Silver Eagle Mines Inc.
TSX : SEG

Silver Eagle Mines Inc.

October 22, 2006 21:00 ET

Silver Eagle Reports 9.75 Metres of 901 Grams per Tonne Silver Equivalent'i' on Calvario Vein

TORONTO, ONTARIO--(CCNMatthews - Oct. 22, 2006) - Silver Eagle Mines Inc. (TSX:SEG) -

- Drill hole 2006-84 at the eastern limit of Calvario Vein drilling encounters 9.75 metres of 901 g/t Ag eq(i) including 3.6 metres of 1,916 g/t Ag eq(i).

- Drill hole 2006-81 near the western limit of Calvario Vein system encounters new vein assaying 301 g/t Ag eq(i) over a core length of 17.4 metres.

- Calvario Vein strike length extended to 1.5 kilometres.

Silver Eagle Mines Inc. ("Silver Eagle") is pleased to report encouraging assay results from three new diamond drill holes on its Miguel Auza property in Zacatecas State, Mexico.

Drill intersections include drill hole 2006-84 at the extreme eastern limit of drilling to date, with an intercept of 1.54 g/t Au, 1,496 g/t Ag, 2.67% Pb and 3.15% Zn (1,916 g/t Ag eq(i)) over 3.6 metres. This occurs within a vein measuring 9.75 metres in width, grading 0.74 g/t Au, 644 g/t Ag, 1.86% Pb and 1.97% Zn (901 g/t Ag eq(i)). The drill hole is a 100 metre step out from drill hole 2006-62 (see press release, September 19, 2006), and extends the Calvario Vein's known strike length to 1.5 kilometres.

Drill holes 2006-81 and 82 are located directly beneath earlier holes 2005-02 and 2005-04 in the area of the Indicated Resource, near Martinez #1 shaft. These assay results extend the Calvario Vein, in this section, by 120 metres vertically to a depth of 200 metres. Drill hole 2006-81 also encountered a new wide vein at a vertical depth of 260 metres averaging 0.14 g/t Au, 131 g/t Ag, 1.77% Pb and 1.33% Zn (301 g/t Ag eq(i)) over a drill hole length of 17.4 metres. Cumulative vein widths in drill holes 2005-02 and 04 and 2006-81 are 4.2m, 34.1m and 21.4m respectively. Drill hole 2006-82, beneath 2006-81, encountered 722 g/t Ag eq(i) over 4.1 metres in the Calvario Vein, but due to steepening of the drill hole failed to intersect the new vein encountered by 2006-81.



Please see table below for all reported results, including earlier holes
2005-02 and 04 for comparison.

------------------------------------------------------------------------
Zone Drill From To Core Au Ag Pb Zn Equival
Hole (metres) (metres) Length g/t g/t % % ent g/t
(m)(ii) Ag(i)
------------------------------------------------------------------------
------------------------------------------------------------------------
Calvario
2005-02 78.65 82.65 4.00 0.13 339 2.99 4.29 795
-------- -------------------------------------------------------
129.80 130.00 0.20 0.31 208 1.29 2.05 435
---------------------------------------------------------------
2005-04 34.20 39.00 4.80 1.78 718 0.93 0.11 843
-------------------------------------------------------
88.80 101.05 12.25 0.26 203 3.06 2.87 546
-------------------------------------------------------
105.45 106.45 1.00 0.33 142 2.87 2.14 420
-------------------------------------------------------
113.65 114.65 1.00 0.23 475 7.84 1.56 835
-------------------------------------------------------
118.65 129.05 10.85 0.36 185 1.39 0.96 324
-------------------------------------------------------
134.85 137.35 2.50 0.98 521 4.00 4.92 1,102
-------------------------------------------------------
141.20 142.90 1.70 0.41 228 3.61 4.75 755
---------------------------------------------------------------
2006-81 188.30 188.85 0.55 0.26 212 2.83 3.74 623
-------------------------------------------------------
192.55 193.05 0.50 0.05 79 1.39 1.39 239
-------------------------------------------------------
214.80 215.25 0.45 0.39 210 5.27 0.45 413
-------------------------------------------------------
218.95 219.30 0.35 0.06 96 1.64 0.7 204
-------------------------------------------------------
220.90 221.45 0.55 0.33 89 1.56 4.33 519
-------------------------------------------------------
236.90 237.50 0.60 0.66 129 2.46 5.62 710
-------------------------------------------------------
297.55 298.55 1.00 0.19 90 1.25 1.85 292
-------------------------------------------------------
307.70 325.05 17.35 0.14 131 1.77 1.33 301
-------------------------------------------------------
including 311.30 314.80 3.50 0.54 417 5.20 3.39 877
-----------------------------------------------------------------
2006-82 210.20 214.30 4.10 0.74 331 3.58 2.98 722
------------------------------------------------------------------------

------------------------------------------------------------------------
East
Zone 2006-84 284.55 294.30 9.75 0.74 644 1.86 1.97 901
------- -------------------------------------------------------
including 290.70 294.30 3.60 1.54 1,496 2.67 3.15 1,916
------------------------------------------------------------------------

(i)Silver equivalents were calculated using US$10/oz Ag; US$500/oz Au,
US$0.40/lb Pb and US$1.25/lb Zn.

(ii)Vein true widths have not been calculated at this time.


Dr. Chris Hodgson, VP Exploration, commented, "These holes demonstrate that the Calvario Vein system could have potential for greater vein widths locally, with potential for large stope development and lower mining costs. The Vein appears to be increasing in both grade and width at the eastern limit of drilling to date."

The Qualified Person for Silver Eagle, as defined by National Instrument 43-101, is Dr. Christopher Hodgson, P. Eng., Vice President, Exploration. Preparation of the above-reported assay samples was carried out by ALS Laboratories Ltd. at their facility in Chihuahua, Mexico, with assaying conducted by ALS at their laboratory in North Vancouver, British Columbia.

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.

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

"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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