VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Red Eagle Mining Corporation (News - Market indicators)(OTCQX:RDEMF) is pleased to announce the complete assay results from the Phase Three drill programme, which targeted the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. 90% of drill holes in the Phase Three drill programme intercepted significant gold mineralisation. Highlights from the final 21 drill holes (SR-119 to SR-139) include intercepts:

• SR-120 - 15.4 metres at 1.67 g/t Au from 17.0 metres down hole
• SR-133 - 7.5 metres at 4.24 g/t Au from 45.6 metres down hole
• SR-135 - 4.7 metres at 3.12 g/t Au from 72.1 metres down hole

"Our completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon," comments Ian Slater, Chief Executive Officer. "With our recent $20 million financing completed we have now commenced drill testing the gold system down dip, where typically higher grades have been intercepted. Three rigs are turning with a fourth being mobilized."

Highlights from the previously released 53 holes (SR-066 to SR-118) from the Phase Three drill programme include intercepts: 

• SR-068 - 11.6 metres at 2.74 g/t Au from 46.4 metres down hole
• SR-069 - 11.7 metres at 4.96 g/t Au from 68.4 metres down hole
• SR-071 - 29.2 metres at 0.80 g/t Au from 37.6 metres down hole
• SR-072 - 47.4 metres at 1.34 g/t Au from surface
• SR-073 - 16.0 metres at 1.71 g/t Au from 35.8 metres down hole
• SR-076 - 35.0 metres at 0.58 g/t Au from 5.2 metres down hole
• SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
• SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
• SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
• SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
• SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
• SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
• SR-110 - 28.4 metres at 1.96 g/t Au from surface
• SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole
• SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole
• SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth. News flow over the coming months includes:

• Results from the current 17,000 metre Phase Four drill programme;

• NI 43-101 resource estimate (to be released December 2012); and

• Preliminary Economic Assessment (to be released Q1 2013).

Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-066 to SR-139 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). Holes SR-066 to SR-118 have been previously released. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-66, 106, 107, 114, 115 and 125-127 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.

Table 1 - San Ramon Phase Three Drill Intercepts

Table 2 - Drill Hole Specifications

Quality Control and Assurance (QC/QA)

All drill samples were collected with a Diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101. 

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16^th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt. 

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.