"136,000 acres {213 square miles}Golden Eagle Finalizes C Zone Gold Mill Construction
May 30, 2008 9:45:00 AM
SALT LAKE CITY, UT -- (MARKET WIRE) -- 05/30/08 -- Golden Eagle International, Inc. (OTCBB: MYNG) today reported that it is in the final stage of construction of its C Zone gold mill in eastern Bolivia. The Company estimates that the C Zone gold mill will begin its preliminary shake-out operations within the first 10 days of June and will commence its initial production phase at 200 tpd of mineralized material before the end of June 2008. Golden Eagle intends to incrementally expand its C Zone gold mill over the first 6 months of operations to a final projected capacity of 2,000 tpd.
The Company estimates that the most sampled core area of its eluvial gold deposit in the C Zone contains 630,000 m3 (approximately 1.26 million tonnes) of mineralized material averaging gold grades in the range of 1 g/m3, but with a range as high as 1,400 mg/m3 and a cutoff grade of 100 mg/m3. (It is important to note that mineralized material is not the equivalent of proven or probable reserves, and does not assure that the Company will achieve a level of commercial production. Mineralized material may be reclassified as production progresses.) Golden Eagle's initial mine plan will focus on several high-grade areas well identified within the C Zone. The plan will be supported by data gathered from 265 existing auger drilling and shaft-style pit sampling sites, as well as 10 months of previous confirmation pilot operations.
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. Because of the Company's limited financial resources, it is concentrating its efforts 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 with industry consultants regarding the potential expansion of its operations through maximizing the potential of, or selling to third parties and reinvesting the proceeds from, its Gold Bar 3,500 to 4,500 tpd CIP mill located in Eureka, Nevada.