Post by
nagyonokos on Sep 15, 2006 9:14am
136,500 acres {213 square miles}
Golden Eagle's CEO to Meet with His Excellency Evo Morales, President of the Republic of Bolivia; Company Continues to Advance toward Pilot Gold Production on the B & C Zone Project
Sep 15, 2006 9:01:00 AM
Copyright Business Wire 2006
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 15, 2006--
Golden Eagle International, Inc. (OTCBB:MYNG) announced today that the Company's CEO, Terry C. Turner, will meet with His Excellency Evo Morales, President of the Republic of Bolivia, on Tuesday, September 19, 2006 at the Council of the Americas on Park Avenue in New York City during a breakfast and business meeting sponsored by the Bolivian-American Chamber of Commerce.
"Of course it will be an honor to meet Bolivia's President in representation of Golden Eagle and its shareholders," stated CEO Turner. "I intend to personally and respectfully request assurances from President Morales that his administration will continue to respect and protect the interests and activities of the private mining sector in Bolivia, and create a business atmosphere that fosters the development and growth of smaller mining companies like Golden Eagle."
Turner continued, "I want to emphasize to President Morales how important Golden Eagle's Buen Futuro A Zone gold and copper project, and B and C Zone gold project, can be to a very economically depressed region of Bolivia in Ascension de Guarayos."
Golden Eagle also announced that its field crews working on the B and C Zone gold project on the Company's Precambrian mining claims in eastern Bolivia have advanced exploration work. This field work has confirmed a weathered gold bearing quartz vein system and an associated eluvial gold mineralization at the C Zone anomaly over an area of a 400-meter strike length and an 80-meter width. Golden Eagle believes that due to the observed erratic distribution of the eluvial gold (ranging between 0.3 grams per cubic meter to 1.2 grams per cubic meter), the best method to confirm the gold resource, and resolve processing issues, is to carry out a sizeable bulk sampling program. For that purpose the company is using the information gathered in this final stage of exploration to complete the design and construction of the pilot plant that will initially process approximately 50 cubic meters of gold-bearing material per day over a two to three month period and then expand based on data gathered.
The completion of the pilot plant and initiation of the bulk sampling program is scheduled for the end of October. The plant's operation is contingent on the issuance of the environmental permit, which is pending; however Golden Eagle's Bolivian staff is confident that the permit will be granted before operations begin. In the meantime, the full size of the C Zone anomaly is being mapped, the gold grade of the eluvial mineralization is being further confirmed by pitting and the pilot plant infrastructure is being prepared.
GEII expects to conclude its pilot plant evaluation work by January of 2007 and believes that, pending adequate financing, a full-scale production plant can be in place by April of 2007 at the end of the rainy season.
"This is an exciting time for Golden Eagle as we prepare to go back into gold production, even though we are starting out with our smaller pilot production operation at first," stated Mac DeLozier, Golden Eagle's VP for Bolivia. "Our plan calls for expanding those pilot operations as quickly as we iron out the details of our hammer milling stage and refine our gold recoveries by maximizing every aspect of our recovery circuit."
Eagle E-mail Alerts: If you are interested in receiving Eagle E-mail Alerts, please e-mail the Company at: eaglealert@geii.com.
Golden Eagle International, Inc. is a gold and copper exploration and mining company headquartered in Salt Lake City, Utah and with offices in La Paz and Santa Cruz, Bolivia. The Company is currently focusing its efforts on developing its mining rights on its Buen Futuro project within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield.