Latest drill results include 48.70 Metres (159.78 ft) at 8.84 g/t Gold (0.26 oz/t)
Including 59.74 g/t over 2.10 Metres (1.74 oz/t over 6.89 ft)

TORONTO, May 3rd, 2007 – Gold Eagle Mines Ltd. (TSX: GEA) (OTCBB:GEAFF) (“Gold Eagle” or the “Company”) is pleased to announce the latest series of drill holes on the Bruce Channel Discovery (“BCD”) at 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:

• Drilling continues to intersect significant grades and widths
• Drilling continues to intersect multiple high grade zones
• The mineralized envelope extends 1,100 metres vertically with horizontal dimensions of 615 metres NE-SW by 450 metres NW-SE.
• The mineralized envelope remains open in all directions
• FN Drilling Exploration Program

Highlights of latest drilling:

The BCD is a significant gold structure intersected at approximately 850 metres beneath the Bruce Channel waterway. To date approximately 63,000 metres of diamond drilling has been completed and the mineralized envelope is currently estimated to extend a minimum of 1,100 metres vertically and approximately 615 metres northeast–southwest and 450 metres northwest–southeast.. In common with Goldcorp Inc’s Red Lake Mine, Campbell Mine and Cochenour Willans Mine, the BCD lies within the Balmer Assemblage. The structural and mineralogical characteristics are very similar to the aforementioned mines. Gold is found in its native form as well as within Sulphide rich zones – particularly those with ‘felted’ fine grained arsenopyrite. A number of high grade structures have been identified within the BCD mineralized envelope and are showing horizontal and vertical continuity.

Drilling continues at the BCD which remains open in all directions. This work continues to establish continuity of the gold bearing zones in addition to targeting both the vertical and horizontal extensions of the BCD mineralized envelope.

Drill Results:

BC 17 series
BC 17-20 and BC 17-21 are the final two “wedge” holes in the BC 17 series. They are the furthest to the south-west that this series of holes has traversed.  The BC 17 series have outlined several large zones of gold mineralization in the north-eastern section of the BCD.

BC 17-20 was stopped short due to technical problems encountered during drilling.

BC 19 series
The BC 19 series of holes are continuing to explore the area between BC 10, BC 11 and BC 21.

BC 21 series
The BC 21 series of holes continue exploration of the BCD towards the south-west.

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 0.292 equals troy ounces per short ton  (oz/t)

FN Drilling Exploration Program

The FN Series of holes was initiated as a reconnaissance exploration program to test the conformation and extent of the McKenzie Island Granodiorite and to further examine the potentially prospective “contact” area between the granodiorite and the juxtaposed metavolcanic/metasedimentary Bruce Channel/Balmer sequences.

FN 1–1 is the first “mother” hole for a series of wedge holes. It is located on McKenzie Island and is collared approximately 1,500 metres west, south-west of BC 21 and approximately 300 m south of GS 10 (the nearest drill hole of the Western Discovery Zone). FN 1-1 commenced drilling at an Azimuth of 092 and was allowed to swing north to a final Azimuth of 075. The inclination of the drill at the collar was set at -75 degrees and gradually flattened to -69 degrees to reach a total drill hole length of 2,410.7 metres (approximately 2,300 metres vertical from surface). FN 1-1 was also located to facilitate the drilling of a series of wedged holes into the area south-west of the BC 21 Series.

Drilling the FN 1 -1  “mother” hole has been technically challenging and the first set of wedges were abandoned short of the targeted depth. Drilling is continuing and it is anticipated that a series of wedge holes will be successfully completed.

About Gold Eagle
Gold Eagle Mines Ltd is a Canadian based junior natural resource company developing a significant new gold discovery in the prolific Red Lake gold camp, located in Northern Ontario, Canada.

Qualified Person
The drill program is being carried out under the direction of Mr. John F. Whitton, P.Geo, qualified person within the meaning of National Instrument 43-101.   Mr. Whitton has reviewed the contents of this news release.

Sample preparation and assay procedures are carried out by SGS Laboratories in Red Lake 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.