Company Orders Additional Fuel Storage Capacity to Facilitate Ongoing Operations
FOR IMMEDIATE RELEASE SALT LAKE CITY, UTAH-(MARKETWIRE)---August 28, 2008---Golden Eagle International, Inc. (OTCBB: MYNG) reported today that it is recovering gold at its C Zone operation in eastern Bolivia. The Company's first 778 grams (25 troy ounces) will be sold at a minimum price of $840 per troy ounce pursuant to a sales contract. The C Zone operation is estimated to be averaging between 60 and 200 tonnes per day (tpd). The Company has had to curtail mining activity on several days to dedicate earth-moving equipment to necessary infrastructure development as the open pit mining progressed to ensure the safety of the mine, or due to fuel shortages in the remote area of Bolivia in which the C Zone is located. Gold grades, which the Company expected to be low during the initial phase of superficial mining to open up the C Zone work area, are 280 milligrams per tonne (.28 g/t). Those grades are projected to improve as the mine deepens and more of a cross section of the deposit is mined down into the eluvial gold deposition where exploration demonstrated higher gold concentrations.
To facilitate increased fuel storage at the C Zone operation, and help alleviate fuel shortages caused by Bolivia's national distribution network, Golden Eagle has ordered the fabrication of an additional fuel storage tank. The Company estimates this new tank will be on-site within four weeks.
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's 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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CONTACT: Sabrina Martinez in Investor Relations:
(801) 619-9320
irpr@geii.com
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: 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. ###
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