Message #9 From:
NewsBot Date: September 15, 2006 06:01:00 AM
MYNG News Golden Eagle's CEO to Meet with His Excellency Evo Morales, President of the Republic of Bolivia; Company Continues to Advance toward Pilot Gold Production on the B & C Zone Project
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 15, 2006--Golden Eagle International, Inc. (OTCBB:MYNG) announced today that the Company's CEO, Terry C. Turner, will meet with His Excellency Evo Morales, President of the Republic of Bolivia, on Tuesday, September 19, 2006 at the Council of the Americas on Park Avenue in New York City during a breakfast and business meeting sponsored by the Bolivian-American Chamber of Commerce.
"Of course it will be an honor to meet Bolivia's President in representation of Golden Eagle and its shareholders," stated CEO Turner. "I intend to personally and respectfully request assurances from President Morales that his administration will continue to respect and protect the interests and activities of the private mining sector in Bolivia, and create a business atmosphere that fosters the development and growth of smaller mining companies like Golden Eagle."
Turner continued, "I want to emphasize to President Morales how important Golden Eagle's Buen Futuro A Zone gold and copper project, and B and C Zone gold project, can be to a very economically depressed region of Bolivia in Ascension de Guarayos."
Golden Eagle also announced that its field crews working on the B and C Zone gold project on the Company's Precambrian mining claims in eastern Bolivia have advanced exploration work. This field work has confirmed a weathered gold bearing quartz vein system and an associated eluvial gold mineralization at the C Zone anomaly over an area of a 400-meter strike length and an 80-meter width. Golden Eagle believes that due to the observed erratic distribution of the eluvial gold (ranging between 0.3 grams per cubic meter to 1.2 grams per cubic meter), the best method to confirm the gold resource, and resolve processing issues, is to carry out a sizeable bulk sampling program. For that purpose the company is using the information gathered in this final stage of exploration to complete the design and construction of the pilot plant that will initially process approximately 50 cubic meters of gold-bearing material per day over a two to three month period and then expand based on data gathered.
The completion of the pilot plant and initiation of the bulk sampling program is scheduled for the end of October. The plant's operation is contingent on the issuance of the environmental permit, which is pending; however Golden Eagle's Bolivian staff is confident that the permit will be granted before operations begin. In the meantime, the full size of the C Zone anomaly is being mapped, the gold grade of the eluvial mineralization is being further confirmed by pitting and the pilot plant infrastructure is being prepared.
GEII expects to conclude its pilot plant evaluation work by January of 2007 and believes that, pending adequate financing, a full-scale production plant can be in place by April of 2007 at the end of the rainy season.
"This is an exciting time for Golden Eagle as we prepare to go back into gold production, even though we are starting out with our smaller pilot production operation at first," stated Mac DeLozier, Golden Eagle's VP for Bolivia. "Our plan calls for expanding those pilot operations as quickly as we iron out the details of our hammer milling stage and refine our gold recoveries by maximizing every aspect of our recovery circuit."
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Golden Eagle International, Inc. is a gold and copper exploration and mining company headquartered in Salt Lake City, Utah 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 website: 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 (d) 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 A Zone 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. Moreover, our CEO's meeting with Bolivia's President should not be construed as an endorsement of Golden Eagle by President Morales, or a representation that President Morales or his administration will show any favor to Golden Eagle over and above that shown to any and all foreign companies in Bolivia, or that his position regarding private mining activities in Bolivia will have any positive impact whatsoever upon our mining operations in Bolivia. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.
