War Eagle Mining Company Inc.: Drilling Intersects 15.1 Meters of 100
Grams/Tonne Germanium and 31.25% Zinc
VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 31, 2007) - War
Eagle Mining Company Inc. (TSX VENTURE: WAR) (the "Company") has
received assay results from 23 additional underground core drill
holes located on the 4th and 6 1/2 levels of the Tres Marias Mine in
Mexico which, using a 5% Zinc and a 50 grams per tonne Germanium cut
off grade, have an average grade of 18.76% Zinc and 75 grams per
tonne Germanium. Underground diamond drilling is currently on hole
#58 of 90 of the estimated CAN $10 million exploration and
development program. Germanium currently trades at US$1.20 -
$1.30/gram and Zinc at US$2,900/tonne.
Highlights
- TE-40 intercepts 15.1 meters of 31.25% Zinc and 100 grams/tonne
Germanium;
- TE-45 intercepts 3.86 meters of 37.74% Zinc and 226 grams/tonne
Germanium;
- TE-29 intercepts 16.28 meters of 14.97% Zinc and 25 grams/tonne
Germanium;
- TE-37 intercepts 2.63 meters of 15.02% Zinc and 195 grams/tonne
Germanium.
Underground Core Drilling - Tres Marias Mine
-------------------------------------------------------------------------
Distance
Drill hole From To (m) Zn (%) Ge (g/tn) Mine Level
-------------------------------------------------------------------------
TE-21 6.84 8.35 1.51 5.51 16.8 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-22 2.60 3.60 1.00 14.36 176 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-23 20.84 22.25 1.41 5.32 46 4
-------------------------------------------------------------------------
TE-23 55.75 59.10 3.35 8.01 70 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-26 3.27 4.20 0.93 8.19 3 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-27 7.30 10.83 3.53 23.14 20 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-28 0.00 0.85 0.85 35.82 17 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-29 0.00 3.19 3.19 18.12 51 6 1/2
-------------------------------------------------------------------------
TE-29 4.51 9.45 4.94 20.31 34 6 1/2
-------------------------------------------------------------------------
TE-29 11.82 16.28 4.46 19.20 16 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-30 1.86 2.28 0.42 37.33 18 6 1/2
-------------------------------------------------------------------------
TE-30 4.26 4.72 0.46 22.25 less than 2 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-31 2.47 3.84 1.37 24.75 22 6 1/2
-------------------------------------------------------------------------
TE-31 6.05 7.21 1.16 16.41 35 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-32 1.03 3.46 2.43 14.72 32 6 1/2
-------------------------------------------------------------------------
TE-32 6.50 11.83 5.33 9.10 7 6 1/2
-------------------------------------------------------------------------
TE-32 12.66 14.20 1.54 10.15 35 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-35 0.30 5.50 5.20 9.94 53 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-36 6.42 10.56 4.14 18.53 31 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-37 2.30 6.08 3.78 24.46 47 6 1/2
-------------------------------------------------------------------------
TE-37 10.83 12.79 1.96 7.61 20 6 1/2
-------------------------------------------------------------------------
TE-37 14.11 16.74 2.63 15.02 195 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-38 6.15 10.33 4.18 26.72 52 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-40 0.00 15.10 15.10 31.25 100 6 1/2
-------------------------------------------------------------------------
TE-40 17.27 21.76 4.49 33.40 10 6 1/2
-------------------------------------------------------------------------
TE-40 24.27 24.72 0.45 35.28 20 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-41 2.37 7.02 4.65 16.67 22 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-42 4.92 6.60 1.68 2.79 63 6 1/2
-------------------------------------------------------------------------
TE-42 12.66 14.20 1.54 9.21 23 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-44 7.45 9.70 2.25 5.78 140 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-45 0.00 3.86 3.86 37.74 226 6 1/2
-------------------------------------------------------------------------
TE-45 4.75 7.13 2.38 36.44 47 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-46 2.02 4.10 2.08 18.41 13 6 1/2
-------------------------------------------------------------------------
TE-46 12.32 17.42 5.10 9.75 31 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-47 2.62 3.41 0.79 5.38 583 6 1/2
-------------------------------------------------------------------------
TE-47 14.60 21.56 6.96 7.39 57 6 1/2
-------------------------------------------------------------------------
TE-47 30.91 34.40 3.49 8.31 152 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-48 0.00 5.55 5.55 17.96 23 6 1/2
-------------------------------------------------------------------------
TE-48 9.28 10.90 1.62 9.89 6 6 1/2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TE-48A 0.00 4.07 4.07 17.29 6 6 1/2
-------------------------------------------------------------------------
TE-48A 16.80 19.75 2.95 16.06 23 6 1/2
-------------------------------------------------------------------------
Assay results are distance weighted averages. The samples above were
assayed by Copperstate Analytical Laboratory in Prescott, Arizona.
Samples are analyzed for Zinc by titration, Germanium, Gallium and
Lead contents are determined using ICP methods.
Germanium values are generally higher in sulfide mineralization than
in silicate or oxide material. Zinc values remain similar throughout
the sulfide, silicate and oxide material.
Note that the complete drill hole and channel sample assay results
can be reviewed on the Company's web site at www.wareaglemining.com.
All the drill hole assay results will form part of the NI 43-101
report.
The Company will also be drill testing the Nacional target located
some 200 meters southwest of the main mineralized zone on the 6th
level. This zone was located by underground drilling and drifting by
previous operators.
The Company is planning to complete surface exploration work on
Targets 17, 18, and 19 before drill testing. Two of these targets are
located approximately 500 meters NW & SW of the shaft with #18 being
3 KM NW of the shaft. A total of 87 exploration targets exist on the
100% owned Tres Marias project.
Based on a report by Gregory F. Smith, B.Sc., P.Geo. the potential
exists for between 5,000,000 to 10,000,000 tonnes of mineralization
on the Tres Marias Project.
About War Eagle Mining:
War Eagle Mining Company Inc. is an experienced mineral exploration
company publicly traded since 1987 on the TSX Venture Exchange under
the symbol WAR. The company is in the exploration and development
phase of the Tres Marias Germanium and Zinc Mine in Mexico. The Tres
Marias Mine is a former producing high-grade Zinc and Germanium mine
that first produced ore in 1949.
The Project is under the direction of Mr. Terence Schorn, P.Geo., the
qualified person pursuant to the National Instrument 43-101.
Terence F. Schorn, P.Geo., President
War Eagle Mining Company Inc.
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 actual results, performance or achievements could
differ materially from those expressed in or implied by these
forward-looking statements will transpire, or occur, or if any of
them do so, what benefits, including the amounts of proceeds which
the company will derive therefrom. 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
future pricing trends of Ge metal, completion and production
timetables. 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.
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.
Contacts:
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
1-800-877-1626 or (604) 606-7973
Email: info@wareaglemining.com
Website: www.wareaglemining.com
