War Eagle Appoints New CEO and Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) ("War Eagle" or the "Company") has re-appointed Don Padgett as a director and appointed Paul Carroll to the Company's board of directors as Chairman, effective November 7, 2012. The Company has also appointed an experienced mining executive, Tom Atkins, as chief executive officer.

Mr. Carroll has had a lengthy business career in the mining industry, both as a lawyer and as a director and officer of mining companies. He has been engaged in mineral exploration and mining in Canada, the US, Mexico, Central and South America, Africa, China, Russia and Kazakhstan. Mr. Carroll is President of Carnarvon Capital Corporation, a corporate management and advisory company based in Toronto, Canada. Prior to 2003 he was a partner of or counsel to Gowlings LLP, a major Canadian law firm. Currently he is a director of Energy Fuels Inc., the largest US producer of uranium from conventional resources. Companies with which he has been involved include Dundee Corporation, a full-service investment bank, Corona Corporation, Zemex Corporation, Royex Gold Mining Corporation, Campbell Resources Inc., Cobra Emerald Mines Ltd., Lacana Mining Corporation, Arcon International Resources plc, Tahera Corporation, World Wide Minerals Ltd., Poco Petroleums Ltd., Mascot Gold Mines Ltd., United Keno Hill Mines Ltd., Repadre Capital Corporation (now IAMGOLD Corporation), Crowflight Minerals Inc. and Diadem Resources Ltd.

Mr. Padgett has extensive experience in all aspects of public company finance and governance. He formerly held senior positions in corporate finance within major Canadian investment firms, practiced as a securities lawyer and has been a director of various other public and private Canadian corporations. Mr. Padgett previously served as a director of the Company from July 2005 until June 2012.

Mr. Atkins is an accomplished mining executive who has successfully lead exploration and development initiatives in the Americas over the past 28 years. He has an extensive background in geology and mineral project exploration and development, investment banking, investor relations, corporate management and corporate governance. As a director of investment banking for CIBC World Markets, Mr. Atkins participated in raising over $1.7 billion in equity, combined equity and debt related capital for many mineral resource companies and advised on numerous M&A mandates. As a senior executive of international mining companies he has had responsibility for planning, executing and communicating short- and long-term corporate objectives and initiatives. Mr. Atkins was formerly the CEO of such companies as Rockex Ltd (now Rockex Mining Corporation, a TSX-listed iron ore company), Castle Gold Corp. (acquired in 2010 by Argonaut Gold Inc, a TSX-listed gold producer), and Crowflight Minerals Inc. (a TSX-listed nickel mining company) and has been on the boards of directors of numerous other mineral exploration companies.

Mr. Anthony Dutton resigned from the Company's board of directors effective November 7, 2012. War Eagle thanks Mr. Dutton for his contribution to the Company as a director and wishes him success in future endeavours.

About War Eagle

War Eagle Mining Company Inc. is an experienced mineral exploration company publicly traded since 1987 and listed on the TSX Venture Exchange under the symbol WAR. The Company is in the exploration phase of the Tres Marias zinc-lead project in Mexico and the MAC tantalum-tin-lithium property in the Northwest Territories of Canada.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents.

Legal Notice Regarding Forward Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with mining operations, therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include references to a future drill program and related plans. These statements are based on assumptions made by the company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.