GOLD EAGLE MINES LTD.

Gold Eagle Mines Ltd. Adopts Shareholder Rights Plan

TORONTO, March 14th, 2007 – Gold Eagle Mines Ltd. (TSX: GEA), (OTCBB:GEAFF), (“Gold Eagle” or the “Company”) today announced that its Board of Directors has approved the adoption of a shareholder rights plan (the “Rights Plan”) designed to encourage the fair and equal treatment of shareholders in connection with any take-over bid for the outstanding securities of the Company.

The Rights Plan is intended to provide the Board of Directors with adequate time to assess a take-over bid, to consider alternatives to a take-over bid as a means of maximizing shareholder value, to allow competing bids to emerge, and to provide Gold Eagle’s shareholders with adequate time to properly assess a take-over bid without undue pressure. Gold Eagle’s Board of Directors are not currently aware of any pending or threatened take-over bid for the Company. The Rights Plan is similar to plans adopted by other Canadian companies and ratified by their shareholders.

Under the terms of the Rights Plan, one right (a “Right”) will be issued by Gold Eagle in respect of each outstanding Gold Eagle common share at the close of business today and in respect of each Gold Eagle common share issued thereafter (subject to the terms of the Rights Plan). The Rights issued under the Rights Plan become exercisable only if a person acquires or announces its intention to acquire 20% or more of the common shares of the Company without complying with the “permitted bid” provisions of the Rights Plan or without the approval of Gold Eagle’s Board of Directors.

Should such an acquisition occur, Rights holders (other than the acquiring person or related persons) can purchase common shares of the Company at a substantial discount to the prevailing market price (as defined in the Rights Plan) at the time the Rights become exercisable.

“Permitted bids” under the Rights Plan must be made to all holders of Gold Eagle’s common shares and must be open for acceptance for a minimum of 60 days. If at the end of 60 days at least 50% of the outstanding common shares other than those owned by the offer and certain related parties have been tendered and not withdrawn, the bidder may take-up and pay for the shares but must extend the bid for a further 10 days to allow other shareholders to tender to the bid.

Although effective as of today, the Rights Plan is subject to ratification by Gold Eagle’s shareholders at Gold Eagle’s annual meeting of shareholders scheduled for June 5th, 2007 and, if ratified, the Rights Plan must be confirmed at every third annual meeting thereafter. If not ratified within six months from today, the Rights Plan and all of the Rights outstanding at the time will terminate.

A copy of the Rights Plan is available for viewing on SEDAR at www.sedar.com, and can also be obtained from Gold Eagle upon a written request.

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.

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.