YES, that is the lovely area the GE is mining. Nice huh? Digr dug dirt around there in the past. He can speak for himself.
Once GE gets that water cleaned up I am going to ask my neighbor who is in charge of International Marriott Time Share development to propose a site there....of course we will need a helipad and better roads. I'll bet the cerveza is cheap there.
OK, you asked for it buddy. Rodsteel is about my favorite pro GE poster. Here is a recent post of his from RB: _______________________________________________________________ The following are my personal reasons for considering MYNG to be a viable speculative investment.
The property
The company owns the mineral rights to 74,000 acres of a pre-historic valley in North Western Bolivia that was rather uniformly filled up with about 1000 feet of mineralized mud, clay, cobbles and boulders a long time ago in the following fashion.
100-200 million years ago plate tectonics pushed up Mt. Illampu. Mt. Illampu used to be 40,000 feet tall and had significant gold-bearing quartz intrusions on both its Eastern and Western slopes (La Paz was founded in a gold mining area on the Western side). Concurrent or subsequent plate tectonics created a deep depression on its Eastern side. This "Graben Structure" was about 50 kilometers away and 30 kilometers wide running roughly north and south for 100 kilometers. Later action resulted in the natural damming of one end of the Graben Structure. The dam started the formation of a large lake system via the "old" Challana, Tipuani, Mariapu and Mapiri valleys. Drastic climate change caused massive erosion of Mt. Illampu (down to its current 20,000 foot size) washing most of the Eastern slope's gold bearing quartz into the lake system. This supposedly occurred in three separate stages over several million years. The resulting filled-up lake became a plain that hardened into the Cangalli Conglomerate. The erosion process happened so (relatively) fast that there was very little chance for any terraces or river gravels to be formed. Just layer after layer of mud, clay, cobbles and boulders, year after year (I think for a total of 35 minor layers within the three major ones). Each layer contained some gold-bearing quartz that was ground up very fine by the process. The results were spread throughout the mud and clay and in some areas deposited in richer pockets (the current pay-streak lenses) all over the lake bed. After the lake had filled and hardened subsequent erosion by weather and folding by further plate tectonic action created the most recent "mountains", valleys, terraces and river gravels. The current rivers flow West to East across the old structure. This process has eroded away less than one-quarter of the original Conglomerate that filled up the lake bed and the "old" Tipuani and Mapiri valleys.
Thus the Tipuani Valley portion of the Cangalli Conglomerate deposit is very large and low grade (20km by 2km by, at least, 100m deep - average grade is unknown). It is remote, has hardly been exploited, and then only by using primitive techniques. A significant portion (estimated to be between 50% and 80%) of the gold is present as very fine flakes. Prior to this attempt by GEII to process the Conglomerate using modern low-grade bulk mining techniques (using separators and concentrators) the other attempts were unable to recover this portion of the gold. Because the fine gold is usually trapped in the clays that stick to the surface of all the boulders, cobbles and gravels, a lot was "floated-away" by the standard washing techniques. There is no need to crush any of the larger material since the gold is already freely dispersed throughout - it just needs to washed off and separated.
Mining of the current terraces of the Tipuani Valley, the dredging of the Mapiri and Kaka river gravels and exploitation of some of the more easily accessible Tipuani Valley pay-streaks through shafts and drifts produced roughly 32M ounces of gold over a 500 year period. Extraction of gold from the Tipuani Valley in more recent times was overshadowed by the easier recovery technique of dredging the Mapiri river gravels upstream of Guanay from the 1950's until the early 1990's. The Tipuani river gravels themselves have not yet been dredged due to overlapping claims problems.
The risk
No one disputes that the Cangalli Conglomerate of the Tipuani Valley contains a lot of free gold in nuggets, flakes and fines through-out its length, breadth and depth. The dispute centers on whether the Conglomerate can be processed economically in bulk. This dispute is aggravated by having relatively narrow pay-streak lenses of indeterminate sizes scattered randomly both vertically and horizontally throughout the deposit and a significant variation in grade in between lenses depending on depth and uplift. Thus it is not economically viable to sample and model the Conglomerate using traditional drilling methods. Most studies have concluded that the property is too variable to define reserves to SEC standards without performing large bulk processing.
