Red Eagle Mining Completes $20,000,000 Financing

Vancouver, BC, October 23, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) has completed its previously announced $20,000,000 financing. The financing consists of a private placement of 21,212,121 common shares at $0.55 per share for gross proceeds of $11,666,667 and the sale of a 2% net smelter royalty on Red Eagle Mining’s Santa Rosa gold project to Liberty Metals & Mining Holdings LLC for $8,333,333. In connection with the private placement Red Eagle Mining paid cash finders’ fees totaling $139,585. The shares are subject to a four month hold period from the date of issuance. All shares have been issued with the exception of 1,134,944 shares which are expected to be issued in approximately 14 business days. Further details with respect to the private placement and royalty can be found in Red Eagle Mining’s news release dated October 16, 2012.

In connection with the transactions, Mr. Noel Dunn has been appointed to the Board of Directors of Red Eagle Mining. Mr. Dunn is a Managing Director of Liberty Metals & Mining, Liberty Mutual Group Asset Management Inc. He is also a non-executive director of Pan American Silver Corp., Pretium Resources Inc. and Alderon Iron Ore Corp.