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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: Jim Bishop who wrote (8323)7/7/1998 3:53:00 PM
From: CIMA  Read Replies (1) of 34075
 
8K Synopsis:

1) Guido makes an error in calculations that drops the proven by at least 30,000 ozs. SEC has questions concerning the methodology, analysis and preparation of the report. New level of scrutiny.

2) GE currently talking to companies to first do an audit of the report, second, field work to prove the numbers and third, future developments.

3) Only $125,000 of the $250,000 received from the debenture. Open-pit postponed due to lack of capital.

4) Secondary stock offering of 10,000,000 shares to raise cash for the open-pit.
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