November 21, 2007                                                                                                    TSX Venture Symbol WAR
NEWS RELEASE                                                                                         CUSIP. No. 933901209

PRIVATE PLACEMENT CLOSED

Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange - WAR) (the "Company") announces that it has closed its non-brokered private placement of 8,480,000 units of the Company (the "Units") at a price of $0.50 per Unit for total gross proceeds of $4,240,000.  Each  Unit consists of one common share and one-half of one share purchase warrant (a "Warrant").  Each whole Warrant entitles the holder to purchase one common share for a period of 18 months at a price of $0.75 per share. 

The Company paid the following finders' fees in connection with the private placement:

$218,750 and 218,750 warrants to MGI Securities Inc.; $43,750 to West Peak Venture of Canada Ltd.; $1,050 and 1,050 warrants to David Taylor; $2,500 and 2,500 warrants to Odlum Brown Limited and $1,225 and 1,225 warrants to James Baglot.  The warrants issued to the finders have the same terms and conditions as the Warrants comprising the Units

The securities issued pursuant to the private placement to the placees and the finders are subject to restrictive legends expiring on March 15, 2008.

The proceeds of the private placement will be used for exploration of the Company's Tres Marias, Mexico project and for general working capital purposes.

War Eagle Mining Company's web site is available for viewing at www.wareaglemining.com
For further information contact: Bob Faris, Vice President, Corporate Development at 1-800-877-1626 or 604-606-7973.


"Terence F. Schorn"
                               
Terence F. Schorn, P. Geo
President
War Eagle Mining Company Inc


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