Silver Eagle Mines Inc.

Silver Eagle Mines Inc.

November 14, 2007 09:19 ET

Silver Eagle Mines Developing and Stockpiling +500 g/t Ag Eq(1) Vein Material

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - Silver Eagle Mines Inc. (TSX:SEG) ("Silver Eagle" or the "Company") is pleased to report on the progress at its Miguel Auza Mine in Zacatecas, Mexico. As at October 31, 1,156 tonnes of bulk concentrate has been produced by treating material that has been recovered from the oxide vein material mined from the upper levels of the mine as part of our bulk sample/test mining program. This concentrate has been treated and sold pursuant to our sales agreement with the Penoles smelter in Torreon, resulting in net revenue in excess of US$900,000. Advancement of the ramp has now accessed the Calvario Vein System at depths to 140 vertical metres below surface, well below the water table. In this area of the mine, the veins are comprised entirely of silver, lead and zinc sulphides, with minor gold values. Development of the veins and ramps to depth is ongoing, with mined material, which is now entirely sulphide material being stockpiled on surface awaiting processing through the mill once it has been converted to a sulphide circuit. This change over, which will allow the production of both lead and zinc concentrates, is scheduled to be completed early in the New Year.

Development of the sulphide veins, as part of our ongoing test mining, has resulted in a surface stockpile of 11,500 tonnes of material averaging 0.40 g/t Au, 304 g/t Ag, 2.22% Pb and 2.77% Zn, for a silver equivalent grade of 527 g/t(1).

Mining crews are continuing to advance development on three underground levels on the main Calvario A vein: levels 117, 126, 136; the Calvario C vein on level 140 and have just accessed the Calvario B vein from the 117 m level. Where intersected near its western extremity, the Calvario B vein measured 0.3m wide and averaged 0.39 g/t Au, 255 g/t Ag, 4.98% Pb and 4.63% Zn. The vein continues for at least 300 m to the east. The nearest drill hole, 2007-116, located 60 metres further east in the Calvario B vein at the same 117 metre level , intersected the vein over a true width of 6.6 m. Both the Calvario B and C veins are parallel to the main Calvario A vein and separated from it by 25 and 50 metres, respectively.

The following table shows the in-situ channel sample assay results achieved
over 406 metres of sulphide vein development to date:

Drift Ave. Au Ag Pb Zn Eq.(1)
Vein Level length Width g/t g/t % % g/t
Calvario A 117W 78.6 1.43 0.58 354 6.43 3.56 770
Calvario A 117E 125.8 1.47 0.51 353 2.05 2.31 552
Calvario A 117E 37.9 0.79 0.22 111 2.16 2.17 297
Calvario A 123W 21.3 1.33 0.27 189 1.37 1.41 313
Calvario A 126E 66.3 1.34 0.85 580 3.33 5.42 982
Calvario A 136E 21 1.35 0.35 321 4.32 4.40 692
Calvario C 140E 55 0.83 0.33 305 5.59 5.86 789
All veins, all levels 406m 1.28m 0.53 363 3.62 3.48 674

(1). Silver equivalents were calculated using US$600/oz Au; US$11.00/oz Ag; US$0.65/lb Pb; US$1.00/lb Zn. Based on the above metal prices, plant recoveries and smelter terms.

(2). Dr. C. Hodgson, P.Eng., is the Qualified Person (as defined in National Instrument 43-101) who, unless otherwise indicated, supervised the preparation of the scientific and technical information reflected in this press release. Preparation of the above reported assay samples was carried out by the Company's onsite laboratory with systematic check assays performed by ALS Laboratories Ltd. at their facility in Guanajuato, Mexico, and at their laboratory in North Vancouver, British Columbia.

The Company has recently retained Golder Associates Ltd. to develop the Miguel Auza Mine's future Tailings Management Plans. The Golder team will be led by Mr. Irwin Wislesky, P.Eng., a principal of and tailings management expert with Golder.

Silver Eagle Mines Inc., will also be attending The Hard Assets Investment Conference being held at the San Francisco Marriot, 55 Fourth Street, San Francisco, CA, on November 18 and 19, 2007. Please visit us at booth #720.


Silver Eagle Mines Inc. is a TSX-listed (TSX:SEG), Canadian-based mining company exploring and redeveloping an historic silver property in the heart of the Mexican precious metals belt. The Company's primary asset is its wholly-owned Mexican subsidiary San Pedro Resources, S.A. de C.V., which controls the fully permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. The property includes the mineral rights to 41,498 hectares, hosts past producing mines, and has all necessary infrastructure and a trained mining work force nearby. The present resource consists of an indicated mineral resource of 21.1M oz Ag Eq(3) and inferred mineral resource of 9.1M oz Ag Eq(3). The Miguel Auza Mine generated its first revenue earlier this year and is currently processing a 30,000 tonne bulk sample through its on-site mill which has been expanded to a daily capacity of up to 200 tonnes per day of oxides. Silver Eagle continues to diamond drill the Miguel Auza Mine site with 3 drill rigs and has also commenced a preliminary exploration program on its other Mexican properties, outside the Miguel Auza Mine area.

(3). The resource information presented herein was prepared under the supervision of Silver Eagle's "Qualified Person" within the meaning of National Instrument 43-101 and has been audited by W. Valliant P .Geo., Scott Wilson Roscoe Postle Associates Inc. and will be contained in a report entitled "Technical Report Miguel Auza Property", which will be filed on SEDAR. Silver equivalents were calculated using US$600/oz Au; US$11.00/oz Ag; US$0.65/lb Pb; US$1.00/lb Zn. Based on the above metal prices, plant recoveries, smelter terms and a one metre mining width the Indicated and Inferred Mineral Resources were estimated using a cutoff net smelter return of US$40 and US$30- respectively.


Terrence H. Byberg, President & CEO

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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.

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