Golden Eagle Encouraged by Historic High Copper Prices & Strong Gold Prices
Friday July 29, 1:48 pm ET
Company Changing Address and Auditors
SALT LAKE CITY--(BUSINESS WIRE)--July 29, 2005--Golden Eagle International Inc. (OTCBB: MYNG - News) is encouraged by historic high copper prices and strong gold prices. Copper hit $1.683 per pound for August deliveries and gold closed at $427.40 for August deliveries.
"This is an incredibly dynamic time to be involved with developing a good copper and gold prospect like our Buen Futuro project in eastern Bolivia," stated Terry C. Turner, Golden Eagle's CEO. "While we cannot predict the future, we do see declining copper inventories all over the world and skyrocketing demand. We also see very favorable conditions for gold prices to remain stable or increase in the future."
According to Bloomberg.com, "Stockpiles (of copper) monitored by the London Metal Exchange fell 300 metric tons to 26,550 tons. Inventories have dropped 46 percent this year, the exchange said. Copper prices in New York, London and Shanghai rose to records this week as demand from China, the world's biggest user, showed little sign of slowing."
Golden Eagle continues to seek a minimum of $10 million in debt financing to move its 3,500 tpd Gold Bar mill and CIP gold plant located in Eureka, Nev., to its Buen Futuro project. The company intends to re-erect its mill and plant, and implement its mine plan, on its gold and copper prospect 168 miles north of Santa Cruz, Bolivia. The company has really only focused its final development efforts on its 75-acre "A Zone" within the Buen Futuro project, which has produced the majority of its drill data along the Ascension Gold-Copper Trend.
However, in August 2004, Golden Eagle received encouraging results of a remote sensing study indicating that the Ascension Gold-Copper Trend was much larger than initial results had shown. The study consisted of an interpretation of satellite images, aerial photographs, open-file airborne magnetic and radiometric data. Historic reconnaissance exploration data of the Trend was further re-examined and modern computer-based methods for an integrated data interpretation were applied. In addition, the results of geological mapping over 44 linear miles, magnetic ground surveys of over 9 miles and soil sampling over a distance of 18 miles, as well as electromagnetic (HLEM) data along two extensive test lines were analyzed. This study demonstrated that the Ascension Gold-Copper Trend, which appears to be a series of volcanogenic massive sulphide (VMS) deposits, is now likely to extend over at least 21 linear miles within Golden Eagle's Precambrian landholding of 136,500 acres.
The company also announced that it is moving its head offices as part of a campaign of cost-cutting measures implemented companywide. The new address will be: 9661 S. 700 E., Salt Lake City, UT 84070-3557. All telephone and fax numbers will remain the same: 801- 619-9320 for telephone and 801-619-1747 for fax. In addition, all e-mail addresses for the company will remain the same as well. Golden Eagle's Web site, www.geii.com, and telephone system may be down for a short period during the move but will be up and operating as soon as possible.
Golden Eagle also announced that it is changing auditors. The firm of Gordon, Hughes and Banks, LLP, was not able to continue serving the company based on periodic rotation requirements for the lead audit partner over Golden Eagle's account resulting from recent securities legislation. Golden Eagle had no disputes with its auditors and expressed gratitude for the years of excellent service provided by the firm.
The company's new auditors, Chisholm, Bierwolf and Nilson, LLC., have begun providing services as of this week.
Eagle E-mail Alerts: If you are interested in receiving Eagle E-mail Alerts, please e-mail the company at eaglealert@geii.com.
Golden Eagle International Inc. is a gold and copper exploration and mining company located in Salt Lake City, and La Paz and Santa Cruz, Bolivia. The company is currently focusing its efforts on developing its mining rights on its Buen Futuro project within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield.
Golden Eagle 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include the ability of Golden Eagle to obtain the necessary financing on reasonable terms, estimates of mineral reserves and future production levels, expectations regarding mine production costs, expected trends in mineral prices, and statements that describe Golden Eagle's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for gold and copper, technological and operational hazards in Golden Eagle's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals and other risk factors listed from time to time in Golden Eagle's Form 10-K and its other reports filed with the Securities and Exchange Commission. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.
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Contact:
Golden Eagle International Inc., Salt Lake City
Sabrina Martinez, 801-619-9320 (Investor Relations)
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Source: Golden Eagle International Inc. |
