Golden Eagle Can't Confirm Gold-Discovery Size, USA Today Says
Denver, Sept. 30 (Bloomberg) -- Golden Eagle International Inc., whose claims of a Bolivian gold discovery, valued at $46 billion prompted questions from federal authorities, said it can't confirm the size of the find and conceded that it may be much smaller, USA Today reported, citing a Securities and Exchange Commission filing. An independent audit found that hundreds of samples taken by Bolivian geologist Guido Paravicini at the Tipuani River Valley site where Golden Eagle reported the discovery were too dispersed to adequately determine reserves, Chief Executive Terry Turner said. Golden Eagle plans to conduct further samplings on the area, although the Denver-based company must secure as much as $2 million from investors or joint-venture agreements to pay for the studies, the paper reported.
Golden Eagle in May said it found 6.4 million ounces in proven reserves and possibly as much as 157 million ounces at the 4,800-acre Cangalli site.
(USA Today 9/30 3B www.usatoday.com)
10:15:12 09/30/1998
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