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War Eagle Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/21/12 -- War Eagle Mining Company Inc. (TSX VENTURE:WAR) ("War Eagle" or the "Company") has closed its non-brokered private placement announced on November 20, 2012 consisting of 4,350,877 units at a price of $0.07125 per unit for gross proceeds of $310,000. Each unit is comprised of one common share of War Eagle and one common share purchase warrant entitling the holder to purchase one common share of War Eagle at a price of $0.10 until December 21, 2014.

All securities issued with respect to the placement are subject to a four-month hold period expiring on April 23, 2013, in accordance with the policies of the Exchange and the provisions of the Securities Act (British Columbia).

The net proceeds of the placement will be used for working capital and for general corporate purposes.

About War Eagle

The Company is an experienced mineral exploration company publicly traded since 1987 and listed on the TSX-V under the symbol WAR. The Company is in the exploration phase of the Tres Marias zinc-lead project in Mexico and the MAC tantalum-tin-lithium property in the Northwest Territories of Canada.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents.

Legal Notice Regarding Forward-Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with mining operations, therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include references to a future drill program and related plans. These statements are based on assumptions made by the company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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