If the average recovered grade of this first mine and processing plant is anywhere above 0.5g/t and if the extraction efficiency is greater than 90% and if their direct extraction cost (using conal subsidence or similar, high-volume techniques) is anywhere below $2.00 per ton then the company can be profitable at this location.
If the average recovered grade proves to be greater than 1g/t then no one will dispute that the deposit could be profitable even with standard open-pit extraction techniques (assuming processing costs between $3 and $4 per ton).
The disputed average recovered grade range seems to be in the area from 0.2g/t to 0.5g/t.
If the average grade is above 0.2g/t and the extraction cost is less than $1 per ton then it will take a second plant to determine the true stock price. If the second plant can duplicate results of the first then the stock price will be a straight-forward function of average grade.
Here's the possible per share value in ounces of gold for 400M fully diluted at the following average recovered grades...
The modern pilot plant started production at the end of September. The company is upgrading this plant from 1000 tpd to about 2500 tpd capacity by the end of November and should know by the end of December whether the average recovered grade is potentially profitable. The company should know by the end of next year if the average recovered grade is uniform across a large segment of the deposit.
Addenda
This company is slightly unique in many ways.
First, the company has always indicated in its SEC filings that there is high risk involved because of the indeterminate nature of the mineralization of the Cangalli Conglomerate.
One of unusual characteristics is that almost since its inception (for at least six years) the company has been "funded" (on an almost quarterly basis to the tune of about $1M per year) by a small but expanding group of accredited investors and friends or relatives of the original management in exchange for restricted stock. Although the potential fully diluted outstanding share total is around 400M shares (assuming conversion of 100M in debentures) the float only seems to be about to 130M shares. Thus, except for one individual, there is a significant number of reporting parties that have large (but relatively small percentage) holdings of restricted stock.
Another unusual characteristic is that almost every person involved in the actual operation of this company has been operating on a shoestring for the past five or six years. Management has been paid in deferred salaries and stock options, key workers that have been paid minimal salaries plus restricted stock and suppliers that have just received restricted stock.
Caveats
I spent several days with RA, TT, HB and GV in early October 2001. I have great respect for the abilities of all. However, I am a pragmatist (and an engineer by trade), I know things can unexpectedly go wrong.
Production at a break-even grade of 0.2g/t depends on direct production costs in the $75 per ounce range.
Direct production costs in the $75 range depend on cheaper electricity rates than currently charged, smooth operation of the conveyor systems, trouble free subsidence of the deposit, 95% extraction efficiency from the plant and many other critical variables. If problems arise, most can probably be solved given time and money. However, break-even grade is directly proportional to direct production costs. To be safe I have assumed traditional direct costs of $3-$4 per ton (rather than the sub $1 implied by $75 per ounce). This pushes break-even grade up to the 0.8g/t range.
The viability of each of the proposed plant sites will also depend on the thickness of the mineralized conglomerate that contains average recovered grades above the break-even. I have assumed at least 100m for the infrastructure cost of the conal subsidence technique of avoiding barren overburden to be cost-effective. If the mineralized layer is less than this on average it will probably have a significant impact on direct production cost (and thus break-even grade).
These are just a few of the issues that prevent me from considering this a "done deal" from a stock speculation stand-point.
Rod _______________________________________________________________
AK, I am not done with you yet...since Annie the Spammie is still hanging out in jail, I am going to give you an excerpt of what she posts continually on RB.
Check the environment passage. You are making me work tonight.
Hey, where is Darth Digr? He won't like this positive stuff here. Oh well, you asked, he can pick on you.
Now, this post is a post of an interview with Terry Turner...the big cheese at GE. He is the attorney, so you will see that he knows how to talk up a storm. Goldbug posted it, so don't blame me for anything. Lots of Blah, Blah here but some decent information can be discerned. Remember, check the environment passage and give me some time to find out how the water will be cleaned exactly.
