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Gold/Mining/Energy : Golden Eagle Int. (MYNG)
MYNG 0.0700+5.7%Feb 21 4:00 PM EST
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To: knight who wrote (1157)3/18/1998 1:00:00 AM
From: CIMA  Read Replies (2) of 34075
 
Knight, my understanding is as follows:

1) The company describes the resource as a cross between hard rock and placer. I'm not a geologist so I'm not sure what that means. It will supposedly be clear when they release the report. The reason they can't release in dribs and drabs is because conventional analysis wouldn't get the full picture, therefore 1000 assays in the report. The new flow sheet is not in place. The equipment is supposedly available for installation but because of the torrential rains the Cueva Playa site ( 12 others in various stages ) has been put on maintenance until the weather improves.

2) Total production costs on the Cueva Playa site $170/oz. Once production starts net $2.25-$3M U.S. per month on this site alone.

3) There are no proven reserves. The last estimate from Jan. 97 was 60M probable and 111M inferred. This report is to change that and the rumor is 172M oz divided up among proven, probable and inferred.

4) They never have any cash. They find ways to raise some when needed. That's why the first site is so important in terms of cashflow. It's also why it's a bulletin board stock. Most employees and contractors are paid in shares at this point. Hopefully not for much longer.
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