RE: Golden Eagle Reports
SOURCE: Golden Eagle International, Inc.
Jun 02, 2009 14:38 ET
Golden Eagle Reports Temporary Suspension of Roasters at Jerritt Canyon Gold Mill
Company Maintaining Workforce to Install Required Mercury Emissions Control System
SALT LAKE CITY, UT--(Marketwire - June 2, 2009) - Golden Eagle International, Inc. (OTCBB: MYNG) reported today that ore processing through the roasters at the Jerritt Canyon gold mill has been temporarily suspended due to a delay in the installation of required mercury emission control equipment. The Nevada Division of Environmental Protection (NDEP) issued an order on March 25, 2009 allowing Queenstake Resources USA, Inc. (Queenstake), a wholly owned subsidiary of Yukon-Nevada Gold Corp. (YNG), to restart ore processing operations through the roasters at the Jerritt Canyon mill on the condition that a new state-of-the-art mercury emission control system would be installed by May 30, 2009. According to Queenstake, a delay in the fabrication of certain fiberglass ductwork caused the delay in the installation of the emissions control system and the materials should be delivered on-site in the near future.
The State of Nevada released a public statement on June 1, 2009 that "Queenstake has successfully complied with other requirements of operation per NDEP Order 2009-4" (the order authorizing operations at the Jerritt Canyon mill in March 2009).
Golden Eagle's crews have been on-site at the Jerrit Canyon mill since mid-September 2008 providing maintenance and environmental compliance operations pending the restart of the mill on March 25, 2009. The Company now has 82 employees at the Jerritt Canyon mill, including its Chief Operating Officer, Blane W. Wilson.
Golden Eagle International, Inc. is a gold and copper exploration, mining and milling company headquartered in Salt Lake City, Utah; with offices in Elko, Nevada and Santa Cruz, Bolivia. The Company's most recent efforts have centered on its Agreement with Queenstake Resources USA, Inc. (a subsidiary of Yukon-Nevada Gold Corp.) for the operation of the Jerritt Canyon 4,000 tpd CIL gold mill. In addition, Golden Eagle is working to maximize the potential of its Gold Bar 4,000 tpd CIP gold mill located in Eureka, Nevada through a joint venture, toll refining arrangement or potential merger. The Company is also maintaining its C Zone gold mine and mill in eastern Bolivia's Precambrian Shield, as well as its Buen Futuro A Zone gold and copper project, in a temporarily dormant status.
The Company 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.
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