Paul,
Thanks for your response.
First, you can contact Golden Eagle at (303)694-6101,ask for Sabrina
in investor relations.
Second,this Co.has gold,a lot of gold.They are presently producing
at a minimum rate.I have not been told by the Co.what type of reserves
they have, but i do know,according to a press release dated Jan.26,
1996,that two of their properties along approx. nine miles of which
G.E. owns mineral rights to,has resources in access of 3.3 million of
gold.This according to Denver based Echo Gold,Inc.
The Jan. release was the last news from G.E. until a release dated
Sept.20,1996,titled,GOLDEN EAGLE INTERNATIONAL,INC. HITS PAY ZONE
IN PALEOCANAL.
For Immediate Release-20 September 1996
Denver,Co-Golden Eagle International,Inc.(NASDAQ Bulletin Board MINE)announced today that its majority owned subsidiary,Golden Eagle Bolivia Mining, S.A.,has reached the paleocanal inside its exploritory shaft in Cangalli,Bolivia.Initial sample testing results show significant gold content.
The paleocanal is an ancient river bed that lies about 1200 ft. below the surface of the mine entrance and runs parallel to the Tipuani River.This canal has been known to contain significant deposits of gold. The Cangalli property has been evaluated by the Company's geologist, Giovanni Viscarra,to have potential for such deposits.
The Company also announced that it has come to an agreement with a Bolivian mining company to purchase some of the necessary equipment to mine and process the material from the Cangalli property.The purchase price on equipment will be close to 1,000,000.
Mary Erickson,President of Golden Eagle,said, "We are elated that our hard work and the faith of our shareholders is beginning to pay off.Even with the confirmation work of our geologists and mining engineers estimating the gold reserves,until you actually reach the mineralized horizons which have been projected,you tend to hold your breath.It has been very rewarding to receive the reports from the samples that the interface zones are as mineralized as our people estimated."
Paul, what does this mean? Actually,not much.This was the first news from this Co. in a long while.But,this i do know,when the geologist
returned from Bolivia with the results,he was literally shaking in
disbelief at the amount of gold on these properties.He apparently said
he has never seen anything like it in his life.Also,i was told by the
Co. that they have Bre-x type reserves.Although the Co.has never
stated reserve results,i do anticipate news forthcoming.Also,I was
told that another mining concern was being contracted because,"It
would take 100 years to mine all of the gold that we have".
Good Luck with your research,
Doug |
