Yep...Nice MYNG - News out today...
Golden Eagle to Begin Gold Production in September
Project Proceeds While Waiting for COMIBOL Resolution
SALT LAKE CITY--(BUSINESS WIRE)--July 19, 2002--Golden Eagle International Inc. (OTCBB:MYNG - News) today confirmed that it will begin projected gold production in September 2002 at its Cueva Playa site located in the heart of the company's 74,000-acre landholding in the historic Tipuani Gold Mining District.
The company's first-phase 1,000 ton per day plant is the result of a 6-year program of exploration, metallurgical testing and mine planning.
Golden Eagle has been in negotiations with COMIBOL, Bolivia's national mining company, for the past several months for the acquisition of a large inventory of mining equipment under favorable financing terms. However, delays due to Bolivia's elections, and other internal factors within COMIBOL, convinced the company to move forward with an alternate plan until the COMIBOL acquisition can be completed.
Golden Eagle's President and CEO, Terry C. Turner, indicated that the COMIBOL deal remains "extremely attractive and viable, and we expect it to play an important part in the company's future plans."
Foresight and Funding
Turner also commented, "We foresaw the possibility of delays due to Bolivia's elections and chose to go with our backup plan to replace the essential pieces of mining equipment we needed from COMIBOL. We estimated that it would only require $426,000 to purchase the additional indispensable equipment, and we have commitments from current accredited shareholders for that amount."
Also, as to Bolivia's elections, Turner added, "The most votes were garnered by Gonzalo Sanchez de Lozada and the MNR party, which is working to put together a coalition government. However the coalition comes together, Golden Eagle is going to be in great shape. Our social conscience and contributions to the health, education and general welfare of the people in remote Cangalli, Bolivia, have not gone unnoticed by all the parties that may become part of the governing coalition."
Golden Eagle's Vice President for Development, Ronald Atwood, Ph.D., indicated, "We had sufficient funds to build our 1,000 ton per day plant even before this new funding. However, our concern was that we were relying on some of COMIBOL's equipment to finish the build-out of our mine to be able to proceed with our mine plan using conal subsidence or extraction point block caving. The COMIBOL equipment was going to allow for the entire mine build-out, even for the final phase 11,000 ton per day operation.
"We had already determined that we could get around the COMIBOL delays and still meet our September 2002 start-up date, but everything would have been slowed down. Now, with this new funding for the important equipment in the mine, we have everything back on track to meet our timelines."
Golden Eagle will host a conference call today, Friday, July 19, 2002, at 2:30 p.m. MDT. Please consult the company's Web site for details on how to participate.
Golden Eagle International Inc. is a gold exploration and mining company located in Salt Lake City and La Paz, Bolivia. The company is currently focusing its efforts on developing its mining rights on 74,000 acres in the Tipuani Gold Mining District in Western Bolivia, and continuing exploration on 125,000 acres in Eastern Bolivia's Precambrian Shield.
The company highly recommends that all shareholders and prospective shareholders should review its disclosures, risk statements, previous press releases, Annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K, found at its Web site: www.geii.com.
For more information about the company, call Sabrina Martinez in Investor Relations at 801/619-9320. Media inquires should be directed to Jack McNamara at 801/619-9320.
Forward-Looking Statements and Disclosure of Risk
The future conduct of Golden Eagle's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that Golden Eagle will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may," "expects to," "projects," "estimates," "plans" and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995.
The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond Golden Eagle's ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein.
These risks include, but are not limited to, the risks described in the above press release; those risks set out in Golden Eagle's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, negative working capital, and no historical profitability. Golden Eagle disclaims any obligation to update any forward-looking statement made herein.
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Contact:
Golden Eagle International Inc., Salt Lake City
Sabrina Martinez (investor relations) or
Jack McNamara (media)
801/619-9320 |
