War Eagle Mining Company Inc.

War Eagle Mining Company Inc.

November 14, 2006 09:31 ET

War Eagle Mining Company Grants Option on George's Lake Gold Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) has signed an option agreement with Revelstoke Industries, Inc. to acquire a 70% interest in War Eagle's Georges Lake gold property located in northern Saskatchewan leaving War Eagle with a 25% carried interest. To exercise its option Revelstoke must incur exploration expenditures totaling $1,000,000 CDN by December 31, 2008. A finder's fee is payable to Barnix Holdings Corp of 200,000 common shares of War Eagle which are subject to a four-month hold.

Optioning the Georges Lake Gold Property to Revelstoke is in keeping with War Eagle's policy to develop the Tres Marias germanium / zinc mine as its core business and is not a reflection on the exploration potential of the Georges Lake Property. War Eagle Mining will be the operator and a diamond drill program is scheduled this winter to DRILL test the VG showing.

The VG showing is the most spectacular and economically significant known showing on the George's Lake Property. The mineralization is exposed in a 17 X 27 meter area (A) and in an adjacent 8 X 10 meter area (B). A series of volcanics and sediments are cut by a thick quartz vein that is folded and plunges at a shallow angle to the southwest. The chip sampling of the area (A) returned an average of 7.8 g/t (0.25 oz/t) gold (uncut) from all 43 samples. An average of 15.3 g/t (0.50 oz/t) gold (uncut) from was obtained from 21 samples that represents the western half of the area.

The chip sampling of area (B) returned an average of 1.7 g/t (0.06 oz/ton) gold (uncut) from all 18 samples. An average of 3.2 g/t (0.10 oz/t) gold (uncut) was obtained from 9 samples that represents the eastern half of the area.

The above geological information is from Calpine Resources Incorporated report of October 1988. These figures are historical and do not conform to National Instrument 43-101.

The Project is under the direction of Mr. Terence Schorn, P. Geo., the qualified person pursuant to the National Instrument 43-101.

About War Eagle Mining:

War Eagle Mining Company Inc. is an experienced mineral exploration company publicly traded since 1987 and on the TSX Venture Exchange under the symbol WAR. The company's primary focus is the exploration and development of the Tres Marias Mine in Mexico towards an economic feasibility report during 2007. The Tres Marias is a former producing high-grade zinc and germanium mine that first produced ore in 1949. War Eagle Mining's other North American projects include the exploration for tantalum, lithium, tin and cesium on it's MAC project, gold on the George's Lake project and an interest in the Candle Lake diamond project.

Terence F. Schorn, P. Geo, President

War Eagle Mining Company Inc.

CUSIP. No. 933901209

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.

Contact Information

  • War Eagle Mining Company Inc.
    Bob Faris
    Vice President, Corporate Development
    1-800-877-1626 or (604) 606-7973
    War Eagle Mining Company Inc.
    Steve McGuire
    1-800-877-1626 or (604) 606-7973
    Email: info@wareaglemining.com
    Website: www.wareaglemining.com