Perhaps they will have a large scale Brita operation with millions of Brita filters coming into Cangalli for the processing plant, hmmmmmm does Brita have stock? _______________________________________________________________ Golden Eagle Mining, Inc. GOLDEN EAGLE INTERNATIONAL, INC. is a gold exploration, development, and mining company with mining rights to concessions in Cangalli, located in the historically rich gold-producing Tipuani Gold Mining District, in the South American country of Bolivia. Bolivia is located on the central western side of South America, and has been famous for its mineral wealth for centuries. Upon the arrival of the Spanish explorers in the 16th Century, in what is now Bolivia, the Aymara and Quechua Indians had been mining gold for hundreds of years. Unparalleled production of precious metals from Bolivia contributed to the support of the Spanish Empire for the next 200 years. Production was interrupted when Bolivia gained her independence in 1823. With renewed interest in the mining industry during the 20th Century, mining in today's Bolivia accounts for approximately 50% of its foreign exchange, with sizable deposits of zinc, silver, tin, antimony, copper and gold. In La Paz, Bolivia's capital, the political climate in modern-day government promotes open policies toward foreign investment. In the heart of the historically rich gold-producing zone of the Tipuani Gold Mining District, Cangalli is found along side the Tipuani River. Some 100 kilometers directly northeast of La Paz, Cangalli can be reached by both air or a fully-developed road system. It is here that the history of Golden Eagle International, Inc. and Cangalli begins. Late in 1995, after an independent consulting firm from Denver, Colorado, targeted Cangalli (Con-guy-yee) for further exploration and development, Golden Eagle International, Inc. (the "Company") entered into negotiations with the United Cangalli Gold Mining Cooperative, Ltd. ("UCL"). The Company successfully negotiated for the mining rights, for 20 years, renewable for 20 additional years, on 2,004 hectares (4,952 acres) of mining concessions owned by UCL. These mining rights carry an 18% royalty for the UCL. With its 118 members, UCL is recognized as one of the oldest, most well-organized cooperatives in the area. In 1999 and 2000, the Company acquired an additional 69,046 acres of adjacent ground in its own name. This newly-acquired mining property is free of any royalty and may be maintained in perpetuity as long as the Company pays an annual mining patent to the Bolivian government of $0.40 per acre. Golden Eagle's professional staff has indicated that the gold mineralization on the Company's combined 74,000 acres is similar in every way to the mineralization studied by Golden Eagle on its original Cangalli claims. From its inception, Golden Eagle International, Inc. has been a development stage company. Since early 1996, the Company has received several geological reports on the Cangalli gold deposit. Additionally, Golden Eagle has carried on rehabilitation, maintenance and limited gold mining operations on the Cangalli site. At present, the Company is using its best efforts to confirm resources and identify reserves, if any, on its Cangalli property and, if and when confirmed, bring those into full commercial production.
