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Silver Eagle’s Latest Drilling Intersects High Grade Silver of 3,291 GPT

July 22, 2008

TORONTO, ONTARIO–(Marketwire – July 22, 2008) – Silver Eagle Mines Inc. (TSX:SEG) is pleased to report on recent results from its ongoing diamond-drilling program on the North, Calvario and Mill Zones at its wholly-owned Miguel Auza property in Zacatecas, Mexico. Of note are diamond drill holes 2008-189 and 2008-194 in the North Zone, which intersected veins 0.4 and o.5 m in width, assaying 2,463 gpt Ag and 3,291 gpt Ag respectively, and 2008-196, the deepest hole drilled to date, which intersected the Calvario D vein at 525 m depth. (See Table 1 below)

As reported in Silver Eagle’s press release of June 25, 2008, the Miguel Auza pre-feasibility results include a 7.5-year mine life. Silver Eagle is conducting additional drilling with the goal of converting mineral resources currently classified as inferred resources into indicated resources. In addition, Silver Eagle is now focusing on exploration of the high silver-bearing northern veins and other areas of interest on its 41,498 hectare property.

The North Zone is an exploration target, located within 500 m of the existing Miguel Auza operation, and contains an inferred resource of 3.6 M oz silver. In the past, the North Zone returned results as high as 7,601 gpt over 0.40 m. (Reported in the press release of June 6, 2006). The objective of this most recent drilling in the North Zone was to test the principal San Ramon Vein in the area of the historical Spanish workings near the Tepuxtetes shaft, directly below the old workings and above previous Silver Eagle drill holes. Four of the five holes encountered the zone, with intercepts up to 3,291 gpt over 0.5 m in 2008-194 at a vertical depth of 115 m. The fifth hole was terminated prematurely due to drilling problems. The drill holes represent a strike length of approximately 100 m and dip length of approximately 50 m.

Two holes were drilled in the Calvario Zone, a shallow fill-in hole to test an area where previous data was wide-spaced, and a vertical hole to 548 m depth. The first hole, 2008-192, encountered significant intercepts in Calvario A, B, and C veins, each 1.1 m in estimated true width. The second hole, 2008-196, was drilled as a pilot hole for a future deepwater well. It cut six mineralized structures, the three widest of which correlate with Calvario A, C and D veins. Estimated true widths of these three veins are 1.3 m, 1.8 m and 2.1 m respectively. The lowest intercept between 525.45 and 533.50 m corresponds to Calvario D vein.

The objective in the Mill Zone was to test a zone of extensive quartz veins with Au and Ag potential in the northwestern quadrant of the Mill Zone mineralization. Drill hole 2008-188 encountered three veins with Ag, Pb, Zn and Au values.

Terry Byberg, President and CEO of Silver Eagle Mines Inc., said “While Silver Eagle has been focused on bringing the Calvario Zone, at the Miguel Auza Mine, into production, we are encouraged by the continued promising results from the North Zone and will be concentrating further efforts with a goal of defining additional mineral resources there.”

