Golden Eagle's CEO Interviewed Regarding Offer for $3.5 Million Investment
Tuesday February 1, 9:49 am ET
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 1, 2005--Golden Eagle International Inc. (OTCBB:MYNG - News) announced today that its CEO, Terry C. Turner, was interviewed by CEOcast Inc., an investment newsletter and one of the largest Internet investment portals, regarding Golden Eagle's announcement yesterday of an offer for $3.5 million in funding in a non-binding letter of intent from a Brazilian venture capital group. The interview can be heard at www.CEOcast.com. The CEOcast newsletter has a subscriber base of over 1.6 million investors.
"We see this investment offer as providing a positive potential for Golden Eagle," the company's CEO stated in his interview. "We are optimistic that this $3.5 million funding offer, once finalized and funding is received, can address important operating expenses and allow us to begin to accomplish necessary tasks on our critical path toward bringing our Buen Futuro gold and copper project online."
Golden Eagle's CEO also touched on the company's rigorous cost-cutting program in 2004: "We cut our interest expense by over $2 million in 2004, improved our balance sheet and aggressively reduced other expenses, in anticipation of getting our operation at our Buen Futuro up and running if and when our debt financing efforts are successful. While we still need additional financing to complete the dismantling and shipping of our Gold Bar mill and plant, and re-erecting it on our Buen Futuro site in eastern Bolivia, this $3.5 million offer to fund, once finalized, will help move us closer to our goals."
In the interview Turner also underscored Golden Eagle's formula for moving toward creating a successful operation at its Buen Futuro project, once additional funding is received: "a strong management team, identified gold and copper reserves, a well-engineered mill and plant, and an identified 21-mile mineralized trend that promises an exciting exploration future."
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 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 its Buen Futuro project within its 136,500 acres (213 square miles) in eastern Bolivia's Precambrian Shield. Buen Futuro is projected to produce 5,900 troy ounces of gold and 4.4 million pounds of copper per month once brought online. The company also owns mining rights on 49,900 acres (77 square miles) in the Tipuani Gold District located in western Bolivia, which has produced 32 million ounces of gold in its known history. 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 eight 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.
Cautionary Note Regarding Forward-Looking Statements and Risks
Some of the statements in this press release, and in the interview announced here with CEOcast, are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include the ability of Golden Eagle to obtain the necessary financing on reasonable terms, estimates of mineral reserves and future production levels, expectations regarding mine production costs, expected trends in mineral prices, and statements that describe Golden Eagle's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for gold and copper, technological and operational hazards in Golden Eagle's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals and other risk factors listed from time-to-time in Golden Eagle's Form 10-K and its other reports filed with the Securities and Exchange Commission. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.
--------------------------------------------------------------------------------
Contact:
Golden Eagle International Inc., Salt Lake City
Sabrina Martinez, 801-619-9320 (Investor Relations)
--------------------------------------------------------------------------------
Source: Golden Eagle International Inc.
