of the Board" stated Terry Byberg, Silver Eagle President and CEO. "We see the stature of the new members joining our Board as further evidence of the exciting prospects for the rapid growth of our newly public Company".

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.


"Terrence H. Byberg"

President and CEO

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

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