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Drilling on Silver Eagle's Calvario Vein Confirms Continuity at Depth

Drilling on Silver Eagle's Calvario Vein Confirms Continuity at Depth

TORONTO, ONTARIO -- (MARKET WIRE) -- 03/30/07 -- Silver Eagle Mines Inc. ("Silver Eagle") (TSX: SEG) is pleased to provide an update on ongoing exploration activities being conducted at its 100% owned Miguel Auza Property in Zacatecas, Mexico. Recently received assay data is presented from 39 previously unannounced surface drill holes (see table below), within an area of approximately 2 square kilometres and including the four principal zones outlined to date: Calvario, North, East, and Mill zones.

To view MapA click the link below:

http://www.silvereaglemines.com/prmaps/2007_03_30mpA.pdf

Calvario Vein System

Ongoing drilling activities on the Calvario Vein continue to confirm that the drilled sections of the Vein extend to depth. Drill holes 2007-111, 113, and 117 all suggest that grade and widths are continuing and increasing with depth in the area between the Martinez #1 and Compromiso shafts. Drill hole 2007-113, the deepest hole to date, intercepted the vein 300 metres below surface with an intercept having an estimated true width of 3.7m and grade of 279 g/t Ag Eq(1).

In-fill drilling on the Calvario Vein continues. In-fill drill holes 2007-116 and 117 in the area of the Compromiso Shaft returned grades and widths higher than expected based on previous results from adjacent drill holes. Assays of 1,315 g/t Ag Eq1 over 2.2 metres estimated true width in drill hole 2006-117 (including 1,835 g/t Ag Eq1 over 1.5 metres true width) represents one of the highest grade intercepts from the Calvario Vein to date.

Further drilling is underway to test the Calvario Vein down to 300 metres below surface between the Martinez #1 and Calvario shafts, a strike distance of 600 metres.

To view MapB click the link below:

http://www.silvereaglemines.com/prmaps/2007_03_30mpB.pdf

North Zone

The North Zone veins, located several hundred metres north of the Calvario vein system, were the subject of exploitation at various times over several hundred years prior to 1900. Although generally less than one metre in width, the ratio of silver to base metals in these veins is greater than in the Calvario Vein, with many yielding grades of several kilograms per tonne of silver together with some gold. In spite of numerous significant intercepts encountered in drill holes in this area, the North Zone veins have proven difficult to correlate from one hole to the next, necessitating closer spaced drilling to better understand the vein structure. As a result, drilling in the North Zone will continue later in 2007, after a thorough analysis of the information obtained to date.

East Zone

The recently discovered East Zone is, in effect, an eastern extension of the North Zone, interpreted to be fault-offset along the epithermal quartz vein. As in the North Zone, the ratio of Ag to base metals in the East Zone veins is greater than in the Calvario Vein, with Ag accounting for 70-90% of total metal values. East Zone veins tend to be wider on average (up to 15.25 metre core length) than those in the North Zone, have no previous documented mining history, and are open to extension both to depth and along strike. The best intercept, drill hole 2006-84, was previously reported in a press release dated October 22, 2006, which reported 9.75 metres (core length) grading 901 g/t Ag Eq1. Further assays received from this hole have extended the intercept to 15.25 metres (core width), averaging 757 g/t Ag Eq(1). The complete intercept, reported here, appears to represent a hybrid-type vein, with high silver content, typical of East Zone veins, but located along the fault-offset strike extension of the Calvario Vein, seemingly at the intersection of the two systems.

Drilling is ongoing to delineate and extend the vein encountered in drill hole 2006-84.

Mill Zone

The Mill Zone comprises at least five major veins that have been previously worked near-surface at various times over the past few centuries. The veins trend northeasterly and appear to converge in an area designated as the North Mill Zone, where base metal mineralization occurs on fractures and in numerous narrow veins in thermally-altered siltstones. This thermally-altered area measures approximately 200 x 400 metres in surface extent. The possibility of fracture stockwork-type mineralization was first noted in drill hole 2006-52, previously reported in a press release dated August 14, 2006. This drill hole, results for which are repeated in the attached table, returned eight intercepts within a core length of 138 metres. This drill hole was followed up by several recent drill holes, which are presented in the attached table. Partial results for the first of which, drill hole 2006-108, collared 440 metres NW of hole 2006-52, returned numerous intercepts within a core length of 216 metres. Assay results to date, indicate that zinc is the principal contained metal, with silver accounting for about 20% of total metal values. Although of lower grade, the presence of multiple intercepts within relatively long core lengths make this area an attractive target for follow up. Additional assays are pending.

VP Exploration Chris Hodgson said "Our most recent assay results are very encouraging, particularly at depth on the Calvario Vein. The mineralization, grades, and widths found at depth are similar to those at other regional mining camps in central Mexico, where mineralization extends to 700 metres or more in depth."