Table 1 ——————————————————————– — Zone__________ Vein____________Drill Hole______From________To__Length ——————————————————————– — ——————————————————————– — MILL ——————————————————————– — ________________________________ 2008- 188____119.85____121.55____1.70 ——————————————————————– — ________________________________ 2008- 188____195.15____195.75____0.60 ——————————————————————– — ________________________________ 2008- 188____228.65____229.10____0.45 ——————————————————————– — ——————————————————————– — NORTH ——————————————————————– — ________________________________ 2008- 189____140.85____141.25____0.40 ——————————————————————– — ________________________________ 2008- 193____121.45____121.70____0.25 ——————————————————————– — ________________________________ 2008- 194____155.40____155.80____0.40 ——————————————————————– — ________________________________ 2008- 194____165.80____166.30____0.50 ——————————————————————– — ________________________________ 2008-195__Terminated prematurely ____________________________________________due to technical problems ——————————————————————– — ________________________________ 2008-198____ 116.1____116.70____0.60 ——————————————————————– — ________________________________ 2008- 198____127.40____127.70____0.30 ——————————————————————– — ——————————————————————– — CALVARIO ——————————————————————– — ________ Calvario C______________2008- 192____129.95____131.70____1.75 ——————————————————————– — ________ Calvario B______________2008- 192____154.50____156.00____1.50 ——————————————————————– — ________ Calvario A______________2008- 192____176.05____177.55____1.50 ——————————————————————– — ________ Calvario C______________2008- 196____172.10____179.10____7.00 ——————————————————————– — ____________________________________ incl____172.10____173.30____1.20 ——————————————————————– — ____________________________________ incl____178.05____179.10____1.05 ——————————————————————– — ________ Calvario B______________2008- 196____371.70____372.60____0.90 ——————————————————————– — ________ Calvario A______________2008- 196____419.75____424.60____4.85 ——————————————————————– — ________________________________ 2008- 196____484.55____486.15____1.60 ——————————————————————– — ________________________________ 2008- 196____518.05____518.45____0.40 ——————————————————————– — ________ Calvario D______________2008- 196____525.45____533.50____8.05 ——————————————————————– — ____________________________________ incl____525.45____526.50____1.05 ——————————————————————– — ____________________________________ incl____526.50____527.35____0.85 ——————————————————————– — ____________________________________ incl____533.20____533.50____0.30 ——————————————————————– — ——————————————————————– — EAST____________________________ 2008-197______ No significant values ——————————————————————– — ——————————————————————– — ______________________ Est.__ ________________________T W______Au______ Ag______ Pb______Zn__ Ag Eq Zone__________ Vein______(m)____gpt______gpt______ (%)____ (%)____ (1) ——————————————————————– — ——————————————————————– — MILL ——————————————————————– — ______________________________ 0.12______ 50____ 0.84____1.71____ 140 ——————————————————————– — ______________________________ 0.31______ 70____ 1.39____8.08____ 383 ——————————————————————– — ______________________________ 0.27______215____ 3.94____2.94____ 482 ——————————————————————– — ——————————————————————– — NORTH ——————————————————————– — ______________________ 0.40____0.24____ 2463____ 2.35____1.64__ 2,618 ——————————————————————– — ______________________ 0.25____0.14______275____ 0.20____1.33____ 325 ——————————————————————– — ________________________0.4____0.16______356____ 2.25____3.23____ 557 ——————————————————————– — ________________________0.5____0.35____ 3291____ 1.67____0.44__ 3,379 ——————————————————————– — ____________________ Terminated prematurely due to technical problems ——————————————————————– — ________________________0.6____0.39______434____ 0.23____0.34____ 455 ——————————————————————– — ________________________0.3____0.44______865____ 1.17____1.77____ 972 ——————————————————————– — ——————————————————————– — CALVARIO ——————————————————————– — ________________________1.1____0.27______226____ 2.71____1.38____ 389 ——————————————————————– — ________ Calvario C____ 1.1____0.12______ 94____ 2.08____2.31____ 258 ——————————————————————– — ________ Calvario B____ 1.1____0.14______116____ 2.74____2.52____ 316 ——————————————————————– — ________ Calvario A____ 1.8____0.17______254____ 4.09____3.49____ 545 ——————————————————————– — ________ Calvario C____ 0.3____0.60____ 1214____19.59__ 11.91__ 2,458 ——————————————————————– — ________________________0.3____0.15______219____ 3.23____7.23____ 588 ——————————————————————– — ________________________0.2____0.30______376____ 6.27____3.01____ 750 ——————————————————————– — ________ Calvario B____ 1.3____0.50______117____ 1.47____6.74____ 393 ——————————————————————– — ________ Calvario A____ 0.4____0.24______ 56____ 1.23____4.51____ 251 ——————————————————————– — ________________________0.1____0.20______ 43____ 0.99____7.58____ 323 ——————————————————————– — ________________________2.1____0.17______129____ 3.52____4.32____ 420 ——————————————————————– — ________ Calvario D____ 0.3____0.49______347____ 9.91__ 10.90__ 1,128 ——————————————————————– — ________________________0.2____0.30______255____ 6.34__ 17.34__ 1,077 ——————————————————————– — ________________________0.1____0.37______550____15.76____6.63__ 1,460 ——————————————————————– — ——————————————————————– — EAST____________________________________________No significant values ——————————————————————– — (1) Equivalent Ag grades and contained ounces were estimated based on the following metal prices: US$ 600/oz gold, US$ 11/oz silver, US$ 0.80/lb lead and US$ 0.85/lb zinc and on gold, silver, lead and zinc plant recoveries as per the most recent metallurgical test work, and on 2008 smelter terms.

Dr. Christopher Hodgson, P.Eng., is the Qualified Person (as defined in National Instrument 43-101) who, unless otherwise indicated, supervised the preparation of the scientific and technical information reflected in this press release. Preparation and assaying of the above-reported samples was performed at the company’s on-site laboratory. Under Silver Eagle’s QA/QC program, duplicate samples, blanks and standards are run routinely, both at its on-site laboratory and at ALS Laboratories in Vancouver, British Columbia, with acceptable results to date.

ABOUT SILVER EAGLE

Silver Eagle Mines Inc. is a TSX-listed (TSX:SEG), Canadian- based mining company exploring and redeveloping an historic silver property in the heart of the Mexican precious metals belt. The Company’s primary asset is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. The property includes the mineral rights to 41,498 hectares, hosts past- producing mines and has the necessary infrastructure and a trained mining work force nearby. Results of a pre-feasibility study have been announced and the Company’s plant expansion from 150 to 850 tpd is under construction and on schedule.

ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC. Terrence H. Byberg, President and CEO

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This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward- looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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