Golden Eagle Int. (MYNG) Message Board

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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: marianna who wrote (4350)	6/5/1998 5:44:00 PM
From: CIMA	Read Replies (1) of 34075

The Northern Miner is coming out with a write-up on MINE in next week's edition. It's on page 6 as an answer to a "query" by a reader and titled " Golden Eagle - a rare bird in gold mining ". The question posed is " Has your paper ever done an article on Golden Eagle International? It supposedly has found 6 million oz. gold minimum, 157 million oz. potentially. Is this find true, or another Bre-X? You'd figure that major companies would jump on this find. " Signed G.C. The response is too long to post in its entirety but the first paragraph sets the tone: " Certainly you're right about the eagerness of major companies to jump on large gold finds. But there has been an atmosphere of caution out there since the Bre-X fiasco, and Golden Eagle International (MINE-O) is a play in which caution could not possibly be misplaced. " It goes on talking about the history of the Tipuani area and states that the placers were likely worked by the Spanish for tin rather than gold. It states that a proven number can only be known after a feasibility study has been completed and that corporate disclosures over the past year mention nothing about a feasibility study. It refers to Guido's 1997 report and describes the sampling technique as unconventional and the documentation of the report sketchy. At the same time it says there is no analytical mumbo-jumbo like the proprietary analytical process associated with the "desert dirt" pedlars. The final paragraph: " In all, we found the size of the resource hard to credit and one of the reports that defined it less than convincing. Your caution about this company is well advised. " The company was faxed a copy this morning. They basically said that they expect to be under a lot of scrutiny in the next weeks and are ready to handle it. They thought the piece was fair, given the information they had to this point, and open-minded. The report will not be out until late next week and everyone is fully aware that the credibility of the company depends on it. Management is confident that it will hold up well under scrutiny.

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