War Eagle Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2012) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) ("War Eagle" or the "Company") reports that it has granted incentive stock options to directors, officers and consultants of the Company, to purchase an aggregate of 290,000 common shares of the Company, at an exercise price of $0.10 per common share expiring five years from the date of grant.

The options are being granted pursuant to the terms of the Company's current stock option plan, which was approved by shareholders on September 30, 2008, and are subject to TSX Venture Exchange ("TSX-V") approval.

The board of directors has also approved the issuance of stock options to the Company's directors and officers, to acquire an additional 800,000 common shares of the Company, at an exercise price of $0.10 per common share, under the terms of a new stock option plan (the "2012 Plan"), subject to shareholder and TSX-V approval. The Company will seek shareholder approval of the 2012 Plan at its Annual General and Special Meeting to be held on December 20, 2012.

The board of directors has also approved, subject to TSX-V approval, the issuance of 300,000 common shares (the "Compensation Shares") to each of Tom Atkins and Paul Carroll, as compensation for services to be provided. Subject to TSX-V approval, the Compensation Shares are issuable at a deemed price to be determined after the date of services are provided to the Company; however, subject to the continued performance of services, they will be deliverable to Mr. Atkins and Mr. Carroll in 100,000 increments on each of December 1, 2012, January 1, 2013 and February 2013.

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.

Contact:

War Eagle Mining Company Inc.

Don Padgett

Director

604-689-1515 ext. 104

info@wareaglemining.com

www.wareaglemining.com

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