Where this figure of $75/ounce extraction cost come from. Because of the commotion on the thread I went to see the last 10Q on MYNG (ugly as I have seen in a long time), but if you look at nothing but at production and production taxes (forgetting about SG&A, depreciation and interest charges), the historical (since inception) revenues come at $1,595,000 revenues and costs of $1,106,000 or costs of 70%, and if you take, a more representative last 9 months, you get revenues of $1,015,000 and costs of $1.005.000 or 99%. Even if you want to be extremely generous and assume that in the last nine months gold was at $300/ounce, your costs here are in the $297/ounce range. I could not find that $75/ounce cost. Nor could I find in the SEC documents anything about certified reserves, what I did find is a frightening opening statement:
As noted, the future conduct of Golden Eagle’s business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that Golden Eagle will be able to conduct its operations as contemplated. Certain statements contained in this report using the terms “may,” “expects to,” “projects,” “believes,” “projects,” or “estimates,” and other terms denoting future possibilities, are forward-looking statements within the meaning of Section 27(A) of the Securities Act of 1933 and Section 21(B) of the Securities and Exchange Act of 1934. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond Golden Eagle’s ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. These risks include, but are not limited to, the risks described in this and our other reports, and the other risks associated with start-up mineral operations in Bolivia, and operations with insufficient liquidity and no historical profitability. Certain of our previous projections have proven to be incorrect, and in some cases materially so. In addition, risks associated with an investment in Golden Eagle’s common stock may be found below under “Risk Factors” at p. 10, as well as by reviewing our annual reports filed on Form 10-KSB (and the more detailed risk factors contained therein), quarterly reports filed on Form 10-QSB and current reports filed on Form 8-K, available at www.sec.gov , as well as through our website, www.geii.com. It is important that each person reviewing this report understands the significant risks attendant to Golden Eagle’s operations and that of its subsidiaries. Golden Eagle disclaims any obligation to update any forward-looking statement made herein. .
I also found severe misinformation about the debt conversion to 117 MM shares or so, the document quotes conversion ratio of between $.03 to $.16, but when you divide the $3,703,774 by the 117 MM shares, you find that the real conversion ratio was $.0317/share, a price lower than MYNG has been in the last five years, kind of raising eyebrows. The company has about 500,000,000 shares outstanding and at the recent closing of $.224/share, it has a market cap of $112 MM. Lets be generous and call the last quarter production rate 2000 ounces and make it an annual rate of 8000 ounces, that makes it a very rich valuation of $14,000/ounce produced annually. I don't think I have seen much higher valuations than that. Since they have no money to speak of, increasing production would be a little difficult as well, whatever the perceived reserves might be. Unfortunately, I could not find historical holdings of management and see how much of the options and debt conversion shares were dumped on the public, but to me it looks like many other share printing operations rather than a real ongoing business.
Market Data 
Markets 
AI
