Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: James E Lynch who wrote (485)	10/27/1997 9:53:00 AM
From: James E Lynch	Read Replies (1) \| Respond to of 34075

Monday October 27 8:07 AM EST Company Press Release Golden Eagle Announces Assay Results from 50 Sampling Sites Initial Results Confirm Cangalli Gold Deposits, Discovery of Hard-Rock Deposits DENVER--(BUSINESS WIRE)--Oct. 27, 1997--Golden Eagle International, Inc. (NASDBB:MINE), today announced it has received preliminary sampling results from Guido Paravicini, M.A., Eng., an independent geophysicist and mining engineer retained by the company. Mr. Paravicini conducted channel and trench samplings at more than 300 points within the concessions to which Golden Eagle has the contract mining rights in Cangalli, Bolivia, and provided the company with 210 assays from the first 50 sampling sites. The assays were performed by Inspectorate-D.C Griffith Laboratories, an internationally-recognized firm based in London. Results of the assays produced two significant findings for Golden Eagle: The assays, which were primarily taken from samples at peripheral locations around known pay streaks and not expected to contain significant amounts of gold, did result in substantial gold findings in every sample. The average gold content of 2.46 g/m3 translates into $25.70 per cubic meter, far exceeding company expectations. The sampling of 16 Ordovician (Paleozoic) bedrock sites confirmed substantial amounts of gold in the bedrock. This discovery could result in increases to initial geological resource calculations as additional gold has been confirmed below the alluvial deposit. ''We were very pleased with Mr. Paravicini's initial findings resulting from 107 samples which he reported in April 1997. Now, the exploration work is showing the edges of the conglomerate also have strong gold deposits,'' said Terry Turner, president of Golden Eagle International. ''The confirmation of bedrock gold deposits is also very positive as it can impact the levels of gold found on the concessions and broaden our production options.'' Mr. Paravicini explained his initial sampling strategy: ''Most of our sampling on the Cangalli deposit at the beginning of this year (1997) was conducted in the conglomerate material which fills the ancient Paleo-Tipuani River Basin. For that reason, a number of our samples initially came from some of the more than 15 pay streaks or high grade lenses which are found in the conglomerate, creating a very high overall average (14.049 g/m3 (0.34 ozt/y3)).'' (G. Paravicini, Technical Geological Report, April, 1997, p. 32; available at www.goldeneagle-mine.com). ''With our current sampling program we wanted to systematically begin at the edges of the conglomerate fill by sampling the Ordovician (Paleozoic) bedrock which the conglomerate overlays, and work our way across the conglomerate. Of the two sampling sites taken from known pay streaks (8.27 g/m3 (0.20 ozt/y3) and 15.89 g/m3 (0.39 ozt/y3)) the results corresponded completely with our early findings. ''We are very encouraged by two factors coming out of these samples: first, we found significant amounts of gold in every sample; and, second, from 63 assays at 16 sites on the Ordovician bedrock, we have confirmed that it contains substantial amounts of gold; in fact, an average of 2 g/m3 (0.049 ozt/y3), or roughly 1 g/T (0.032 ozt/T). ''If our exploration work continues to confirm the gold mineralization in the basement rock, as we now believe that it will, we will have to adjust our geological resource and raise that number correspondingly,'' Paravicini stated. Paravicini added, ''We believe that as the balance of our 1,200 assays on samples taken from over 300 points on the Cangalli deposit come in, the overall averages will rise to the levels of our initial work at the beginning of the year (l997).'' The averages as to each sampling site resulting from the 210 assays are as follows (the first 16 sampling sites correspond to the average assays from the Ordovician bedrock): T* Sampling Site Average of Assays Grams/m3 (Ounces (ozt)/y3 ) 1 3.00 0.073 2 1.69 0.041 3 2.92 0.071 4 2.41 0.058 5 2.85 0.070 6 1.94 0.047 7 3.18 0.078 8 1.30 0.032 9 1.89 0.046 10 1.93 0.047 11 1.45 0.035 12 .99 0.024 13 .96 0.023 14 1.07 0.026 15 2.90 0.071 16 1.51 0.037 17 1.59 0.039 18 1.11 0.027 19 1.03 0.025 20 .90 0.022 21 .97 0.024 22 2.39 0.058 23 1.01 0.025 24 2.21 0.054 25 1.00 0.024 26 .93 0.023 27 .68 0.017 28 4.03 0.098 29 6.93 0.170 30 2.11 0.051 31 3.93 0.096 32 1.22 0.030 33 .97 0.024 34 1.60 0.039 35 2.14 0.052 36 1.72 0.042 37 1.67 0.041 38 1.44 0.035 39 1.09 0.027 40 2.16 0.053 41 .86 0.020 42 1.31 0.032 43 1.78 0.043 44 1.11 0.027 45 2.51 0.061 46 3.10 0.076 47 3.14 0.077 48 .96 0.023 49 8.27 0.201 50 15.89 0.388 ------ ------ TOTAL AVERAGE 2.46 0.060 T* For more information, please contact Sabrina Martinez at 303/694-6101 or Guy Murrel at 303/581-7760. Golden Eagle can also be found at its new website: www.goldeneagle-mine.com . Golden Eagle International, Inc. is a Denver-based bold mining and exploration company. The Company is currently focusing its efforts on developing its mining rights in Cangalli, Bolivia.