"136,500- acre {213-square mile} landholding"Golden Eagle and Washington Group International, Inc. in Final Stage of Extensive Due Diligence Study on Feasibility of Buen Futuro A Zone Gold/Copper Project
Aug 27, 2007 9:00:00 AM
SALT LAKE CITY, UT -- (MARKET WIRE) -- 08/27/07 -- Golden Eagle International, Inc. (OTCBB: MYNG) announced today that it is in the final stage of an expanded 6-month due diligence study with Washington Group International, Inc. (www.wgint.com) regarding Golden Eagle's feasibility work to date on its Buen Futuro A Zone gold and copper project.
Washington Group International, a leading international engineering, construction and management company, provides the talent, innovation, and proven performance to deliver integrated solutions for businesses and governments worldwide. Headquartered in Boise, Idaho, with more than $3 billion in annual revenue, the Washington Group International has approximately 25,000 people at work around the world providing solutions in mining, power, environmental management, defense, oil and gas processing, industrial facilities, transportation, and water resources.
Following the submission of initial findings to Golden Eagle, the scope of the study by Washington Group International was expanded substantially to include the determination of additional work necessary to support the feasibility of the Buen Futuro A Zone project. That work included: the development of an in-fill drilling plan and a supplementary metallurgical test plan.
Washington Group International has been analyzing data reported in Golden Eagle's Resource and Reserve Report on the Buen Futuro Gold and Copper Deposits, as well as performing independent analyses.
The Buen Futuro A Zone mineral deposits, located 300 kilometers (180 miles) north of Santa Cruz, Bolivia, were initially identified through geochemical surveys, and were confirmed using Induced Polarization (IP), and Horizontal Loop Electromagnetic (HLEM) surveys. Golden Eagle's Chief Consulting Geologist, Dr. Michael H. Biste, has spent the past 12 years evaluating the entire Ascension Gold-Copper Trend, including the Buen Futuro A Zone, which runs for at least 35 kilometers (21 miles) in the Guarayos Greenstone Belt on Golden Eagle's Precambrian properties. Dr. Biste supervised 18 geologists and 120 auxiliary personnel to cut a total of 800 miles of exploration trails through the jungle to take a total of over 21,000 samples on the Buen Futuro A Zone and surrounding areas. In addition, a combined 13,300 meters (44,000 feet) of auger, reverse circulation and diamond core drilling, as well as 13.3 kilometers (8 miles) of trenching, resulting in 5,500 samples, were reported in Golden Eagle's Resource and Reserve Report. The Buen Futuro A Zone actually comprises less than one-half of one percent of Golden Eagle's 136,500-acre (213-square mile) landholding within the Ascension Gold-Copper Trend.
Golden Eagle expects the study report to be concluded during September 2007. The recommendations from the report will be used by Golden Eagle's board of directors to guide the further development of the Buen Futuro A Zone gold and copper project.
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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 also in Santa Cruz, Bolivia. The Company is concentrating its efforts on expanding its pilot operations into production operations on its gold project on the C Zone within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield. In addition, the Company is continuing the development of its Buen Futuro A Zone gold and copper project.