Golden Eagle Announces Major Land Acquisition in Bolivia's Pre-Cambrian
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SALT LAKE CITY, Jun 28, 200l (BUSINESS WIRE) -- Golden Eagle International Inc.
(OTCBB:MYNG) Thursday announced that it is expanding its gold exploration and
mining horizons by acquiring three mining concessions consisting of a total of
148,260 acres in the Bolivian Pre-Cambrian Shield, 132 miles north of the city
of Santa Cruz, Bolivia.
This acquisition brings Golden Eagle's total acreage in Bolivia owned or under
its control to 222,260 acres. Golden Eagle acquired the three mining concessions
north of Santa Cruz, together with all proprietary data and geological
information developed to date, from three Bolivian nationals for 10 million
shares of Golden Eagle's restricted common stock valued at $300,000.
These three sellers have acted for the past four years, and during the sale of
the concessions, as nominees for three individuals: Guido Paravicini, who will
receive 5.5 million shares; Ravia Seydler, who will receive 3.5 million shares,
and Jan DePetro, who will receive 1 million shares.
All shares will be issued for investment purposes pursuant to exemptions from
registration under the securities laws. Paravicini originally discovered and
explored the mineralization on the three concessions, and developed the
proprietary data and geological information regarding the area.
Seydler and DePetro provided initial funding for the exploration efforts and
paid the initial exploration mining patents (claims fees) on the properties.
Golden Eagle will have an ongoing obligation to pay the Bolivian government
$0.40 per acre, or approximately $60,000, per year in mining patents to maintain
the claims in perpetuity.
Extensive Near Surface Gold Mineralization
The newly acquired properties have been explored by company geologists and are
highly prospective for extensive near surface gold mineralization and deeper
mineralized volcanogenic massive sulphide ("VMS") systems potentially containing
gold and copper.
The properties encompass, or are proximate to, several small gold operations
working "residual" gold deposits where the recovered gold demonstrates
characteristics of in situ or nearby primary gold mineralization. In addition,
Golden Eagle's properties surround exploration prospects on which deep VMS
systems have been drilled and identified.
Ronald Atwood, Ph.D, former chief metallurgist for Newmont Gold, and currently
Golden Eagle's vice president for development, stated, "Our gold deposit in the
Tipuani Gold District is so unique that it has taken us five years to explore it
and understand it better.
"We are now ready to verify our understanding by putting that deposit into
production. However, the geological setting in these new Golden Eagle properties
in the Bolivian Pre-Cambrian is one of the most well understood in the world,
and that fact could make us more attractive to potential joint-venture partners,
as well as potential financing sources."
"Too Good to Pass Up"
Golden Eagle's President, Terry C. Turner, commented, "Our main objective is
increasing value for our shareholders. Our gold deposit on our 74,000-acre
landholding in the Tipuani Gold Mining District, as well as our projected 11,000
ton-per-day Chaco block caving operation, continue to be our main focus.
"However, the opportunity on the Pre-Cambrian properties presented itself as an
important addition to our overall exploration and mining plan for Bolivia. Based
on what we knew about the area's potential mineralization, and our commitment to
our shareholders, we could not pass it up."
"This diversification of our holdings through the acquisition of a more
traditional gold prospect fits into both our short and long range program for
growing our company," Turner said, "although we still need a significant amount
of additional financing to perform the necessary exploration and development
work on this new prospect and our other properties."
Golden Eagle International Inc. is a gold exploration and mining company located
in Salt Lake City. The company is currently focusing its efforts on developing
its mining rights in the Tipuani Gold Mining District in Bolivia, while
expanding its exploration horizons on its newly acquired Pre-Cambrian holdings
in eastern Bolivia.
For more information about the company, call Sabrina Martinez at 801/619-9320.
Media inquiries should also be directed to 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.
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," 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 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.
CONTACT: Golden Eagle International Inc., Salt Lake City
Sabrina Martinez, 801/619-9320
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KEYWORD: UTAH INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS
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