2009-09-22
Golden Eagle Moves Nevada State Court
for Writ Ordering Yukon-Nevada and
Queenstake to Restore Possession
of the Jerritt Canyon Mill to
Golden Eagle
Company Continues Suit against YNG
for $40 Million in Lost Profits and
Foreclosure of Mechanic's Liens
Totaling $2.23 Million
FOR IMMEDIATE RELEASE
SALT LAKE CITY, UTAH-(MARKETWIRE)---September 22, 2009---Golden Eagle International, Inc. (OTCBB: MYNG)Golden Eagle International, Inc. (OTCBB: MYNG) reported today that it has filed a motion asking for an order restoring it to possession of the Jerritt Canyon mill in its $40 million lawsuit against Yukon-Nevada Gold Corp. (YNG) and Queenstake Resources USA, Inc. (Queenstake) in the Fourth District Court for Elko County, Nevada.
Golden Eagle, which was given possession of the Jerritt Canyon mill as its operator in early September of 2008, alleges in its motion that its possessory right was terminated with 3 hours notice on June 10, 2009 in violation of Nevada state law. The motion further alleges that Queenstake and YNG are guilty of forcible entry and forcible detainer in the abrupt and unreasonable manner in which Golden Eagle's possessory right to the Jerritt Canyon mill was terminated, and then further illegally interfered with that possessory right by unlawfully detaining the mill after Golden Eagle's termination.
The Company further reported that it is continuing its foreclosure proceedings on $2.23 million in mechanic's liens against YNG and Queenstake's Jerritt Canyon mill.
Golden Eagle filed a $40 million Counterclaim and Third-party Complaints against YNG, Queenstake USA, Queenstake Resources Ltd. ("Queenstake Canada") (both wholly owned subsidiaries of YNG) and Francois Marland ("Marland"), a French citizen and YNG investor. The Counterclaim and Third-party Complaints were filed on July 9, 2009 in the Fourth District Court for Elko County, Nevada, together with an answer to Queenstake USA's complaint filed on June 10, 2009 (See, Golden Eagle's Current Report on Form 8-K filed with the U.S. SEC on June 12, 2009) and can be found as an exhibit to a Current Report filed on Form 8-K with the U.S. Securities and Exchange Commission (U.S. SEC) on July 9, 2009. In its Counterclaim and Third-Party Complaints, Golden Eagle alleges that YNG and Queenstake committed fraud, misrepresentation, material omissions and deceptive business practices in their relations with Golden Eagle and in their breach of Golden Eagle's mill operating agreement. The Company also alleges that YNG and Queenstake committed acts of oppression, fraud or malice, express or implied, and that Golden Eagle is entitled under Nevada law to recover punitive damages, which are calculated as three times the amount of compensatory damages.
YNG and Queenstake filed a reply to Golden Eagle's Amended Counterclaim and answered its Third Party Complaints with general denials on August 4, 2009.
The Company recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its website: geii.com.
Eagle E-mail Alerts: If you are interested in receiving Eagle E-mail Alerts, please e-mail the Golden Eagle at: eaglealert@geii.com.
CONTACT: Sabrina Martinez in Investor Relations:
(801) 619-9320
irpr@geii.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions and estimates. Words and phrases such as "believe," "intend," "expect," "expansion," "anticipate," "initiating," "commencing," "project," "add value," "bringing into production," "maximizing," "take advantage of," "striving to," "alleges," claims" or similar expressions, are intended to identify "forward-looking statements." Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether Golden Eagle will be able to obtain sufficient financing to continue to meet its operational goals; (b) estimates of mineralized material and future production levels; (c) uncertainties that result from actions that may be taken in Bolivia relative to increases in the Complementary Mining Tax, Corporate Income Tax or the amount paid for mining patents [claims fees] in the future; (d) uncertainties that result from social and political conditions in Bolivia; and (e) other risk factors and matters disclosed in Golden Eagle's Securities and Exchange Commission ("SEC") filings that may be accessed at www.sec.gov or through the Company's web site SEC link: geii.com . There is a significant risk that actual material results will vary from projected results. No information provided in this press release should be construed as a representation, or indication in any manner, of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the SEC that contain important information regarding the Company's financial results, its future plans and their limitations, and the risks involved with the Company's operations. Golden Eagle disclaims any responsibility to update forward-looking statements made herein. ###
PLEASE NOTE: Golden Eagle International, Inc. is moving progressively forward, getting closer to the goals management has set for the company's future. We try to offer as much information as we can concerning this process, in a timely and considerate way. Therefore, if you have received this email in error, or you no longer wish to receive our Eagle E-Mail Alert notices, please follow the link below: |