In the First quarter of 2002, Golden Eagle announced that Ronald Atwood, Ph.D., the Company's Vice President for Development, arrived in Cangalli, Bolivia, to initiate construction and infrastructure improvements on Golden Eagle's projected 1,000 ton per day gold mining operation and recovery plant at its Cueva Playa site at Cangalli, Bolivia. Once constructed, the mining operation and plant will have a processing capacity of 1,000 tons of material per day in its first phase of operations, but will later expand up to 11,000 tpd in its final phase. Due to the favorable topography and ground characteristics of the gold bearing conglomerate at the Chaco site, Golden Eagle intends to use a cost-effective combination of open pit mining and underground block caving during the 9-month initial phase of operations once infrastructure improvements and construction have been completed. After that initial phase, the Company will focus all of its efforts on the inexpensive block caving technique for all of its mining. The use of block caving will result in high volume earth movement at the lowest estimated cost. As a result, and based on its estimated production costs and data from five geological studies on the Cangalli gold deposit gathered by the Company during the past 4 years, Golden Eagle's management has projected a cost-per-ounce of gold produced of less than $75, which if achieved would be extremely low by industry standards. However, it is important to note that Golden Eagle's intent is to use data gathered from production resulting from its mining and processing operations to prove up reserves, if any, at the Chaco Playa site since the Company does not claim any proven reserves pursuant to Guide 7 of the SEC Regulations. Golden Eagle's management is a small group of very determined people. In fact, the Company's entire corporate history could be characterized by extraordinary determination in confronting the challenges of capital, infrastructure, logistics, metallurgical recovery and mineral markets, among others. Golden Eagle's goal is to continue to diligently work to increase its shareholders' value through exploration, confirmation, development and mining of its Cangalli, Bolivia, gold deposit as well as other prospects it is developing. As for our future? The management team at Golden Eagle International, Inc., is committed to completing the following: confirmation of gold resources on the Cangalli gold deposit, and identification of reserves, if any. defining a mine plan (on its own, or in cooperation with a joint-venture partner) and bringing any gold resources or reserves identified into production at the lowest possible cost per ounce, and in the most environmentally sound manner possible; creating an atmosphere while operating, and leaving a legacy after completion, of support for health, education and economic stability in the region.
Interview Transcript Transcript of Tom Allinder of HotStockChat.com's Interview with Terry Turner, President and CEO of Golden Eagle Mining, Inc. (OTCBB-MYNG)
Tom: Hello and welcome to HotStockChat. My name is Tom Allinder. Today our guest is Terry Turner. Mr. Turner is the President and Chief Executive Officer of Golden Eagle Mining International. Golden Eagle Mining International is traded on the OTCBB market under ticker symbol MYNG. Hello, Terry. How are you doing today? Terry Turner: I'm doing very well, Tom. How are you?
Tom: I'm doing just fine. Could you please provide a brief description of Golden Eagle Mining's business? Terry Turner: Yes. Golden Eagle International, Inc. is a company listed on the OTCBB and we have been working for the last five and a half years in Bolivia, in a site about 100 kilometers north of La Paz, Bolivia - the capitol there. The gold site was very interesting to the early officers in our company and when I became President of the company in 1997, we really accelerated our exploration efforts on that property and we own 74,000 acres there and it's been just an incredible odyssey for us to go ahead and explore that property, and prove up just a very small portion of it, in terms of the resources available to us on the property. This is a historical area that has produced 32,000,000 ounces of gold in its known history, so it's a very, very favorable gold environment, geologically speaking, and we have now come to the point where we're going to be putting on a plant and going to prove up the reserve that we really have there.
Tom: All right. Now gold is a very hot subject out there right now in the news, and stock-wise it's certainly a hot sector. Could you give us a little background on Golden Eagle's operations in Bolivia right now?
Terry Turner: I can, and gold should be a hot topic. I think gold still remains very underpriced and Golden Eagle has tried to fit into a niche where we are a small mining company but we have a very large property in the Tipuani gold-mining district. We also have a huge exploration play over in the Precambrian Shield in the eastern part of Bolivia, so our operations today center around building a 1,000 ton a day plant on our Tipuani gold property at Cangalli, Bolivia, and that 1,000 ton a day plant is a first phase of an operation that we expect to grow up into an 11,000 ton a day plant. That will then prove up the economic viability of our Cangalli property and then we're going to be able to put, we believe, between ten and 20 plants on different sites that we have identified on the property. Now in the meantime, while we're building this plant, we continue our exploration efforts on the other side of Bolivia, on the eastern side of Bolivia, in the Precambrian Shield, where we're developing a property that has all the indications of hosting what are known as volcanogenic massive sulphides, which have tested very positive for gold, silver, lead and zinc, so we're in a very exciting phase. We're in our infancy and we think that our stock is very underpriced for where our operation is going today.
Tom: All right. Now in order to help our listeners, and I can say as well as myself too, understand the nuts and bolts of gold mining a little bit better, can you give us an overview of how a mine is developed from start to finish?
