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Re:   News Release - Tuesday, February 03, 2009
      New Discovery Hole at Tres Marias, Exploration to be Suspended
      During Economic Downturn, Increases Focus on Fly Ash Programs
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Vancouver, British Columbia War Eagle Mining Company Inc. (TSX Venture
Exchange - WAR) War Eagle Mining Company Inc. (WAR:TSX.V) announces
today a new discovery hole at the Tres Marias concession in Mexico.
The assay result for this hole, known as GO-31, is an intercept of 1.35
meters with a grade of 6.97% Zinc and 37 grams per tonne Germanium. 

The hole is located at La Blanca, which is approximately 600 meters to
the south-east of the old mine shaft.  This hole is on what one of what
War Eagle deems to be the "outlying targets"; which are target areas
identified by War Eagle that are outside the historic Tres Marias mine
area but on the concession.

In addition to the La Blanca discovery hole, the Company will soon
release assay results from recent underground drilling within the
historic mine workings.

Despite the new discovery hole, War Eagle also announces that it will
be suspending exploration drilling at the Tres Marias concession during
the economic downturn.  Jeff Lantz, President and CEO of the Company,
commented "We believe that in light of the current financial markets
and the significant decrease in zinc prices over the past year, it
would be prudent to conserve our positive cash situation and minimize
drilling expenditures until the economy recovers."  The Company
currently has cash of more than CDN $2,300,000.

With infrastructure in place, it is anticipated that drilling and
exploration could resume at short notice and with minimal re-start
costs. Advantage will be taken during the suspension of drilling to
prepare a technical report compiling the results of drill programs
conducted over the past two and a half years.

During 2009 the Company intends to place an increased emphasis on
identifying projects involving the potential recovery of germanium from
fly ash and similar material.  In this regard, the Company is actively
looking for potential fly ash projects in several places, including the
United States Midwest, and from the SaskPower operations in Canada.
 
Recovering germanium from fly ash offers a number of advantages.  "Once
a project is identified, germanium recovery from fly ash offers a much
more favorable risk profile and likely lower costs than would be
expected from mining operations." Mr. Lantz stated.  "We believe that
War Eagle can become one of the leaders in this area."

The Company will also continue its current fly ash processing
initiatives, including its Phase 2 small-scale pilot plant in Spain
aimed at developing process methodologies for extracting germanium and
gallium from fly ash generated from the ELCOGAS S.A. coal gasification
plant in Puertollano, Spain.

War Eagle Mining Company Inc.

War Eagle Mining Company Inc. is an experienced mineral exploration
company publicly traded since 1987 and is listed on the TSX Venture
Exchange under the symbol WAR. The Company's primary mission is to
identify sources of germanium and to develop methodologies for
recovering germanium, either through mining or through the extraction
of germanium from fly ash and similar materials. 

The Company is in the exploration phase in the area of the Tres Marias
Germanium and Zinc Mine in Mexico, where such mine first produced
high-grade germanium and zinc ore in 1949.  This Project is under the
direction of Mr. Terence Schorn, P. Geo., the qualified person pursuant
to the National Instrument 43-101.  Additionally, War Eagle is
conducting testing in Spain regarding methodologies for extracting
germanium from fly ash produced at the Puertollano, Spain coal
gasification plant owned by ELCOGAS S.A.

For further information
www.wareaglemining.com or contact
info@wareaglemining.com

Bob Faris, V.P. Corporate Development
at 1-800-877-1626 or 604-606-7973
bob@wareaglemining.com

Media Relations
Nancy Tamosaitis
Vorticom Public Relations
212.532.2208
nancyt@vorticom.com

The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of the contents of the
foregoing.

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Copyright (c) 2009 WAR EAGLE MINING COMPANY INC. (WAR)  All rights
reserved.  For more information visit our website at
http://www.wareaglemining.com/ or send
mailto:news@sweetwatercapital.net
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