Golden Eagle Confirms Cost-Effective Block Caving In Its Bolivian Gold Mine Successfully Performing Up To Expectations
Business Wire - February 24, 2003 09:29
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 24, 2003--Golden Eagle International Inc. (OTC BB: MYNG) announced today that its conal subsidence block caving operation is working very well, and proving to be both efficient and dependable. The operation, designed to process 2,000 tons per day of gold bearing ore, has processed an estimated 18,000 tons since Feb. 11, 2003. Recovery results are currently being analyzed and will be announced as soon as they are available.
"We are gratified to see all of our planning and testing paying off with the proper functioning of our conal subsidence block caving," stated Ronald Atwood, Ph.D., Golden Eagle's vice president for development. "Now we will work to perfect our processes and continue to further lower our production costs per ounce. Our ultimate goal is to expand our plant to process 11,000 tons of ore per day and decrease our projected cost per ounce of gold to $75 or less."
Since initiating operations at its Cangalli gold mine Sept. 30, 2002, Golden Eagle has produced 60,000 grams, or 1,929 troy ounces, of gold from 133,000 tons of processed ore, with a value of approximately $650,000.
The company also announced that its operations in Bolivia were not affected by recent political unrest in La Paz. Calm was restored last week and the city is back to normal.
"This year I celebrate my 20th anniversary of working in Bolivia, and Golden Eagle celebrates its 7th," indicated Terry C. Turner, Golden Eagle's president and CEO. "We have not only proven that we know how to operate in any political environment in Bolivia, but also that Golden Eagle's substantial humanitarian efforts, instituted from the start, have won us considerable respect and friendship among the people of Bolivia."
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Golden Eagle International Inc. is a gold exploration and mining company located in Salt Lake City 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, an area estimated to have produced 32 million ounces of gold in its known history, located 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 supported many humanitarian programs at its mine site. For the past six years, the company has provided the only hospital, doctor and nurse in Cangalli, Bolivia. Golden Eagle also has provided for the educational needs of the students in the area. The company highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its Web site: www.geii.com.
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; 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 (Investor Relations) |