Terry Turner: I can. It's a good long process and I think one that often times investors feel like ought to happen more rapidly and maybe they're justified in some cases. But ordinarily from start to finish you identify a prospect, in our case a gold prospect. You would go out and do reconnaissance sampling, make sure that you've got good geological mapping, you think you understand the geology of the site. That would ordinarily take anywhere from six to eight months, possibly a year. You identify an exploration program that you want to use to prove up your property, to prove up the resource that is available there, and that took us, in our case, about two and a half years to really identify the resource. Then we went about going into the reserve process and we discovered that our property was so vast that it was very difficult to prove up a reserve. We had had two different studies - one by an American geologist, a graduate of the Colorado School of Mines - he came back and told us that we had 5.1 million ounces in a reserve on the property and then we had a Bolivian geologist who had taken his master's degree in geophysics at Washington University in St. Louis - he went on the property and came back and said that we had 6.4 million ounces in a proven reserve. We don't claim any reserve by the definition of the SEC Guide 7. Rather than do that, what we're going to do is take this 1,000 ton a day plant and prove the economic viability - in other words that we can extract the gold and do it at a good net economy to our shareholders and, by doing so, we believe that we can prove up a substantial reserve on our property and really show that the property will host between ten and 20 plants of the size of the 11,000 ton a day plant that we're programming.
Tom: I've read a lot of numbers before as far as costs associated with mine development and the actual mining of a site. What do you project the production cost for Golden Eagle will be with regard to your mines in Bolivia?
Terry Turner: Well, Tom, that is an excellent question because you see all of the large mining companies, all of the majors, consolidating, joining up because they have to reduce their cost and in today's world, at today's gold prices, we have to see a low production cost per ounce. One of the fascinating things about this property, because we have high volume, projected high volume; we have electrical power right over the property - a 25-megawatt high-tension power line that runs over our entire property. We have a low-cost labor force but very, very competent and plus we've got a lot of gold prison and that doesn't hurt, certainly for lowering your costs, and Dr. Ronald Atwood, who is the former Chief Metallurgist for Newmont Mining, and he was our Vice President, he has projected that we will have a cost of about $75 per ounce, which at today's price - and gold closed today at $325 per ounce - would mean that we would be netting about $250 per ounce, which is outstanding in the industry.
Tom: Yes, that's certainly a nice profit. How many total acres does Golden Eagle lease or own in Bolivia at this time?
Terry Turner: We currently own in the Tipuani gold mining district, which is this historical district I've been talking about, 74,000 acres of ground. The other side of Bolivia, on the eastern side in the Precambrian Shield, which is a different geological setting, we own 125,000 acres of ground under concession from the Bolivian government.
Tom: All right. I would like to get into your production as far as the present time goes. How much gold is Golden Eagle producing today?
Terry Turner: Golden Eagle is not producing anything today, as we speak, because we've got everything down while we're building our plant in its first phase, and we project that we will have that completed by mid- to end of August of 2002. Now we cannot guarantee that, but that is our current projection and we hope to be able to hit that completion date. When we're up with that plant, we will be able to then grow up into the 11,000 tons a day. At 11,000 tons a day, we'll be hitting between 100 and 300 ounces a day, based on our projections, which will make us a producer of about 30,000 ounces of gold per annum, again, based on projections by Dr. Atwood. Tom: On your website, you discuss the company's future and your management is committed to the following, and that is confirmation of gold resources on the Cangalli gold deposit, and identification of reserves, if any. Can you give us a figure for the total gold reserves at this site? Terry Turner: Well, as I said before, we've had numbers come in between 5,000,000 and 6,000,000 ounces of a proven reserve. Now our object with this plant is to prove up that reserve because we don't claim reserves based on Guide 7 of the Securities and Exchange Commission. The reason being is that we really have to show economic viability of the gold that we've identified, the resources that are there. The total resource that has been called on the property has been in the neighborhood of 170,000,000 ounces, which would make this one of the largest gold deposits in the world. Now, as I said before, we have yet to prove that up and we're going to be doing that over the course of the next several months. We believe very firmly in the property, it's a matter of proving it up and making announcements to the public that will illustrate or confirm what we believe is there.
