Regional drilling program intersects potential new area of gold mineralization beneath the Bruce Channel



    TSX: GEA

    TORONTO, June 4 /CNW/ - 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 1-1
    -------------------------------------------------------------------------
                                                Gold
                                         -----------------
         Intersection                       Grams   Ounces
         (in Metres)          Length         per      per
    -------------------------------------   Tonne     Ton
       From        To    Metres     Feet    (g/t)   (oz/t)
    -------------------------------------------------------------------------
     331.65    332.45      0.80     2.62     6.89     0.20               MIS
    ------------------------------------------------------------------------
     860.10    860.50      0.90     2.95    42.63     1.24       VG      MIS
    -------------------------------------------------------------------------
         including         0.50     1.64    75.67     2.21       VG      MIS
    -------------------------------------------------------------------------
    1150.15   1150.83      0.68     2.23     3.31     0.10               MIS
    -------------------------------------------------------------------------
    1344.00   1346.00      2.00     6.56     2.44     0.10               MIS
    -------------------------------------------------------------------------
    2114.00   2116.00      2.00     6.56    12.55     0.37                BA
    -------------------------------------------------------------------------
    

    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.

    
         FN 2-1
    -------------------------------------------------------------------------
                                                Gold
                                         -----------------
         Intersection                       Grams   Ounces
         (in Metres)          Length         per      per
    -------------------------------------   Tonne     Ton
       From        To    Metres     Feet    (g/t)   (oz/t)
    -------------------------------------------------------------------------
     447.00    448.00      1.00     3.28     3.71     0.11             CL/BC
    -------------------------------------------------------------------------
     754.95    756.00      1.05     3.44     7.67     0.22             CL/BC
    -------------------------------------------------------------------------
     984.00    987.20      3.20    10.50     6.22     0.18             CL/BC
    -------------------------------------------------------------------------

    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

    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.

    %SEDAR: 00024756E




For further information:

For further information: please feel free to contact our offices at:
Tel: (416) 867-8998, Fax: (416) 867-9393, www.goldeaglemines.com

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GOLD EAGLE MINES LTD.

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