Jim, there is news that GE will start production September 30th. Waited till the last dog was hung in September, but SEPTEMBER it is. I read the release,it is posted below.
They will probably start production at 11:59:59 PM, lol. I wonder who will hold the shovel first? BUT I DON"T CARE as long as they are producing something other than shares and BS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! oxoxox, Colleen
____________________________________________________________
Gold Update: Golden Eagle Ready for September 30 Production Start-Up Company Realizes First Revenues from Sale of Gold
SALT LAKE CITY, Utah, Sept. 25 /PRNewswire-FirstCall/ -- Golden Eagle International, Inc. (OTC Bulletin Board: MYNG) announced today that it will commence gold production on September 30, 2002, at its Cueva Playa site in the heart of the Bolivian Tipuani Gold Mining District. The area is renowned for having produced 32 million ounces of gold in its known history. Golden Eagle projects that its Cueva Playa operation will process 1,000 tons per day of gold bearing ore.
"These are exciting times for our company and its shareholders as we get this operation up and running in September and meet our goal," said Golden Eagle's President and CEO, Terry C. Turner. "This initial stage of operations will allow us to lay the groundwork for further production increases. We believe that the results from our early production will help us position the company to rapidly enter our projected second phase, which we expect to result in production levels of 11,000 tons per day. If we are able to operate at that projected level, we estimate that we will be one of the lowest cost producers in the industry, producing gold at $75 per ounce," Turner concluded.
"We appreciate the confidence that the Bolivian government has shown in our environmental policies and procedures," Turner added. "Although we have not received final approval on our environmental permitting applications, we completed our baseline environmental studies several months ago, and as a result were given permission to go into production pending final approval. Our commitments to returning water to the Tipuani River significantly cleaner than the water removed, and recontouring and reseeding areas disturbed by our mining operations, are well known and appreciated in Bolivia."
Ronald Atwood, Ph.D., Golden Eagle's Vice President for Development, and former chief metallurgist for Newmont Mining, commented from Cangalli, Bolivia, "I have been involved in opening some of the largest gold mines in the world. Large or small, each mine requires a period in which to optimize operations and fine-tune recoveries. After we initiate operations on September 30, we will make every effort to maintain 1,000 tons per day, as a minimum, during that optimization process. Our shareholders are counting on us to meet our projected production goals, and our team here is committed to that effort."
Atwood continued, "While we are refining and improving our delivery system from our interior mine block caving operation, we plan to feed our plant from traditional open pit mining from surrounding terraces. This open pit operation, involving excavators, dozers, front-end loaders, and several dump trucks, is being undertaken to help ensure a constant ore feed to the plant, and not to provide supplemental high grade material. It is important to us to determine the overall grade that we can expect from our ore for purposes of modeling our anticipated 11,000 tons per day operation. We believe that the material mined from the open pit will be similar in grade and nature to that being extracted by our block caving operation."
Company Sells First Kilo of Gold
Golden Eagle also announced that it sold its first kilo (1,000 grams/32 troy ounces) of gold from the Cueva Playa project on Tuesday, September 24, 2002, at the spot price high for the day of $328 per troy ounce. This gold resulted from infrastructure work and mine preparation, which made it difficult to assess on a per ton basis. "Although this represents a nominal sale, it is exhilarating for us to begin gold sales in the third quarter," said Golden Eagle's Vice President for Administration in La Paz, Bolivia, Mac Delozier. "Based on our production schedule and current gold prices, we project that growing fourth quarter gold sales will move us into the category of an important gold producer in the Tipuani Gold District."
Golden Eagle International, Inc. is a gold exploration and mining company located in Salt Lake City, Utah, 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. Golden Eagle is a mining company with a social conscience, having provided many humanitarian programs at its mine site, including the only hospital, doctor and nurse in Cangalli, Bolivia, for the past six years, as well as having provided for the health and educational needs of the students in the area during its exploration stage. 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 website: www.geii.com
For more information about the company, call Sabrina Martinez in Investor Relations 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 and interview highlighted in the 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.
MAKE YOUR OPINION COUNT -- Click Here
tbutton.prnewswire.com
SOURCE Golden Eagle International, Inc.
CO: Golden Eagle International, Inc.
ST: Utah, Bolivia
SU:
prnewswire.com
09/25/2002 09:02 EDT |
