MINE news if kosher, think what it will do to stock price.
We have a new thread called Societe Anonyme on SI ,,
www2.techstocks.com
Our current focus is MINE,,
Another Bre-X ? Or ceo who is a lawyer would risk ,, SCC probe,, will hype alone take this to 1 -2 or is it a real thing ?
Golden Eagle Announces Bolivian Gold Reserve Results of Geological Report
DENVER--(BUSINESS WIRE)--May 22, 1998--Golden Eagle
International, Inc. (NASDBB:MINE) today announced the results of an
extensive geological study on the gold mining concessions on which the
company has mining rights in Cangalli, Bolivia.
The study was carried out by, and the corresponding report was
prepared by, Guido Paravicini, M.A., Eng., an independent geophysicist
and mining engineer retained by the company in La Paz, Bolivia. The
assays which resulted from the sampling procedures were performed by
Inspectorate-D.C. Griffith Laboratories, an international firm based
in London.
The study, the second geological report prepared for Golden Eagle
by Paravicini, is based on channel, trench and pit samples taken
from 718 points within the Cangalli concessions. A total of 2,900
assays were completed by Inspectorate-D.C. Griffith Laboratories. In
Paravicini's report he calculates a proven reserve of 6,430,000 troy
ounces of gold; indicated resources of 78,714,000 troy ounces;
and inferred resources of 157,428,000 troy ounces.
Because of the volume of technical data required for
transcription, the company will provide a synopsis of the full report
for review on Golden Eagle's Web site, www.goldeneagle-mine.com, as
soon as management is able. Interested parties are welcome to review
Paravicini's first report, (G. Paravicini, Technical Geological
Report, April 1997), also available on Golden Eagle's Web site.
"The results of Mr. Paravicini's report confirm the company's
belief that the concessions within the Cangalli region of Bolivia
contain world class gold reserves," Terry C. Turner, Golden Eagle's
president and CEO stated.
"We will now focus on developing our strategic plan for the
future based on a careful reading of Mr. Paravicini's new information.
Given the magnitude of Mr. Paravicini's findings, Golden Eagle's
management must proceed carefully and reasonably," Turner continued.
When informed of Paravicini's findings by a company
representative in Bolivia, Adan Zamora, Bolivia's Vice-Minister of
Mining, commented: "Dr. Turner, Golden Eagle's president, and I have
met and discussed Golden Eagle's progress in Bolivia. The reserve
calculation from Mr. Paravicini's report is fantastic. A million troy
ounces would have been considered a huge find for Bolivia, so 6
million ounces is overwhelming.
"We welcome and fully support Golden Eagle's investment in
Bolivia. As the Vice-Minister of Mining I will review Mr. Paravicini's
findings and have them reviewed by Mr. Giovanni Viscarra, a geologist
on whom I rely regarding the Tipuani area." Giovanni Viscarra was the
mine superintendent for Golden Eagle's subsidiary operating in
Cangalli through most of 1996 until he left for health reasons.
Alvaro Riveros, Bolivia's Vice-Minister for Natural Resources,
when reached in Africa at a conference, stated: "Bolivian miners have
known for centuries that the Tipuani Mining District generally, and
the Cangalli area specifically, contain incredible gold resources.
This most recent study of the concessions under Golden Eagle's control
now confirms exactly how incredible.
"Bolivia is very proud to have such a substantial gold reserve
within its territory." (Mr. Riveros is a shareholder in Golden Eagle.)
Paravicini's geological report states that 15 target areas,
representing approximately 80% of the concession's surface area, were
studied over the course of 10 months during the later part of 1997 and
the early part of 1998.
While the company had acquired a Diamec 252 diamond drill to
assist Paravicini in his sampling program on the Cangalli concessions,
Paravicini and Dr. Donald Hausen, a member of the company's Technical
Advisory Board, recommended against its use due to the deposit's
characteristics. Instead, a program of channeling, trenching and
pitting was chosen because of increased representative sample size.
Since deep drilling was not going to be used, Paravicini created
3-dimensional modeling of the ore blocks based on deep sampling made
possible by the steep, naturally-trenched terrain, and by shaft and
pit sampling possible at depth. Sampling was conducted in sufficient
detail to be able to compute grade and quality.
