GOLD EAGLE MINES LTD.

Regional Dirlling Program Intersects Potential New Area of Mineralization Beneath the Bruce Channel

TORONTO, June 4, 2007 – Gold Eagle Mines Ltd. (TSX: GEA) (OTCBB:GEAFF) (“Gold Eagle” or the “Company”) is pleased to announce drill results on 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

• The FN 1 Series of holes (FN 1-1 and FN 1-2) have intersected a potentially new mineralized area within the Balmer Assemblage approximately 450 metres west-southwest of the Bruce Channel Discovery mineralized envelope. 
• This carbonate zone and its host rocks in FN 1-2, bear striking similarities to units intersected within the current Bruce Channel Discovery mineralized envelope.
• It is anticipated that once the FN 1 Series of holes have been completed, the rig will be moved northeastwards to the Bruce Channel Discovery mineralized envelope, and will commence a series of step-out holes in the direction of the FN Series. 

The FN 1 Series and FN 2 Series are collared on McKenzie Island approximately 1.5 kilometres west-southwest of the collar of BC 21 on the mainland.

See map, “Drill Plan (BCD)”, on the company website http://www.goldeaglemines.com/_bin/images/maps.cfm

These holes were initiated as a regional reconnaissance exploration program designed to obtain data on the stratigraphy and geology of the south-eastern area of the Gold Eagle property. In addition the program is testing the conformation and extent of the McKenzie Island Stock granodiorite and will further examine the potentially prospective “contact” area between the granodiorite and the metavolcanic/ metasedimentary Bruce Channel/ Balmer Assemblages.

FN 1 Series

FN 1-1
FN 1-1 is the “mother” hole for a series of “wedge” holes. It commenced drilling at an azimuth of 092o and was allowed to swing north to a final azimuth of 075o. The inclination at the collar was set at -75o and gradually flattened to -69o at a final depth of 2,410.7 metres (approximately 2,300 metres vertical from surface).

FN 1-1 intersected a succession of Confederation Lake Assemblage clastic metasediments to 1,094 metres followed by McKenzie Island Stock granodiorite to a depth of 1,792 metres. A relatively narrow section of Bruce Channel Assemblage was encountered from 1,792 metres to a depth of 2,103 metres. From this point, the hole intersected Balmer Assemblage with highly altered metavolcanic zones to 2,410.7 metres.

A number of significant gold intersects (refer to FN 1-1 table below) were encountered in the FN 1-1 “mother“ hole.

The upper gold intersections are within sericitic granodiorite hosted quartz veining and are similar in style and tenor to the nearby Gold Eagle Mine and Western Discovery Zone (both owned by Gold Eagle) and Goldcorp’s McKenzie Red Lake Mine.  Further exploration work is required to ascertain whether these structure are the southerly extension of the flat lying gold vein system of the Western Discovery Zone, located approximately 400 metres to the north.

The final gold intersection of 12.55 g/t over 2.00 metres was intersected at 2,114 metres within biotitically altered metavolcanic Balmer Assemblage.

FN 1-2

The FN 1-2  “wedge” hole was started as a step-out from the FN 1-1 “mother” hole at a depth of 1,040 metres with an azimuth of 173o and a dip of 081o. It was pushed southeastwards before being allowed to curve gradually to the northeast to its final depth of 2,529.6 metres. 

See map, “Drill Plan (FN Series)”, on the company website http://www.goldeaglemines.com/_bin/images/maps.cfm

The drill hole intersected a succession of Confederation Lake Assemblage clastic metasediments to 1,105 metres followed by McKenzie Island Stock granodiorite to a depth of 2,065 metres. A relatively narrow section of Bruce Channel Assemblage was encountered from 2,065 metres to a depth of 2,103 metres. From this point, the hole intersected Balmer Assemblage with highly altered metavolcanics to 2,529.6 metres.

Importantly, preliminary logging in FN 1-2 has noted a strong carbonate zone within the Balmer Assemblage with associated silicification from approximately 2,404 metres to 2,413 metres. From this point to the end of the hole at 2,529.6 metres sporadic carbonate veining and frequent silicification occurs within the biotitically altered metavolcanic host rock.

This carbonate zone, and its host rocks, bear striking similarities to units intersected within the current Bruce Channel Discovery mineralized envelope.

Detailed logging and sampling are currently under way and assay results will be released when available.
 
FN 1-3
A new “wedge” hole, FN 1-3 has now commenced to further test the carbonate zone and adjacent structures within the Balmer Assemblage.  This hole has been angled to step-out in a south-southwest direction from FN 1-2.

FN 2 Series

The FN 2 Series of drill holes are also being used to critically assess the lithological, structural and mineralogical potential within the south-southeastern area of the Gold Eagle property.

FN 2-1
FN 2-1 was collared from the same location as FN 1-1 at an azimuth of 105o and an inclination of 50o. It was allowed to curve gradually towards the southeast near to the southern border of the Gold Eagle property. The hole was stopped at 2,518.8 metres at a final azimuth of 154o and a dip of -35o.

See map, “Drill Plan (FN Series)”, on the company website http://www.goldeaglemines.com/_bin/images/maps.cfm

The hole drilled through a thick sequence of clastic metasediments of the Confederation Lake/Bruce Channel Assemblages to a depth of 1,960 metres before entering the Balmer Assemblage to a final depth of 2,518.8 metres.

The significant gold intersections (refer to table FN 2-1 below) are all confined to veining within the clastic metasediments of the Confederation Lake/ Bruce Channel sequences. The Balmer Assemblage intersected from 1,960 metres returned generally low gold values. There are no current plans for further drilling from the FN 2 Series.

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)
• MIS – McKenzie Island Stock; CL – Confederation Lake Assemblage;
  BC – Bruce Channel Assemblage; BA – Balmer Assemblage.

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 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.