Significant Grades and Widths Continue to be Intersected at the Bruce Channel Discovery

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)

TORONTO, August 12th, 2008 � 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:

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. This interval is interpreted to represent the Upper Main Zone in this drill hole.

Pervasively biotite altered mafic meta-volcanics followed to the final depth of 1,626.00 metres with local silicified breccia zones associated with disseminated pyrrhotite and gold mineralization.

BC 29-10
BC 29-10 was wedged off the mother hole at a depth of 1,171.00 metres and was directed to the northeast of the trace of BC 29-9. The hole was drilled to a final depth of 1,635.00 metres and intersected several mineralized structures with visible gold within the Balmer Assemblage between 1,458.00 and 1,545.00 metres, a core length of 87.00 metres.

The hole intersected �bleached� mafic meta-volcanics of the Balmer Assemblage from the wedge to a depth of 1,341.76 metres. A zone of shearing and carbonate dominated between 1,341.76 and 1,369.16 metres. Heavily altered mafic volcanics were intersected between 1,406.00 and 1,460.73 metres. Alteration comprised moderate pervasive biotite overprinted by silica and chlorite with brecciation throughout. Mineralization consisted of ubiquitous disseminated pyrrhotite with lesser pyrite. This interval is interpreted to represent the �Upper Main Zone� in this drill hole.

The hole intersected weakly pervasive biotite altered mafic meta-volcanics to the final depth of 1,635.00 metres. Local zones of brecciation associated with carbonate and chlorite alteration hosted disseminated pyrrhotite, arsenopyrite and gold mineralization.

BC 29-11
BC 29-11 was wedged off the mother hole at a depth of 1,045.00 metres and directed upwards of the traces of BC 29-9 and BC 29-10. The hole was drilled to a final depth of 1,503.00 metres and intersected several mineralized structures with visible gold within the Balmer Assemblage between 1,395.60 and 1,423.00 metres, a core length of 27.40 metres.

The hole intersected serpentinized ultramafic rocks from the wedge to a depth 1,113.10 metres. Mafic and felsic meta-volcanics associated with weak pervasive silica alteration followed to a depth of 1,277.00 metres. Mafic meta-volcanics with weak biotite alteration were intersected to 1,382.70 metres. Heavily altered mafic meta-volcanic rocks were intersected to the final depth of 1,503.00 metres.  Alteration comprised strong pervasive biotite overprinted by chlorite, and carbonate. Quartz breccia and quartz veins occurred throughout this interval with local mineralized zones comprising pyrrhotite, chalcopyrite, arsenopyrite and visible gold filling fractures.

BC 29- 12
BC 29-12 was wedged off the mother hole at a depth of 1,142.20 metres and directed upwards. The hole was abandoned short of its target depth  at a depth of 1,167.30 metres when the wedge failed. The hole encountered weakly biotite and silica altered mafic meta-volcanics of the Balmer Assemblage from the wedge to the final depth. No significant assays were returned.  

The BC 29 series of drill holes are continuing and additional results will be reported as they become available.

BC 33 Series

The BC 33 Series of holes are collared on the mainland at the same location as the BC 31 and BC 19 Series but oriented in a more westerly direction than the BC 31 Series, and inclined less steeply to evaluate the open area between the BC 19 and the BC 31 Series of drill holes.

See map, �Drill Plan (BC Series-12Aug08)�, on the company website http://www.goldeaglemines.com/_bin/images/maps.cfm

BC 33-3
BC 33-3 was wedged off the mother hole at a depth of 1,284.50 metres and northeast of the trace of BC 31�1 and the abandoned BC 33�2. The hole was drilled to a depth of 1,497.00 metres intersecting mafic and felsic meta-volcanic rocks of the Balmer Assemblage. Local zones of breccia textured alteration comprising biotite and silica with disseminated pyrrhotite were noted over the interval. The hole was terminated at 1,497.00 metres to initiate a new hole providing greater deflection to the northeast. 

BC 33-4
BC 33-4 was wedged off the mother hole at a depth of 1,271.00 metres and directed to the northeast of the traces of BC 33�1, 33-2 and 33-3. The hole was drilled to a final depth of 1,894.00 metres and intersected several mineralized structures with visible gold within the Balmer Assemblage between 1,757.60 and 1,813.00 metres, a core length of 55.40 metres.

The drill hole intersected mafic and lesser felsic meta-volcanics of the Balmer Assemblage from the wedge to a depth 1,701.00 metres. At 1,701.00 to 1,739.90 metres, mafic meta-volcanics became strongly altered with pervasive biotite overprinted by silica and chlorite in association with brecciation. Sheared carbonate zones were intersected between 1,739.90 and 1,757.40 metres followed by a zone of heavily altered and brecciated mafic meta-volcanics to a depth of 1,780.00 metres.  The alteration comprised strong silica and actinolite along fractures within zones of greenish quartz. Locally very finely disseminated pyrrhotite and arsenopyrite was associated with very fine grained disseminated gold. This sequence is similar in style to that seen at the �Upper Main Zone� located approximately 200 meters to the east-northeast.

Between 1,780.00 and the final depth of 1,894.00 metres the hole intersected mafic meta-volcanic rocks which were moderately altered to biotite, chlorite and carbonate. At 1,800.25 to 1,815.19 localized zones with breccia textures comprising biotite altered fragments in a matrix of silica and chlorite hosted disseminated pyrrhotite and arsenopyrite.

BC 33-2
BC 33-2 was wedged off the mother hole at a depth of 1,249.30 metres and was directed up and to the northeast of the trace of BC 33�1. The hole was abandoned short of its target at a depth of 1,386.00 metres when the wedge failed.

The hole intersected mafic and lesser felsic meta-volcanic rocks of the Balmer Assemblage from the wedge to the final depth of 1,386.00 metres. Weak silicification and minor disseminated pyrrhotite was noted throughout. No significant assays were returned.

The BC 33 Series of holes is continuing and additional results will be reported as they become available.

Advanced Underground Exploration Program

In late July 2008 the Ministry of Northern Development and Mines accepted the Phase I closure plan, which allows the Company to commence the shaft collar and site foundation works. With the recent announcement of the Goldcorp acquisition on July 31, 2008 the shaft collar and site foundation works at the McKenzie Island site have been paused pending court approval and the shareholders vote in September 2008.

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
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 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 metallic�s 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

Renmark Financial Communications Inc.
Maurice Dagenais : mdagenais@renmarkfinancial.com
Victoria Stepanova : vstepanova@renmarkfinancial.com
Media � Eva Jura : ejura@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.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.