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au

MEDIA RELEASE 19th August 2011

GOLDEN EAGLE MINING INTENT TO LIST ON THE ASX

Golden Eagle Mining Limited (ASSOB:GEM) announces it has executed a Letter of Intent with Welcome Stranger Mining Limited (ASX:WSE) under which WSE will acquire all the issued shares in GEM. In simple terms, this will effectively result in a back-door listing of GEM on the Australian Securities Exchange (ASX) once the transaction successfully completes. The transaction is currently proceeding with some pace and is subject to several conditions, including the following: 1. 2. A mutual satisfactory due diligence of each Companys assets and value between GEM and WSE Negotiation and execution of formal agreements to give effect to the transaction

3. A consolidation of shares currently on issue in WSE of approximately 1:10 to be approved by WSE's shareholders 4. All necessary approvals at shareholder and regulatory level; and 5. WSE raising sufficient equity capital to give effect to the transaction.

In commenting on GEMs transaction to list on the ASX, Managing Director, Bradd Granville said: It is expected that, should the transaction proceed, GEMs shareholders will hold around 90% of WSE. Welcome Stranger Mining Limited will be renamed Golden Eagle Mining Limited at the closing of the transaction and, under the terms of the deal, shareholders in GEM will see their shares issued in WSE on a 1 for 1 basis. In order to be eligible for relisting on the ASX the share price for GEM/WSE shares will be $0.20 per share. Whilst this transaction and the potential transition to the ASX is underway, GEM is continuing to raise capital on The Australian Small Scale Offerings Board (ASSOB) at a pre-listing price of $0.10 per share, added Mr. Granville. In commenting on GEMs transaction to list on the ASX, Stewart Brown, Chairman, said: GEMs Board anticipates that upon successful completion of the due diligence process and the resulting IPO, the Company will be in a position to request a reinstatement of the listing on the ASX under the Issuer Code of GEM GEM has assembled a highly prospective tenement package with the opportunity for rapid development of mineable resources in areas with supportive infrastructure. GEM holds approximately 400km2 of prospective gold tenements, predominantly located in the Eastern Goldfields region along the Bullabulling shear, 30km East of Coolgardie in Western Australia. These tenements offer numerous walkup high-grade drill targets for resources such as gold, base metals and industrial minerals.

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During July 2011, GEM announced high-grade gold intersections at its First Find Tenement and a new gold discovery at its Endeavour Tenement. Subsequently, Resource Definition Drilling commenced and a maiden resource announcement is imminent. The Company also announced that Resource Definition Drilling had commenced at the Naretha Lime and Cadoux Kaolin Projects. Golden Eagle Mining Limited is seeking expressions of interest from sophisticated investors wishing to participate in the Companys current seed capital fund raising. Further details of the offer can be found at www.assob.com.au by downloading Equity Offering ASSOB Code GEM.

For further information or to interview Mr. Bradd Granville, Managing Director, GEM, please contact: Rod North Managing Director Bourse Communications Pty Ltd T: (03) 9510 8309 M: 0408 670 706 E: rod@boursecommunications.com.au

ABOUT GOLDEN EAGLE MINING LIMITED Golden Eagle Mining Limited (GEM) is an unlisted public company, with a focus on multi commodity exploration. The Company has a central focus on discovering the next generation of large, high-grade quality deposits under cover. GEMs secondary objective is to acquire attractively priced and high quality resource assets and successfully develop them to generate shareholder value. GEMs current tenement package provides the opportunity for the rapid development of mineable resources in areas with supportive infrastructure. These tenements offer numerous walk-up drill targets that have the potential to produce high-grade resource results, in areas such as gold, base metals, and industrial minerals.