"gold rush going on in central Nevada."Gold Rush in Central Nevada Shines Spotlight on Golden Eagle's Gold Bar Mill
Company Changes Strategy to Benefit From Mill Location
Oct 4, 2007 9:00:00 AM
SALT LAKE CITY, UT -- (MARKET WIRE) -- 10/04/07 -- Golden Eagle International, Inc. (OTCBB: MYNG) disclosed today that it is receiving numerous inquiries to joint venture, activate for toll refining, or outright sell its Gold Bar mill located near the geographic heart of the current gold rush going on in central Nevada.
The Company's 3,500 to 4,500 tpd CIP Gold Bar mill, located 25 miles northwest of Eureka, Nevada has become the focal point of a number of central Nevada gold exploration companies with identified reserves that want to jump into production to benefit from the current market exhilaration about gold. In addition, several groups have toured and inspected Golden Eagle's Gold Bar mill, and the Company has received offers for the purchase of the mill with the intention of moving it to other proven gold deposits.
Golden Eagle has determined that based on current opportunities being presented, and the fact that mill components can be acquired more economically in South America for the Buen Futuro A Zone gold and copper project, it is not in the Company's best strategic interest to move the Gold Bar mill to Bolivia.
The Gold Bar mill is located in the center of the Cortez Trend, a series of gold deposits at the southern end of the Battle Mountain-Eureka Gold Belt (the second largest gold-producing area in Nevada estimated to contain or have produced 31.5 million troy ounces of gold), and running parallel to the Carlin Trend (the largest gold producer in Nevada and one of the top three gold fields in the world with production and estimated resources of 180 million ounces). If Nevada were a stand-alone country, it would rank fourth in gold production behind South Africa, Australia and China.
As part of an overall strategy to take advantage of the Gold Bar mill's location, Golden Eagle has been working with two top industry consultants for the past six months. The focus of that work has been to determine whether to complete a program to reactivate the mill for toll refining; enter into a joint venture with a junior exploration company in the area that has proven gold reserves; or, sell the mill and focus its resources and energies on its A and C Zone gold and copper projects in eastern Bolivia.
"Gold is approaching its old historic high and some industry analysts are even predicting $1,000 per ounce gold," stated Terry Turner, Golden Eagle's CEO. "The high gold prices and the incredible amount of activity in the Cortez Trend right now in central Nevada, place Golden Eagle in a very unique position to benefit from what many analysts are calling the 'perfect storm' in the gold market."
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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.