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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (19614)	6/22/1999 11:12:00 AM
From: MilesM	Read Replies (2) \| Respond to of 34075

FROM RB DENVER POST DENVER POST denverpost.com 'Visible' gold in Bolivia By Robert Schwab Denver Post Business Writer June 22 - Golden Eagle International Inc., the Denver mining company that was challenged on its estimates of a Bolivian gold deposit last year by the Securities and Exchange Commission, reported Monday that a respected mining consultant had found "visible alluvial gold'' across a large swath and through extraordinary depths of its land, but it could still be difficult to mine. Golden Eagle said Behre Dolbear & Co., a well-known, Denverbased industry consultant hired after the SEC questioned Golden Eagle's billion-dollar estimates of the deposit, reported, "The extent of the deposition of Cangalli conglomerates is impressive.'' But Behre Dolbear (pronounced "bare dole-bare'') also confirmed Golden Eagle's previous disclosures that mining the gold could be a risky business. "The widespread but erratic nature of gold occurrences containing reasonably large "nuggets' and the presence of large boulders in the conglomerate makes collection of representative samples difficult,'' Golden Eagle quoted its consultant as saying. In March, the SEC settled with the company over allegations that its president, Terry C. Turner, had fraudulently hyped claims of a billion-dollar deposit at its Cangalli, Bolivia, holdings north of LaPaz in the Tipuani mining district. The company agreed to be subject to stiff sanctions if it committed violations in the future. The district has yielded gold since pre-Columbian times, but Turner's estimate of a $46 billion discovery of "proven'' reserves caused U.S federal regulators to halt trading in the company's stock June 22, 1998, at 32 cents a share. Trading resumed in July, and on Monday shares closed at 30 cents each, up 8.125 cents a share, although the Behre Dolbear findings had not yet been released. Golden Eagle's twoweek high was $2.50 a share July 10 last year, two days after trading resumed; its 52-week low was 2 cents a share on the day after trading resumed. Turner said Monday that he wasn't any longer estimating values for the company's deposit but said the Behre Dolbear report confirms that "what we have is a widely mineralized, very large gold deposit.'' Golden Eagle neither admitted nor denied wrongdoing when it settled with the SEC, and Turner said it paid no fine. He said the company will continue maintenance production at its mine in Cangalli, will try to acquire more property in the area and, within four months, will build a production facility to recover gold from its Chaco Playa site. Chaco Playa is one of four surface areas within its holdings, including Cangalli, where Behre Dolbear reported finding "exploration'' grade gold, or eight-tenths of a gram of gold per cubic meter of dirt. Copyright 1999 The Denver Post. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.