(1) Silver equivalent values are calculated on the basis of the following metal prices: Au $550/oz, Ag $10/oz, Pb $0.50/lb and Zn $1.25/lb.

Dr. Hodgson 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 of the above reported assay samples was carried out by ALS Laboratories Ltd. at their facility in Chihuahua, Mexico, with assaying conducted by ALS at their laboratory in North Vancouver, British Columbia.

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 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.

                                            Core
DDH               Zone   From          To Length    Inclin.

CC-2005-22    Calvario 173.30      174.40   1.10
CC-2005-26    Calvario 159.35      160.85   1.50
                       173.30      173.90   0.60
   2006-40       North 199.85      200.50   0.65       -52
                       No significant
   2006-48        Mill values                          -53
   2006-52        Mill 112.10      117.60   5.50       -58
                       126.90      129.65   2.75
                       132.15      135.15   3.00
                       208.00      211.55   3.55
                       216.20      219.95   3.75
                       228.40      229.45   1.05
                       233.70      235.10   1.40
                       244.25      250.80   6.55
   2006-63       North 144.40      145.10   0.70       -52
   2006-64       North 122.45      123.70   1.25       -52
                       128.90      129.75   0.85
                       No significant
   2006-67       North values                          -75
   2006-68       North 165.90      166.40   0.50       -85
   2006-69       North 127.90      128.65   0.75       -75
                       No significant
   2006-73       North values                          -90
   2006-74       North 183.40      183.70   0.30       -80
                       No significant
   2006-75       North values                          -80
   2006-76    Calvario 148.85      154.05   5.20       -45
   2006-77    Calvario 133.45      134.05   0.60       -45
                       No significant
   2006-78       North values                          -70
   2006-79       North 196.10      196.70   0.60       -85
                       208.20      209.15   0.95
                       223.75      224.95   1.20
                       228.00      228.60   0.60
                       233.30      234.30   1.00
                       244.15      244.60   0.45
                       251.50      251.80   0.30
                       No significant
   2006-80       North values                          -90

                       No significant
   2006-83       North values                          -68
   2006-84        East  59.55       61.70   2.15       -45
                       128.10      129.10   1.00
                       148.35      149.35   1.00
                       251.85      253.85   2.00
                       279.05      294.30  15.25
             Including 290.70      294.30   3.30
   2006-85       North 245.50      245.85   0.35       -60
                       271.80      274.05   2.25
                       289.80      290.40   0.60
   2006-86       North 142.25      144.20   1.95       -55
                       169.35      169.65   0.30
                       172.35      172.60   0.25
   2006-87        East 146.15      150.00   3.85       -50
                       290.70      291.10   0.40
   2006-88    Calvario 169.65      172.60   2.95       -45
                  More results
                       pending
   2006-89    Calvario   88.15      88.60   0.45       -75
                      Hole steepened and missed target
   2006-90        East  183.90     185.20   1.30       -45
                        211.60     212.65   1.05
                        243.05     243.50   0.45
                        268.30     268.80   0.50
                        No significant
   2006-91        East  values                         -45
   2006-92        East  220.30     221.25   0.95       -45
                        260.30     262.80   2.50
   2006-93        East   95.30      95.50   0.20       -51
                        129.70     131.50   1.80
                        143.10     143.90   0.80
   2006-94        East   33.95      34.20   0.25       -45
                        194.15     195.15   1.00
                        235.40     235.75   0.35
   2006-95    Calvario  192.40     193.05   0.65       -51
                        216.00     216.60   0.60       -51
                        226.40     227.10   0.70       -51
                        243.25     243.65   0.40       -51
                        246.10     248.85   2.75       -51
                        269.35     269.70   0.35       -51
                        281.90     282.50   0.60       -51
   2006-96    Calvario  Terminated short of target     -60
   2006-97        East   57.05      58.05   1.00       -45
                        More results
                        pending
   2006-98        East  No significant results         -45
   2006-99        East   93.70      94.05   0.35       -45
                        135.55     137.25   2.15
                        141.10     145.00   3.90
                        158.05     158.90   0.85
   2007-108       Mill  116.35     162.70  46.35       -45
             including  126.30     128.50   2.00
             including  147.90     160.70  12.80
                        181.95     187.45   5.50
                        242.80     252.50   9.70
                        351.30     359.00   7.70
                        410.95     417.35   6.40
                        426.55     432.90   6.35
                        More results
                        pending
   2007-111   Calvario  262.95     273.65  10.70       -46
   2007-113   Calvario  342.25     348.95   6.70       -56
   2007-116   Calvario   90.85     104.15  13.30       -56
                        More results
                        pending
   2007-117   Calvario  152.05     157.65   5.60       -67
             including  152.70     156.45   3.75       -67



             Est.
             True                                             Ag
DDH         Width        Au g/t(i)  Ag g/t     Pb%    Zn% Eq.(ii)

