Monday October 27 8:07 AM EST
Company Press Release
Golden Eagle Announces Assay Results from 50 Sampling Sites Initial
Results Confirm Cangalli Gold Deposits, Discovery of Hard-Rock
Deposits
DENVER--(BUSINESS WIRE)--Oct. 27, 1997--Golden Eagle International, Inc. (NASDBB:MINE), today announced
it has received preliminary sampling results from Guido Paravicini, M.A., Eng., an independent geophysicist and mining
engineer retained by the company.
Mr. Paravicini conducted channel and trench samplings at more than 300 points within the concessions to which Golden
Eagle has the contract mining rights in Cangalli, Bolivia, and provided the company with 210 assays from the first 50
sampling sites. The assays were performed by Inspectorate-D.C Griffith Laboratories, an internationally-recognized firm
based in London.
Results of the assays produced two significant findings for Golden Eagle:
The assays, which were primarily taken from samples at peripheral locations around known pay streaks and not
expected to contain significant amounts of gold, did result in substantial gold findings in every sample. The average
gold content of 2.46 g/m3 translates into $25.70 per cubic meter, far exceeding company expectations.
The sampling of 16 Ordovician (Paleozoic) bedrock sites confirmed substantial amounts of gold in the bedrock. This
discovery could result in increases to initial geological resource calculations as additional gold has been confirmed
below the alluvial deposit.
''We were very pleased with Mr. Paravicini's initial findings resulting from 107 samples which he reported in April 1997.
Now, the exploration work is showing the edges of the conglomerate also have strong gold deposits,'' said Terry Turner,
president of Golden Eagle International. ''The confirmation of bedrock gold deposits is also very positive as it can impact
the levels of gold found on the concessions and broaden our production options.''
Mr. Paravicini explained his initial sampling strategy: ''Most of our sampling on the Cangalli deposit at the beginning of this
year (1997) was conducted in the conglomerate material which fills the ancient Paleo-Tipuani River Basin. For that reason,
a number of our samples initially came from some of the more than 15 pay streaks or high grade lenses which are found in
the conglomerate, creating a very high overall average (14.049 g/m3 (0.34 ozt/y3)).'' (G. Paravicini, Technical Geological
Report, April, 1997, p. 32; available at www.goldeneagle-mine.com).
''With our current sampling program we wanted to systematically begin at the edges of the conglomerate fill by sampling
the Ordovician (Paleozoic) bedrock which the conglomerate overlays, and work our way across the conglomerate. Of the
two sampling sites taken from known pay streaks (8.27 g/m3 (0.20 ozt/y3) and 15.89 g/m3 (0.39 ozt/y3)) the results
corresponded completely with our early findings.
''We are very encouraged by two factors coming out of these samples: first, we found significant amounts of gold in every
sample; and, second, from 63 assays at 16 sites on the Ordovician bedrock, we have confirmed that it contains substantial
amounts of gold; in fact, an average of 2 g/m3 (0.049 ozt/y3), or roughly 1 g/T (0.032 ozt/T).
''If our exploration work continues to confirm the gold mineralization in the basement rock, as we now believe that it will,
we will have to adjust our geological resource and raise that number correspondingly,'' Paravicini stated.
Paravicini added, ''We believe that as the balance of our 1,200 assays on samples taken from over 300 points on the
Cangalli deposit come in, the overall averages will rise to the levels of our initial work at the beginning of the year (l997).''
The averages as to each sampling site resulting from the 210 assays are as follows (the first 16 sampling sites correspond
to the average assays from the Ordovician bedrock):
T*
Sampling Site Average of Assays
Grams/m3 (Ounces (ozt)/y3 )
1 3.00 0.073
2 1.69 0.041
3 2.92 0.071
4 2.41 0.058
5 2.85 0.070
6 1.94 0.047
7 3.18 0.078
8 1.30 0.032
9 1.89 0.046
10 1.93 0.047
11 1.45 0.035
12 .99 0.024
13 .96 0.023
14 1.07 0.026
15 2.90 0.071
16 1.51 0.037
17 1.59 0.039
18 1.11 0.027
19 1.03 0.025
20 .90 0.022
21 .97 0.024
22 2.39 0.058
23 1.01 0.025
24 2.21 0.054
25 1.00 0.024
26 .93 0.023
27 .68 0.017
28 4.03 0.098
29 6.93 0.170
30 2.11 0.051
31 3.93 0.096
32 1.22 0.030
33 .97 0.024
34 1.60 0.039
35 2.14 0.052
36 1.72 0.042
37 1.67 0.041
38 1.44 0.035
39 1.09 0.027
40 2.16 0.053
41 .86 0.020
42 1.31 0.032
43 1.78 0.043
44 1.11 0.027
45 2.51 0.061
46 3.10 0.076
47 3.14 0.077
48 .96 0.023
49 8.27 0.201
50 15.89 0.388
------ ------
TOTAL AVERAGE 2.46 0.060
T*
For more information, please contact Sabrina Martinez at 303/694-6101 or Guy Murrel at 303/581-7760. Golden Eagle
can also be found at its new website: www.goldeneagle-mine.com .
Golden Eagle International, Inc. is a Denver-based bold mining and exploration company. The Company is currently
focusing its efforts on developing its mining rights in Cangalli, Bolivia. |
