Message #8 From:
NewsBot Date: August 17, 2006 09:09:00 AM
MYNG News Golden Eagle Advances Gold Project in Eastern Bolivia; Bolivian Government Continues to Show Support for Country's Mining Industry
SALT LAKE CITY--(BUSINESS WIRE)--Aug. 17, 2006--Golden Eagle International Inc. (OTCBB: MYNG) announced today that its field crews are advancing its gold project on the B and C Zones of its Ascension Gold-Copper Trend in eastern Bolivia.
During the past month the build-out of the mining camp for the B and C Zones exploration and development was completed. Exploration and infrastructure surveying, and work clearing access to various points on the target sites, have been accomplished. Auger drilling and sampling along survey exploration lines has been carried out and is continuing. The company is also designing its pilot plant to take advantage of components that it has in inventory in Santa Cruz, and is working within the local market to acquire any additional required pieces.
"The activity level is currently very high on our B and C Zones gold project," stated Mac Delozier, Golden Eagle's VP for Bolivia. "We are working diligently to finish up our exploration efforts to get this project into pilot production."
This week Golden Eagle's officers in Bolivia also received positive representations of support from the Ministry of Mining and Metallurgy. These communications follow up on Minister Walter Villarroel's comments in May at the annual convention of the PDAC where he confirmed the government's desire to "create a competitive and secure environment for mining investment that will foster job creation, infrastructure modernization and industry partnership." The Minister also stated, "I am pleased to have this opportunity to send the message from the president (Evo Morales) that we are working hard to establish the legal security that investment in the mining industry requires on a long-term basis."
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Golden Eagle International Inc. is a gold and copper exploration and mining company headquartered in Salt Lake City, and with offices in La Paz and Santa Cruz, Bolivia. The company is currently focusing its efforts on developing its mining rights on its Buen Futuro project within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield.
The company highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its Web site: www.geii.com.
Cautionary Note Regarding Forward-Looking Statements and Risks
Some of the statements in this press release are forward-looking statements and are based on an assumed set of economic conditions and courses of action, including: (a) Golden Eagle's ability to obtain the necessary financing on reasonable terms in light of current social and political conditions in Bolivia; (b) estimates of mineral reserves and future production levels; (c) expectations regarding estimated mine production costs taking into account higher petroleum prices, expected trends in mineral prices, and statements that describe Golden Eagle's future plans, objectives or goals; (d) uncertainties that result from actions that may be taken in Bolivia relative to increases in the Complementary Mining Tax, Corporate Income Tax or the amount paid for mining patents (claims fees) in the future; and (e) other risk factors and matters disclosed in Golden Eagle's Securities and Exchange Commission ("SEC") filings which may be accessed at www.sec.gov. There is a significant risk that actual material results will vary from projected results depending on such factors as changes in general economic, social and political conditions in Bolivia and financial markets; changes in gold and copper prices; technological and operational hazards in Golden Eagle's mining and mine development activities; uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries; the timing and availability of financing; governmental and other approvals, and other risk factors listed from time to time in Golden Eagle's Form 10-K and its other reports filed with the SEC. Golden Eagle's mining projects in Bolivia described in this release, and related evaluations, or in our other disclosures, should not be construed by any means as an indication of the present or future value of the company or its common stock. Additionally, our plans with respect to the Buen Futuro gold and copper project, or the B & C Zone gold project, should not be construed by any means as an indication of whether we will ever conduct successful mining operations in connection with those projects. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.
