Collen;
I did appreciate the PM you sent me, and I truly am not here to play Ego and knock this stock without facts and past performance of MINE. So I will state my position the best way I know how without making it to complicated.
On Sept 3 1997 MINE came out with a news release and made the following statements;
Actual production figures available for the first four full days of production show 2,156.95 grams of gold produced, for a daily average of 539.95 grams of gold. At recent gold prices of $325-per-ounce, this four-day production results in $22,519.00, or $5,630.00 per day.
Now they SAID ACTUAL PRODUCTION and that the daily average was 539.95 grams of gold per day. This is fact is it not............ They were Mining and they were producing thats what it says..................
He also claimed the following;
Turner adds, "We're very pleased to announce successful production from our first mining site and we are working hard to increase the number of producing sites to three.
Than a whole THREE MONTHS later 12/11/97 another news release here is some of what they had to say;
Golden Eagle will scale down its shaft mining operations due to less-than-expected production results and the lower cost of operatingopen-pit mines. Golden Eagle's third quarter production totaled 5,605 grams of gold with a value of US$56,760, while October production amounted to 3,255 grams of gold with a value of $31,395. Total fourth quarter projections indicate a 66% quarterly increase over third quarter figures.
Now how could that be since in the September 3 news release they were listing actual production of an average of 539.95 Grams per day (September is part of the third quarter) so since there are 30 days in Sept, and being that the report came out on Sept 3 all one has to do is the math ......... Take 22 days and times it by the average they claimed it would come out to 539.95 x 20 = 11,878 Grams the whole third quarter production came out to a mere 5,605 Grams.............. and thats not counting July,August just Sept.
Look what they say about October;
October production amounted to 3,255 grams of gold with a value of $31,395.
Sept 3rd News release they were projecting 539.95 Grams a DAY Again do the math 22x 539.95 = 11,879??????? Thats approx 73% less than what they claimed in the Sept 3rd release.
Than this statement;
Total fourth quarter projections indicate a 66% quarterly increase over third quarter figures. So they are projecting 9,304 total grams for the last 3 months in December so lets figure 66 work days x 539.95 as stated in the Sept 3 release it comes out to 35,636.........thats approx 75% less production that they were claiming on the Sept 3rd release and that is with days off..................
Now with all that negative black and white they include this on the same release;
Guido Paravicini, M.A., Eng., an independent mining engineer and geophysicist hired by the Company to perform geological evaluations of the Cangalli property, has projected that, with a conservative calculation of 2 grams per ton (g/t) of recoverable gold, daily grossproduction from Cueva Playa could reach 500 to 650 troy ounces of gold (approximately US$150,000 to US$200,000 per day at US$300 per ounce). ISP and Eagle Mining of Bolivia, Ltd. have conservatively estimated that combined operating costs would not exceed 40% of grosssales, resulting in daily net revenues of approximately US$90,000 to US$120,000, or monthly net revenues of US$2.25 million to US$3million. (The Company cannot guarantee that Mr. Paravicini's projections are accurate, nor that they will necessarily result from the ISP contract.)
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I see no mention of El Nino in these news releases so if you wish to blame it on that it will fall on deaf ears as far as I am concerned. The first mention of it was in Feb. of 1998......... They also made claim to an average daily gram production based on their existing operation as it stood.
Than this statement in Dec. 97;
Mr. Zambrana reported that in excess of 50% of the fine gold being processed was being lost due to present recovery methods. Mr. Zambrana is currently developing a new flow sheet designed to increase recovery levels. Golden Eagle expects the modifications to be completed by the end of January 1998.
What happened to their expert Guido Paravicini did he not oversee the operation?? He is the one making the claims is he not........................
Since this is getting to long I will go to the last release were the big claims were made and this was stated;
Because of the volume of technical data required for transcription, the company will provide a synopsis of the full reportfor review on Golden Eagle's Web site, www.goldeneagle-mine.com, assoon as management is able. Interested parties are welcome to reviewParavicini's first report, (G. Paravicini, Technical Geological Report, April 1997),
How soon is soon????? 1,2,3,4 Months Ect........... And since the April 97 report was so promising why is it that the gold production continues to be low with MINE losing money..........................
Finally the 8-K on 7/7/98 it's not good all one has to do is read it.....................
and the latest 8-K it's very brief in the wording and just makes the statement of a firm hired by MINE to aid in some kind of legal counsel their is no mention that MINE is preparing a report to back UP ITS CLAIMS (6 Million proven) IN REGARDS TO Guido Paravicini's report. In the 8-k the SEC makes mention of more violations against Golden Eagle;
Regional Office of the SEC has notified Registrant that it is considering recommending to the Commission the amendment of its current action against Registrant to include violations [including Section 10(b)(5)] which may have resulted from the May 22, 1998 press release. That notification also permits Registrant, as well as its president, Mr. Terry C. Turner, to make a Wells Submission, which is a written statement setting forth their legal position regarding the May 22, 1998 press release.
Is that not whats being done based on the last 8-k It does mention legal counsel............. My view is if the SEC does not like the submission it will include more violations........... It states; That notification also permits Registrant, as well as its president, Mr. Terry C. Turner, to make a Wells Submission, which is a written statement setting forth their legal position regarding the May 22, 1998 press release.
Also note the following on the 8-K................
Registrant cannot give assurances, that its consolidated audited financial statements, together with its 10-K Annual Report, will be filed within any specific period.
Registrant has retained an attorney to file a registration statement for a secondary offering of up to 10 million shares of Registrant's common stock for capital to begin open pit mining. However, Registrant cannot assure that such efforts will be successful, particularly in light of recent actions taken by the SEC regarding the suspension of trading in Registrant's shares, and the pending civil action between the SEC and the Registrant. The registration has not yet been filed.
Registrant is currently substantially indebted for small operating loans and one large revolving line of credit from a Texas bank. For the foregoing, Registrant is not in a financial position to develop any resources or reserves which may exist on the Cangalli concessions in any significant manner. Registrant's financial ability is very material to consideration of any investment decision by Registrant's shareholders or prospective shareholders.
The pattern with this Company has always been the same they come out with padded figures only to end up with padded corrections.
Collen..... I hope you do not take this wrong I based everything on black and white and my point of view, I will not be laughing if MINE goes down this is not a I am right your wrong issue it's called presenting the fact,s pro an con before one makes a decision to invest. Also I hope you agree that one should call the Company before making any decision to invest.
Also if you wish show me some black and white that are positives for this Company
Hope it works out
Alan
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