im still holding in drake.but i also invest in myng .0065 per share. gold producer!! nothing but good news coming out of myng (imo). and look at the price . how can it miss? but do your own homework .
SALT LAKE CITY, UT, Aug 28, 2008 (MARKET WIRE via COMTEX) -- Golden Eagle
International, Inc. (OTCBB: MYNG) reported today that it is recovering gold at
its C Zone operation in eastern Bolivia. The Company's first 778 grams (25 troy
ounces) will be sold at a minimum price of $840 per troy ounce pursuant to a
sales contract. The C Zone operation is estimated to be averaging between 60 and
200 tonnes per day (tpd). The Company has had to curtail mining activity on
several days to dedicate earth-moving equipment to necessary infrastructure
development as the open pit mining progressed to ensure the safety of the mine,
or due to fuel shortages in the remote area of Bolivia in which the C Zone is
located. Gold grades, which the Company expected to be low during the initial
phase of superficial mining to open up the C Zone work area, are 280 milligrams
per tonne (.28 g/t). Those grades are projected to improve as the mine deepens
and more of a cross section of the deposit is mined down into the eluvial gold
deposition where exploration demonstrated higher gold concentrations.
To facilitate increased fuel storage at the C Zone operation, and help alleviate
fuel shortages caused by Bolivia's national distribution network, Golden Eagle
has ordered the fabrication of an additional fuel storage tank. The Company
estimates this new tank will be on-site within four weeks.
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's efforts have centered on establishing 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 to maximize the potential of its Gold Bar
3,500 to 4,500 tpd CIP gold mill located in Eureka, Nevada through a joint
venture, toll refining arrangement or potential merger.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and
are based on current expectations, assumptions and estimates. Words and phrases
such as "believe," "intend," "expect," "expansion," "anticipate," "initiating,"
"commencing," "project," "add value," "bringing into production," "maximizing,"
"take advantage of," "striving to" or similar expressions, are intended to
identify "forward-looking statements." Forward-looking statements carry certain
risks regarding 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 mineralized material
and future production levels; (c) 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; (d) uncertainties that result from social and political conditions in
Bolivia; and (e) other risk factors and matters disclosed in Golden Eagle's
Securities and Exchange Commission ("SEC") filings that may be accessed at
www.sec.gov or through the Company's web site SEC link:
https://www.geii.com/investors/sec.php. There is a significant risk that actual
material results will vary from projected results. No information provided in
this press release should be construed as a representation, or indication in any
manner, of the present or future value of the Company or its common stock.
Readers of information contained in this press release should carefully review
the Company's filings with the SEC that contain important information regarding
the Company's financial results, its future plans and their limitations, and the
risks involved with the Company's operations. Golden Eagle disclaims any
responsibility to update forward-looking statements made herein.