Latest results include 6.90 Metres at 11.39 g/t Gold (0.33 oz/t over
22.64 ft) and 0.80 Metres at 47.70 g/t Gold (1.39 oz/t over 2.62 ft)
TSX: GEA

TORONTO, Aug. 12 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) ("Gold Eagle" or the "Company") is pleased to announce the latest series of drill results on the Bruce Channel Discovery ("BCD") at its 100% owned Gold Eagle property located in Red Lake, Ontario. The Gold Eagle property is situated along the prolific Red Lake Trend, west of Goldcorp Inc's operating Red Lake and Campbell Mines and immediately southwest of Goldcorp Inc's past producing Cochenour-Willans Mine.

Highlights:
-   Drilling continues to intersect significant grades and widths
-   Drilling continues to encounter multiple high grade zones with
    visible gold
-   The BCD mineralized envelope extends a minimum of 1,450 metres
    vertically with a horizontal footprint of approximately 800 metres
    northeast-southwest by 450 metres northwest-southeast
-   The BCD mineralized envelope remains open in all directions
-   The surface drilling program is continuing as planned
-   Phase 1 Closure Plan for the Advanced Underground Exploration Program
    accepted by the Ministry of Northern Development and Mines
Highlights of latest drilling:
Hole Number     Metres        Grams/Tonne        Feet         Ounces/Ton
                                 (g/t)                          (oz/t)
------------------------------------------------------------------------
BC 29-9            2.40           17.07            7.87            0.50
------------------------------------------------------------------------
including          0.50           39.60            1.64            1.15
------------------------------------------------------------------------
BC 29-9            0.40           37.30            1.31            1.09
------------------------------------------------------------------------
BC 29-10           1.40           15.38            4.59            0.45
------------------------------------------------------------------------
including          0.70           28.20            2.30            0.82
------------------------------------------------------------------------
BC 29-11           0.80           47.70            2.62            1.39
------------------------------------------------------------------------
BC 33-4            6.90           11.39           22.64            0.33
------------------------------------------------------------------------
including          1.50           22.72            4.92            0.66
------------------------------------------------------------------------
BC 33-4            1.00           25.80            3.28            0.75
------------------------------------------------------------------------

The BCD is a significant gold structure intersected at approximately 800 metres beneath the shallow Bruce Channel waterway. The mineralized envelope is currently estimated to extend a minimum of 1,450 metres vertically, with a horizontal footprint of approximately 800 metres northeast-southwest and approximately 450 metres northwest-southeast. The BCD mineralized envelope remains open in all directions.

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 both 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 these structures exhibit horizontal and vertical continuity.

BC 29 Series

The BC 29 Series of holes are testing the open area south of the significant high grade intersections encountered in the BC 19 Series (BC 19-15 and BC 19-16; See press release dated February 13, 2008) which has been named the "Upper Main Zone". The Upper Main Zone is one of a number of high grade gold structures that have so far been intersected within the BCD. In particular, the Upper Main Zone has demonstrated very strong continuity along strike and to depth. The BC 29 Series are collared at the same location as the BC 21, BC 25 and BC 27 Series.

See map, "Drill Plan (BC Series-12Aug08)", on the company website

http://www.goldeaglemines.com/_bin/images/maps.cfm

BC 29-9

-------

BC 29-9 was wedged off the mother hole at a depth of 560.00 metres and directed upwards and north of the trace of BC29 - 8. The hole was drilled to a final depth of 1,626.00 metres and intersected several mineralized structures with visible gold within the Balmer Assemblage between 1,122.80 and 1,612.80 metres, a core length of 490.00 metres.

The hole encountered meta-sedimentary rocks of the Bruce Channel Assemblage from the wedge to a depth of 638.00 metres. Chloritic altered mafic volcanic rocks between 638.00 and 679.50 metres marked the transition into the Balmer Assemblage, followed by serpentinized ultramafic rocks to a depth of 1,113.00 metres. Biotite altered mafic meta-volcanics with ubiquitous weak disseminated pyrrhotite mineralization dominated between 1,113.00 and 1,393.75 metres.

A strongly sheared carbonate zone between 1,393.75 and 1,404.65 metres was followed by a heavily altered interval comprising biotite, chlorite and silicification between 1,416.50 and 1,445.85 metres. This interval was brecciated throughout, associated with quartz veining, and mineralization comprising ubiquitous disseminated pyrrhotite and pyrite with patches of felted arsenopyrite and visible gold.