The sites for inspection, sampling and measurement were spaced
closely enough, and the geologic character was so well defined, that
size, shape, depth and mineral content was well established as to
either resource or reserve calculations. Paravicini emphasized other
important factors relative to his sampling program and report:
- All sampling was performed by Paravicini, or experienced,
independent field geologists under his control and direction.
-- Either Paravicini, or his staff, maintained strict control of the
samples once taken, including the chain of custody until those
samples were placed in the control of Inspectorate-D.C. Griffith
Laboratories.
-- The samples were prepared within the control of Inspectorate-D.C.
Griffith Laboratories, fire assays were performed on those
prepared samples, and the resulting bead was subjected to an
Atomic Absorption finish. All samples were subjected to duplicate
analysis, with approximately 20% of the samples subjected to
triplicate analysis. The lowest of the assays obtained was always
used instead of the average.
-- On all ore block modeling Paravicini used between 30% and 40% of
the indicated cubic meterage as indicated by topographical
data to ensure conservative calculations.
-- To qualify as a reserve, all resources had to meet minimum
physical and chemical criteria related to the specified mining
and production practices, including those for grade, quality,
thickness, depth; and had to be reasonably assumed to be
economically and legally extractable or producible at the time of
the determination of the reserve. Mine modeling had to
demonstrate the feasibility of specified mining and production
practices, or practices which could be reasonably assumed, on the
basis of tests and measurements.
Paravicini was chief exploration geologist for 19 years for the
National Bolivian Mining Corporation ("Comibol") specializing in gold
and tin exploration. He holds a bachelor's degree in humanities
(mathematics) from the University of Santiago, Chile; a bachelor's
degree in mining and engineering from the Technical University of
Oruro, Bolivia; and a master's degree in mining engineering from
Washington University in St. Louis.
In addition, he has also received certificates from Harvard
University in geology and geophysics; Michigan State University in
communications; the United States Agency for International Development
in geophysics; the Japanese International Cooperation Agency in mining
and metallurgy; and a diploma of merit in geology from the United
States Geological Survey.
Golden Eagle cannot assure that the findings of Paravicini's
report are accurate in view of the fact that the report was produced
by an independent consulting firm which is responsible for its
accuracy. However, the company's management has concluded that it will
rely on the report as accurate for purposes of future planning and
development of the site.
Guido Paravicini does not own stock or options in Golden Eagle,
has not been promised any compensation in the form of stock or
options, and is paid a fee for his professional services.
Shareholders and prospective shareholders should carefully
consider the preceding information, as well as the company's 10K
Annual Reports, 10Q Quarterly Reports and 8K Periodic Reports, all of
which are available through the company's Web site as indicated below.
In addition, shareholders and prospective shareholders should take
notice of the fact that the company's filings of its 10K Annual Report
for 1997, and its 10Q Quarterly Report for the first quarter of 1998,
are not current due to an error on the part of the company's
subsidiary's independent auditor in Bolivia regarding U.S. Generally
Accepted Accounting Principles ("GAAP"). That error resulted in an
incorrect audit which has been corrected and a re-audit has been
conducted and is being submitted to the company's independent U.S.
auditor to allow for the preparation of the company's consolidated
audit. This press release includes statements which bear on the
company's future, including potential operating performance and
earnings potential. There can be no assurance that actual results in
performance will not materially differ from the company's
expectations. The preceding matters constitute cautionary statements
identifying important factors with respect to critical matters bearing
on the company's future, including certain risks and uncertainties
commonly found within the gold mining industry.
Golden Eagle International, Inc. is a Denver-based gold mining
and exploration company. The Company is currently focusing its efforts
on developing its mining rights in Cangalli, Bolivia. For more
information about the Company, call Sabrina Martinez at (303) 694-6101
or Guy Murrel at (303) 581-7760. Media inquiries should be directed to
Richard Pinto at (212) 688-8599. Golden Eagle can also be found at its
new website: www.goldeneagle-mine.com.
CONTACT:
Golden Eagle International, Inc.
Sabrina Martinez, 303/694-6101
Guy Murrel, 303/581-7760
Richard Pinto, 212/688-8599 (Media Inquiries)
KEYWORD: COLORADO
BW0007 MAY 22,1998
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