"mill equipment has been moved"Golden Eagle Advances C Zone Gold Project by Completing Critical Infrastructure on Its New Mill Site
Company in Position to Move Forward With Mill Installation Once Public Hearing Is Held on November 30, 2007
Nov 1, 2007 9:45:00 AM
SALT LAKE CITY, UT -- (MARKET WIRE) -- 11/01/07 -- Golden Eagle International, Inc. (OTCBB: MYNG) announced today that it has completed critical infrastructure projects permissible under current permitting at the Company's new mill site on its C Zone gold operation situated in the middle of the Ascension Gold-Copper Trend in eastern Bolivia.
Grading has been performed on 6.4 acres to clear and level the new mill site; tailings and fresh water impoundments have been excavated covering 16.3 acres; and 3 miles of mine access roads have been completed. Also, 11.6 acres of the C Zone open pit mine have been cleared and prepared for surface mining. In addition, mill equipment has been moved to the new site pending the final environmental approval.
"Through the hard work of our people we have hit all of our timelines since the September 14 announcement to move the site of our C Zone mill and tailings impoundments," commented Terry Turner, CEO. "We made these moves as our technical team and contract miner suggested that the C Zone production had the potential to grow rapidly towards 2,000 tpd. Our goal is to develop our gold production as quickly as circumstances allow while maintaining the very highest environmental standards."
Once the newly required public hearing is held on November 30, 2007 in Ascension de Guarayos regarding the Company's new C Zone gold mill site, Golden Eagle is confident that it will have met all of the legal requirements to satisfy its obligations under the Bolivian environmental permitting process. On that basis the Company believes, but cannot assure, that no further obstacles exist to the installation of its new C Zone gold mill. Golden Eagle plans to have both its permissible infrastructure development and all required equipment in position so that it can move forward on the installation of its C Zone gold mill in the fourth quarter of 2007.
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. The Company is also continuing the development of its Buen Futuro A Zone gold and copper project. In addition, Golden Eagle is working with industry consultants regarding the potential expansion of its operations through maximizing the potential of its Gold Bar 3,500 to 4,500 tpd CIP mill located in Eureka, Nevada.