VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- February 06, 2007 -- The following corrects and replaces the release issued at 5:00am ET today. Under "Exploration and Resource Definition" the Company expects to be drilling by the first week of February 2007 and not 2009, as previously noted. A paragraph has also been added at the end of that section. The corrected release follows:

Mr. Terence Schorn, P.Geo., President and CEO of War Eagle Mining Company Inc. (TSX VENTURE: WAR), reports that after reviewing all resource delineation results to date with Glenn O'Gorman, B.Sc., P. Eng., of OREM INC., an independent mining consultant who has extensive underground mining experience in Central and South America, the Board of Directors has approved an expanded mine development program for the Tres Marias Mine.

The program includes several parallel projects to be initiated at this time.

Exploration and Resource Definition

An underground diamond drilling program below the 6.5 level to intersect mineralization previously untested will include some 25 holes to be completed by mid March. Pervious five foot channel samples on this level assayed grades of 22.59% zinc and 225.6 grams germanium which are considerably higher than results from mineralization at higher levels.

Resistivity and gravity geophysical surveys to delineate extensions to the zones of known mineralization, as well as, to develop drill targets on several of 58 known anomalies located within the property will begin as soon as possible. For example, one of the anomalies, known as La Blanca is located some 800 meters (2,500 feet) south east of the Mine workings, has been sampled which assayed up to 29% zinc and 190 grams per ton of germanium. A second collapse feature target located about 1.5 kilometers (5,000 feet) west and along the same fault structure that hosts the Tres Marias Mine bears a remarkable similarity to known mineralization and will be explored by surface mapping, sampling and geophysics.

A surface definition and exploration diamond drilling program in the immediate area surrounding the Tres Marias deposit has been initiated. A surface drill rig is on site and a drilling permit has been approved, the Company expects to be drilling by the first week of February 2007.

Upon completing of a 3D mine model, receipt of further drilling results from below the 6.5 level, the south mineralized zone, the south extension mineralized zone and the mineralized upper zone coupled with results on hand from 22 underground core and 31 percussion holes, about 1,300 channel samples and other data, the Company expects to complete and release by late May a resource estimation compliant with the requirements of policy 43-101 which will include measured and indicated resources.

The Project is under the direction of Mr.Terence Schorn, P.Geo., the qualified person pursuant to the National Instrument 43-101.

Permitting and Land Acquisition

The following permits, land purchases, applications and studies have been approved and initiated by the company:
- Permitting and land acquisition for the placement of a primary crushing and dry grinding facility to be located near the village of Manuel Benevides, permitting and land acquisition for a processing plant to be located within an existing industrial park in a nearby city;

- An application for an explosive permit will be submitted to the military;

- An application for a mine development permit is being prepared for submission to the Federal Government. The application will consist of permitting of a 9 foot by 15 foot two compartment shaft to be sunk to approximately 500 feet depth. The shaft will be sunk to beneath the existing 7th level and be equipped with a manway/services compartment and a counterweighted skip/cage combination to provide services for men and materials as well as production purposes;

- And Environmental impact studies which will include socio-economic and environmental base line reports.
Mining

The existing shaft is being rehabilitated and equipped for initiating underground development to access the bottom of the proposed shaft to accelerate shaft sinking activities. An existing ventilation raise will be rehabilitated and equipped with ladders and landings for use as both a ventilation and escape way. Processing test work has also been initiated. Advanced discussions with a manufacturer of high end germanium products are proceeding.

Infrastructure

Interviewing candidates for the position of an experienced General Manager proficient in Spanish and with a proven track record in underground mining and exploration in Latin America is underway with the new General Manager to be expected to be on site within sixty (60) days.

Installation of a communications network at the mine site, as well as, its field office in Manuel Benevides and the establishment of a dedicated server in Tucson for universal access to the database are underway.

Improvements along the 25 Km long mine access road from Manuel Benevides to the mine site will be undertaken shortly, which may reduce travel time by 50% as well as facilitate access for heavy vehicles and ore trucks. These improvements will include the construction of a bridge which will permit access during high water in the rainy season.

A construction camp for accommodations of field personnel and site contractors has been sent for bids. At this time, the Company has $ 5,700,000 (Canadian funds) of working capital to fund these programs.

Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209