Zeev's Turnips Patch-No Politics (ZEEV)

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*** Gold related post (MYNG) ***


Golden Eagle Makes Strategic Land Acquisition in Ascension Gold-Copper Trend
Monday December 22, 10:43 am ET

Company Expands Landholdings in Promising Bolivian Precambrian Shield

SALT LAKE CITY--(BUSINESS WIRE)--Dec. 22, 2003--Golden Eagle International Inc. (OTCBB: MYNG - News) announced today that it has completed the highly strategic acquisition of the Cobra claim, an additional 22,500 acres of prime ground in the Ascension Gold-Copper Trend in eastern Bolivia's Precambrian Shield. The Cobra claim has proven positive for volcanogenic massive sulphide ("VMS") deposits containing gold and copper, as well as near-surface gold oxide deposits. Induced polarization (IP) and Horizontal Loop Electromagnetic (HLEM) surveys, as well as scout auger drilling, have yielded positive results in an area extending to the northeast of Golden Eagle's current 127,500-acre landholding.

"We are delighted that we were able to secure this additional property prior to making any announcement about our final geological report on our Buen Futuro property," stated Terry C. Turner, the company's CEO. "We believe that the data we announce in our final geological report will demonstrate how valuable our existing position is. Now, the additional holdings we have acquired will allow us to further expand our opportunities in the promising Ascension Gold-Copper Trend."

Golden Eagle secured the Cobra claim through a Bolivian mining petition and only had to pay initial claims fees of $10,000. To maintain the property in perpetuity, Golden Eagle must pay annual claims fees to the Bolivian government of $9,000.

In anticipation of the release of the final geological report regarding Golden Eagle's Buen Futuro property, Golden Eagle's CEO explained, "SEC guidelines state that we can only report on 'that part of a mineral deposit which could be economically and legally extracted or produced ... '" Turner continued, "There are several bureaucratic items on the laundry list of things that must be satisfied to 'legally' extract gold and copper from Buen Futuro. Among those are permits from the forestry department; explosives and fuel use permits from the police, Ministry of Mines, local and regional governments; environmental permits from the Ministry of the Environment; etc. Some of these things are outside of our control on how quickly they happen. For example, our final title to the Buen Futuro property came out of the Santa Cruz Superintendency of Mines last Friday, Dec. 12. It now goes to the Department of Real Property Interests of the State of Santa Cruz for recording. Despite our best efforts, that is going to take 10 to 14 days. Once all of the necessary requirements are met, we expect to publish our final geological report."

In other news, the community of Chima, Bolivia, 5.4 miles upriver from Golden Eagle's Cangalli gold mine, which experienced a devastating mudslide at the end of March 2003 that resulted in the loss of 400 homes and over 100 deaths, has again been affected by torrential rains and flooding from the Tipuani River. An additional 20 homes have been washed away and more than 40 homes are flooded and in danger of suffering the same fate.

"Golden Eagle has again pressed its personnel and equipment into the Chima rescue efforts," stated Giovanni Viscarra, the company's mine superintendent. "Fortunately, this episode has not resulted in any loss of life. Also, fortunately Golden Eagle has not experienced more than the inconvenience of working in the rain due to the fact that we took extreme precautions during the dry season to ensure that we could work throughout the rainy season. We are continuing our mining schedule. We are also making substantial progress on our TPS development work and the acquisition of important pieces of equipment."

The company had shipped for delivery on Christmas Day 300 baskets for the most needy children in the Cangalli area. Now, arrangements are being made to ship food and blankets to the affected families in Chima, as well as additional supplies for the Golden Eagle Hospital in Cangalli.

"We know that the government will ship what it can when it can to help in Chima," stated Mac Delozier, Golden Eagle's VP in Bolivia. "But at the end of the day, these are our neighbors and neighbors help neighbors."

Eagle E-mail Alerts: If you are interested in receiving current information about Golden Eagle's activities, please e-mail the company at: [e-mail].

Golden Eagle International Inc. is a gold exploration and mining company located in Salt Lake City; and La Paz and Santa Cruz, Bolivia. The company is currently focusing its efforts on developing its mining rights on 74,000 acres in the Tipuani Gold Mining District located in western Bolivia; and continuing exploration and development on 136,500 acres in eastern Bolivia's Precambrian Shield. Golden Eagle is a mining company with a social conscience, having provided many humanitarian programs at its mine site, including the only hospital, doctor and nurse in Cangalli, Bolivia, for the past seven years, as well as having provided for the educational needs of the students of the area. The company highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its Web site: www.geii.com.

http://biz.yahoo.com/bw/031222/225309_1.html