(COMTEX) B: Golden Eagle Announces the Acquisition of Two Additional
B: Golden Eagle Announces the Acquisition of Two Additional Large Mining Claims
in the Historical Tipuani Gold Mining District
SALT LAKE CITY, Oct 10, 2000 (BUSINESS WIRE) -- Golden Eagle International,
Inc. (OTC Pink Sheets:MYNG) announced today that it has acquired two additional
mining claims in the historical Tipuani Gold Mining District, which together
total 25,000 acres.
Golden Eagle's only obligation to retain these claims indefinitely is the annual
payment of $10,000 to the Bolivian government in claims patent fees. These two
newly acquired claims are in addition to 4,952 acres of claims containing the
Cangalli gold deposit that the Company has had under contract and has been
exploring for the past four years. These two new claims are also in addition to
recent land acquisitions surrounding the Cangalli gold claims totaling 44,046
acres made by the Company in November of 1999. As a result of these new
acquisitions, Golden Eagle now owns 100% of four mining concessions, free of any
royalty, totaling 69,046 acres, and has under a 25-year renewable contract 4,952
acres, for a total landholding in the Tipuani Gold Mining District of 73,998
acres.
Ronald L Atwood, Ph.D., former chief metallurgist for Newmont Mining, and Golden
Eagle's current Vice President for Operations, stated:
"It is my opinion, based on personal observation and the reports of our staff
geologists, that these newly-acquired 25,000 acres in the Tipuani Gold Mining
District overlay the ancient Paleo-Tipuani river system refilled with
gold-bearing cemented conglomerates. I have expressed to Golden Eagle's board of
directors that there are a number of promising exploration targets for open-pit
prospects within the new claims and that the gold mineralization is similar in
every way to the mineralization studied by Golden Eagle in the Cangalli claims."
Golden Eagle's President, Terry C. Turner, said:
"This large land acquisition is the last piece in Golden Eagle's strategy to
take a dominant land position in this venerable and highly productive Tipuani
Gold Mining District. Now, Golden Eagle is in the best condition in its
corporate history to finalize financing or joint venture arrangements necessary
to bring its Cangalli property into commercial production."
Golden Eagle International, Inc. is a gold exploration and mining company
located in Salt Lake City, Utah. The Company is currently focusing its efforts
on developing its mining rights in the Tipuani Gold Mining District in Bolivia.
For more information about the Company, call Sabrina Martinez at 801/619-9320.
Media inquires should also be directed to Ms. Martinez. Golden Eagle can also be
found at its website: www.geii.com, where management recommends that all
shareholders and prospective shareholders review its Annual Reports on Form
10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K.
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," and other terms denoting future possibilities, are
forward-looking statements. The accuracy of these statements cannot be
guaranteed as they are subject to a variety of risks which 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 periodic 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.
CONTACT: Golden Eagle International, Inc., Salt Lake City
Sabrina Martinez, 801/619-9320
or
Catapult PR/IR, Boulder, Colo.
Guy Murrel, 303/581-7760
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
KEYWORD: UTAH
INDUSTRY KEYWORD: MINING/METALS
*** end of story *** |
