TORONTO, December 6, 2007 – Gold Eagle Mines Ltd. (TSX: GEA) (“Gold Eagle” or the “Company”) is pleased to announce additional results from the FN Series of holes on its 100% owned Gold Eagle property in Red Lake, Ontario. The Gold Eagle property is situated along the Red Lake Trend, west of Goldcorp's Red Lake and Campbell Mines and immediately southwest of Goldcorp’s Cochenour-Willans Mine. Highlights - Step-out drilling extends the Finn Zone by 20 metres to the southwest and 45 metres vertically.
- The Finn Zone is a minimum of 470 metres in a horizontal direction and 345 metres deeper than the Bruce Channel Discovery mineralized envelope.
- The Finn Zone remains open in all directions.
- With the completion of the FN Series of holes, the rig has moved to the southerly edge of the Bruce Channel Discovery mineralized envelope in order to commence a series of step-out holes in a southwesterly direction towards the Finn Zone.
The FN Series were initiated as part of a regional reconnaissance program designed to obtain stratigraphic and structural geology information on the southeastern area of the Gold Eagle property. Drilling has successfully confirmed a significant new area of gold mineralization named the Finn Zone. Within the Finn Zone, gold mineralization, carbonate alteration zones and host rocks have been intersected that bear striking similarities to the structures and mineralization within the Bruce Channel Discovery (“BCD”) mineralized envelope, which is located approximately 470 metres to the northeast. FN 1-4
The FN 1-4 “wedge” hole was started from the FN 1-3 at a depth of 1,697 metres and was directed to test the southerly extent of the mineralized structures reported in FN 1-3. The hole interstected clastic meta-sediments and iron formation of the Bruce Channel Assemblage to 1,964 metres, and variably altered volcanic and associated sedimentary rocks of the Balmer Assemblage to the final hole depth of 2,528 metres. | FN 1-4 | Intersection
(in Metres) | Length | Gold | | From | To | Metres | Feet | Grams
per Tonne
(g/t) | Ounces
per Ton
(oz/t) | | 2,435.90 | 2,436.60 | 0.70 | 2.30 | 3.66 | 0.11 | |
Gold mineralization occurs within a broader biotitically altered zone of carbonate veining and brecciation with associated disseminated pyrrhotite and aresenopyrite. FN 1-4 confirmed that the Finn Zone mineralization extends to the southwest by at least another 20 metres and by at least 45 metres vertically. The Finn Zone remains open in all directions. FN 1-5
The FN 1-5 “wedge” hole was started from FN 1-2 at a depth of 1,445.30 metres and was directed to provide additional information between FN 1-2 and FN 1-4. FN 1-5 intersected the Bruce Channel Assembalge to a depth of 2,004.50 metres. Below this, and to a final depth of 2,235.50 metres, the hole intersected clastic sediments, iron formation, and variably altered mafic volcanics assigned to the Balmer Assemblage. Mineralization was associated with quartz veins hosting disseminated pyrrhotite, arenopyrite and visible gold. | FN 1-5 | Intersection
(in Metres) | Length | Gold | | From | To | Metres | Feet | Grams
per Tonne
(g/t) | Ounces
per Ton
(oz/t) | | | 2,090.20 | 2,091.90 | 1.70 | 5.58 | 5.35 | 0.16 | | | 2,098.00 | 2,099.15 | 1.15 | 3.77 | 3.80 | 0.11 | VG |
FN 1-5 was prematurely terminated at a depth of 2,235.50 metres and, as such, did not reach its target depth. FN 1-5 intersected gold mineralization on the westerly side of the currently identified Finn Zone.
Bruce Channel Discovery Step Out Program
With the FN 1 “mother-hole” having worn to the point where it is no longer viable to continue drilling, the rig has been redeployed to a planned location on McKenzie Island in order to commence a systematic step out program from the current southwest edge of the BCD mineralized envelope. The goal of this step out program is to test for the extension of the BCD mineralized envelope in a southwesterly direction towards the Finn Zone. It is expected that this important step out program could take between 18 to 24 months to complete. Notes: - VG – visible gold
- Lengths reported are core intersection lengths and do not represent true widths
- It is anticipated that true width estimates will be made possible after additional drilling
- Conversion Method: grams per tonne (g/t) multiplied by 0.0292 equals troy ounces per short ton (oz/t)
About Gold Eagle Mines Ltd.
Gold Eagle Mines Ltd is a Canadian based natural resource company developing a significant new gold discovery in the prolific Red Lake gold camp, located in Northern Ontario, Canada. Qualified Persons
The drill program is being carried out under the direction of Mr. Chris Collins, P.Geo and Mr. John F. Whitton, P.Geo, qualified persons within the meaning of National Instrument 43-101. Mr. Collins and Mr. Whitton have reviewed the contents of this news release. Sample preparation and assay procedures are carried out by ALS Laboratories using standard fire assaying with an AA or gravimetric finish where appropriate. Samples noted to contain Visible Gold when core logging are assayed using a screened metallics procedure with a gravimetric finish. Forward-Looking Statement
The statements made in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to Gold Eagle’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.goldeaglemines.com Contact Us
For further information please feel free to contact our offices at:
Tel: 416-867-8998; Fax: 416-867-9393
www.goldeaglemines.com The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.
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