CC-2005-22                   0.06       90   0.70   0.61     169
CC-2005-26                   0.26       90   1.96   0.98     255
                             0.13      223   4.40   5.13     820
   2006-40                   0.39       64   1.14   1.00     210

   2006-48
   2006-52                   0.06       14   0.44   0.67      89
                             0.06      107   3.57   4.03     577
                             0.03       36   1.23   1.96     247
                             0.05       20   0.29   3.27     313
                             0.00       13   0.06   2.25     208
                             0.00       11   0.16   2.19     204
                             0.22       12   0.06   0.86     100
                             0.10       19   0.17   2.72     264
   2006-63                   0.14      531   0.17   0.18     560
   2006-64                   0.19      158   0.12   0.13     184
                             0.11      119   0.08   0.05     132
   2006-67
   2006-68                   0.10       71   0.15   0.21     100
   2006-69                   1.19    1,205   1.75   1.89   1,492
   2006-73
   2006-74                   0.07      122   0.09   0.09     137
   2006-75
   2006-76    3.7            0.33       66   1.14   0.95     204
   2006-77    0.4            0.39      249   0.49   1.07     379
   2006-78
   2006-79                   0.31      551   1.31   0.06     618
                             0.48      405   0.51   0.57     498
                             0.14      103   0.05   0.07     118
                             0.13      158   0.08   0.07     174
                             0.14      261   0.07   0.06     276
                                        96   0.04   0.07     103
                             0.25      218   0.08   0.17     249
   2006-80
   2006-83
   2006-84                   0.08      242   0.19   0.13     264
                             0.19    1,345   2.73   1.69   1,594
                             0.18      505   0.37   1.02     615
                             0.05      104   0.12   0.09     119
                             0.60      507   1.56   1.59     730
                             1.54    1,496   2.67   3.15   1,942
   2006-85                   4.38    1,010   0.75   0.59   1,327
                             0.99      288   0.99   0.55     424
                   less than 0.05      166   0.16   0.15     187
   2006-86                   0.02       80   0.32   0.39     126
                             0.07      114   1.65   0.68     233
                             0.30      109   0.21   0.14     145
   2006-87                   0.11      304   0.28   0.77     386
                             0.56      352   0.68   0.27     429
   2006-88    2.1            0.07      104   1.42   1.45     280
   2006-89    0.1            0.20      115   0.60   0.60     198
   2006-90                   0.51      603   0.70   0.22     674
                             0.05       88   0.13   0.11     104
                             0.77    1,065   2.91   6.04   1,725
                             0.78      295   4.75   6.32   1,042
   2006-91
   2006-92                   0.13       71   1.64   3.07     398
                             0.13      143   1.97   2.11     399
   2006-93                   0.13      317   0.18   1.71     477
                              n/a       61   0.06   0.03      66
                             0.07      549   0.61   0.25     595
   2006-94                   0.00       65   0.04   0.04      70
                             0.19       62   0.76   1.14     197
                             0.06       56   1.14   3.31     382
   2006-95    0.4            0.73       81   0.96   1.23     260
              0.4            1.58      134   2.39   3.64     615
              0.4            0.64      240   4.01   7.57   1,062
              0.3            0.39      131   2.19   2.28     423
              1.7            0.14      115   2.46   1.70     354
              0.2            0.02      110   1.45   1.87     321
              0.4            0.07      102   2.48   2.06     367
   2006-96
   2006-97                   0.13      132   0.12   0.03     146
   2006-98
   2006-99                   0.27      278   0.76   1.10     413
                             0.91      272   1.39   1.20     473
                             0.10      285   0.11   0.09     301
                              n/a       99   0.54   0.15     133
   2007-108                  0.01       17   0.52   0.69      95
                             0.06       60   1.55   1.95     284
                             0.02       33   1.19   1.67     219
                             0.01       15   0.46   0.50      75
                             0.04       20   0.63   1.00     129
                              n/a       14   0.44   0.68      99
                              n/a       16   0.66   1.02     143
                              n/a       14   0.14   1.68     191
   2007-111   7.4               0      166   1.95   1.75     390
   2007-113   3.7            0.18      116   1.76   1.08     279
   2007-116   7.4            0.31       51   0.89   1.98     268
   2007-117   2.2            0.22      282   6.98   9.12   1,315
              1.5            0.27      388   9.71  12.82   1,835

(i) Gold values not available are marked n/a
(ii) Ag g/t equivalent grades calculated based on metal prices of
     $550/oz Au, $10/oz Ag, $0.50/lb Pb, $1.25/lb Zn


The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
Silver Eagle Mines Inc.
Terrence H. Byberg
President & CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: [email protected]

Silver Eagle Mines Inc.
Dan Barnholden
Investor Relations Contact
(416) 625-2334
Email: [email protected]
Website: www.silvereaglemines.com

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