Message #16 From:
NewsBot Date: February 9, 2008 08:21:42 AM
Golden Eagle Settles Litigation and Other Issues With Former Director
Golden Eagle International, Inc.
(OTCBB: MYNG stock forums) announced today that it has settled its litigation and all
other pending issues with Kevin K. Pfeffer, a former member of the
Company's board of directors who served from January of 2003 through
December of 2006.
As a result of two agreements executed among all of the parties that became
effective as of February 1, 2008, Golden Eagle voluntarily dismissed a
lawsuit on January 29, 2008 that it had filed in the Federal District Court
for Utah on September 5, 2007 entitled, "Golden Eagle International, Inc.
and Turner v. Kevin K. Pfeffer," 2:07-CV-662-TC (D. Utah; 2007).
In addition, the Company settled an outstanding promissory note and other
associated expenses that it owed Mr. Pfeffer from his time on Golden
Eagle's board.
The agreements among the parties also resolve "any and all outstanding
allegations, claims, disputes and controversies."
"I am pleased that we have settled our differences amicably, which I hope
will make it easier for the Company to move forward in developing its
opportunities in Bolivia and Nevada," stated Kevin K. Pfeffer. "Highly
favorable gold and copper prices, and the Company's ongoing development
work, I believe made it clear to all parties that the time had come to
focus single-mindedly on creating real value for Golden Eagle's
shareholders without distraction."
Golden Eagle's CEO Terry Turner stated: "We appreciate Mr. Pfeffer's years
of service on our board of directors and are glad to have these matters
resolved. We will now concentrate 100% of our energies on advancing our
gold and copper exploration and production projects in Bolivia and Nevada."
Golden Eagle International, Inc. is a gold and copper exploration and
mining company headquartered in Salt Lake City, Utah and with offices also
in Santa Cruz, Bolivia. The Company is concentrating its efforts on
expanding its pilot operations into production operations on its gold
project on the C Zone within
its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian
Shield. The Company is also continuing the development of its Buen Futuro A Zone gold
and copper project. In addition, Golden Eagle is working with industry
consultants regarding the potential expansion of its operations through
maximizing the potential of, or selling to third parties and reinvesting
the proceeds from, its Gold Bar 3,500 to 4,500 tpd
CIP mill located in Eureka, Nevada.
The Company highly recommends that you review its disclosures, risk
statements, previous press releases, annual reports, quarterly reports and
current reports found at its website: www.geii.com.
Eagle E-mail Alerts: If you are interested in receiving Eagle E-mail
Alerts, please e-mail the Golden Eagle at: eaglealert@geii.com.
