August 13, 2008
Golden Eagle Purchases Additional Equipment to Expand C Zone Gold Mill
Golden Eagle International, Inc. (OTCBB: MYNG) today reported that it has purchased an additional 200 tonne-per-day (tpd) hammer mill for its C Zone gold mill in eastern Bolivia from its Brazilian manufacturer. The Company estimates that the mill will be delivered within the next three weeks based on the manufacturer's representations. The Company has also placed a deposit on a third hammer mill with an additional 200 tpd capacity to permit the manufacturer to finalize fabrication. Once the third hammer mill is installed at the C Zone, the mill will have a capacity of 600 tpd. Golden Eagle's goal is to reach a 2,000 tpd production level at its C Zone operations.
The Company also announced that it has now completed its concentrate processing laboratory in Santa Cruz, Bolivia, which was the programmed second stage after the C Zone mill construction was concluded. The C Zone operation has now shipped its gold-bearing heavy black sand concentrates from its initial operations to its laboratory in Santa Cruz, Bolivia for final concentration. This procedure ensures the security of the gold contained in the concentrates and allows for better control of the final product due to the remote location of the C Zone mill. Samples of those concentrates have also been sent to a laboratory in La Paz, Bolivia to perform a broad-range analysis to confirm the Company's recoveries and to minimize the possibility of fine gold losses. The Company is awaiting the results of the verification lab to publish its production results to date.
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 the Company has limited financial resources, its efforts have centered 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 to maximize the potential of its Gold Bar 3,500 to 4,500 tpd CIP gold mill located in Eureka, Nevada through a joint venture, toll refining arrangement or potential merger.
The Company highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its website: www.geii.com.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions and estimates. Words and phrases such as "believe,""intend,""expect,""expansion,""anticipate,""initiating,""commencing,""project,""add value,""bringing into production,""maximizing,""take advantage of,""striving to" or similar expressions, are intended to identify "forward-looking statements." Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether Golden Eagle will be able to obtain sufficient financing to continue to meet its operational goals; (b) estimates of mineralized material and future production levels; (c) uncertainties that result from actions that may be taken in Bolivia relative to increases in the Complementary Mining Tax, Corporate Income Tax or the amount paid for mining patents [claims fees] in the future; (d) uncertainties that result from social and political conditions in Bolivia; and (e) other risk factors and matters disclosed in Golden Eagle's Securities and Exchange Commission ("SEC") filings that may be accessed at www.sec.gov or through the Company's web site SEC link: http://www.geii.com/investors/sec.php. There is a significant risk that actual material results will vary from projected results. No information provided in this press release should be construed as a representation, or indication in any manner, of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the SEC that contain important information regarding the Company's financial results, its future plans and their limitations, and the risks involved with the Company's operations. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.
SOURCE: Golden Eagle International, Inc.