Golden Eagle ready for start-up
Bolivia, Aug 27, 2002 (BNamericas.com via COMTEX)
-- Equipment, including
mining machinery, will arrive at Cueva Playa gold mine in Bolivia from Salt Lake
City in a couple of days and production start-up is on track for September,
according to owner-operator US junior Golden Eagle International (OTCBB: MYNG).
"We've just got the equipment through Bolivian customs and trucks have been lined up for the last week to take it to Cueva Playa. Production will start in September," president Terry Turner told BNamericas.
The Salt Lake City-based company raised US$426,000 to buy the equipment from six current Golden Eagle shareholders, whose stakes in the company increased accordingly.
Cueva Playa is part of the Cangalli mining district in western Bolivia's Tipuani valley where Golden Eagle has 29,947ha of mining concessions. The company plans to process 1,000t/d of ore at the project via underground mining methods, ramping up to an 11,000t/d block-caving operation.
Reserve and grade figures on the Cangalli properties are being kept confidential until the company has sufficient data to comply with Securities & Exchange Commission reporting regulations, and this will not happen until production starts, Turner said. Preparing a report on the economic viability of the project will be a main priority for the company once production starts, he added.
Golden Eagle also holds exploration concessions on 50,000ha in east Bolivia.
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