Message #12 From:
NewsBot Date: December 14, 2006 09:18:00 AM
MYNG News Golden Eagle's Pilot Operations Confirming Dimensions of Mineralization on Its C Zone Gold Anomaly in Bolivia
SALT LAKE CITY--(BUSINESS WIRE)--Golden Eagle International, Inc. (OTCBB: MYNG) announced today that its
ongoing bulk sampling program and pilot operations on its C Zone gold
anomaly in eastern Bolivia are confirming the dimensions of the project’s
gold mineralization with a view toward potential full scale production.
In addition, the Company announced that it has moved its pilot
operations approximately 1 kilometer to a more favorable location with a
substantially improved water source. The new location’s
water supply will allow pilot operations to grow into full scale gold
production if the decision to go forward is confirmed by Golden Eagle’s
current work.
The Company emphasized that these bulk sampling pilot operations are not
initially focused on gold production, but rather on the reconfirmation
of the gold grades and recoverability determined during the exploration
of the last 6 months. The final goal is to confirm operational
feasibility for gearing up to full production.
The Company also reported that an additional 900 feet of access roads
into sampling sites and other important infrastructure improvements have
been completed within the past three weeks.
Dr. Michael Biste, the Company’s Chief
Consulting Geologist, stated, “I am more than
satisfied with the exploration results and confirmations by the pilot
operations to date. Golden Eagle has shown that it can convert a
promising soil anomaly on its Precambrian claims into a potentially
promising gold resource. Also, the exploration work has demonstrated
that the dimensions of the gold mineralization of Zone C are much larger
than I originally assumed. Similar results can be expected in the
exploration of the B Zone which exhibits very comparable geological
characteristics.”
During the past 6 months the Company’s
exploration crews have sampled the gold soil anomaly of the C Zone first
identified in the 1990s by Dr. Biste. Golden Eagle’s
teams carried out 2,100 feet of 4½-inch auger
drilling in 196 drill holes and 610 feet of vertical channel sampling in
66 shaft-style exploration pits. The main objective of that work was to
determine the dimensions of the eluvial/coluvial gold mineralization and
the location of the primary source of the gold.
As a result of that work Golden Eagle has delineated a north-south
striking deeply weathered quartz vein zone that extends over a
3,000-foot strike length that remains open to the north and south. The
intense tropical weathering of the vein zone created a mushroom-shaped
eluvial/coluvial gold mineralization that has proven to extend over the
entire strike length and over a width of up to 1,500-feet. The gold
occurs in free grains mainly in the fraction of 10 to 100 mesh and less.
While nearly every panned sample contained free gold during the
exploration phase, 60% of the 262 drill holes and pits gave results of
between 100 and 1,400 mg/m3 over an average mineralized thickness of 9
feet. However, the crushing of oversize material of a number of samples
taken during exploration demonstrated that a significant quantity of
gold is locked in the vein quartz fragments remaining after the
weathering process. The treatment of bulk samples in the pilot
operations is currently determining how much additional gold can be
recovered in full scale operations by adding a crushing circuit.
Golden Eagle’s exploration work has also
identified a new, previously unknown gold bearing alluvial paleo-channel
adjacent to the eluvial/coluvial C Zone gold mineralization. The
geomorphologic analysis indicates that the channel extends over a
distance of more than 3,000 feet. The depth of the pay gravels is
currently unknown. During 2007 the Company plans to evaluate this
alluvial structure through an additional bulk sampling and
churn-drilling program. However, no exploration work will begin here
until a determination has been made regarding the move to the full scale
production phase on the current C Zone gold project that is in pilot
operations.
Eagle E-mail Alerts: If you are interested in receiving Eagle E-mail
Alerts, please e-mail the Company at: eaglealert@geii.com.
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) whether Golden Eagle will be able to
obtain sufficient financing to continue to meet its operational goals;
(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; (e) uncertainties that result from social and political
conditions in Bolivia; and (f) 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. The 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. Golden Eagle disclaims any responsibility to update
forward-looking statements made herein.