Tom: All right. I know that these are some rather tough questions for you to answer, especially at this time right now, but I thought that I would ask anyhow. Now the second part of that plan was defining a mining plan, on its own or in cooperation with a joint venture partner. Can you bring us up to date as far as that's concerned?
Terry Turner: Yes, we've been approached by a number of potential joint venture partners. We have decided that we were going to be taken advantage of if we didn't go about proving up the reserve that we believe is on our property, so we have set out a mine plan that includes a method of mining this property that has never been tried before. It is a form of block caving, it is called conal subsidence, and what effectively we do is we tunnel under the ore with an addit, a mine addit or an underground mine, and then we have various lateral mine addits that go out and they have points that draw the material down to these points by gravity. You open up an area about two meters by two meters in the ceiling, and allow this material to cave into that reinforced concrete draw point. Now that material will then be conveyed out to the processing plant and the tailings will also be conveyed which really is a very effective way of cutting our costs because everything is handled by electricity instead of having to burn diesel fuel in this area, which is very expensive.
Tom: Now the final point of those three points that were made on your website was creating an atmosphere while operating and leaving a legacy after completion, of support for health, education and economic stability in the region. You had a recent development here with your news release on 12 April. Can you elaborate on this?
Terry Turner: Yes. We have always tried to be a mining company with a social conscience. We believe very much that you have to return more to the people that live in the area than you actually take out of the ground. We believe that's a good philosophy. We, over the last six years that we have been in the Cangalli area, we have maintained the only physician in that area. He's been on our payroll. We rehabilitated the Cangalli hospital and it's now called the Golden Eagle hospital. We recently installed an x-ray machine in there and we've got an obstetric nurse in there that helps with the deliveries, because we found that between 70% and 80% of the people who live in that area were women and children, so women's needs became very important to us and there have been a number of babies delivered at that hospital. We also provided all of the school supplies to the 137 children that attend the Cangalli school. My superintendent found that those children were attending school with nothing in their hands and it seemed very strange to him. He found out later that because of the economic recession in Bolivia, they just didn't have the money to provide for their own school supplies. So in April we donated all of the school supplies for an entire year for all of those kids at the Cangalli school, plus we provided them with sports equipment and other supporting equipment. We had already provided videos, charts, physiological charts, teaching aids. Our concept is that we have to leave the community better than we found it. In terms of the environment, any water that we take out of the Tipuani River, we return 100 times cleaner than the water that we took out, because the tradition in this zone over the 400 years it has been contributing to the Bolivian economy, has been to dump tailings into the Tipuani River and send them to Brazil. Our concept is to orderly put our tailings into tailings dumps and tailings holding areas where they can be re-contoured and be receded and re-circulate our water, but any water that does make it back to the Tipuani, as I said before, will be 100 times cleaner than the water that we took out.
Tom: All right. Along the lines of positive press, Golden Eagle was recently featured in Bolivia's premier resource and mining magazine, which is titled Energy, Mining and Construction, and you have a reprint of this article on your website for all to read. I noticed that it had mentioned that many other exploration companies had left Bolivia due to the economy. What gives with Golden Eagle and its ability to hang in and execute your business plan?
Terry Turner: Well Golden Eagle has tried to be a very lean operation. We have tried to keep our costs down while we've been exploring these properties, despite the fact that exploration costs are ordinarily very high, and we have been able to identify and categorize our resource, estimate our resource, on a very tight budget. The other thing is we'd had a commitment to Bolivia and we have stayed, despite the fact that gold sunk at one time to below $260 an ounce, and now we're being rewarded by seeing the gold press climb out again and there's much more interest in gold, and we're glad we stuck around. We saw a lot of major mining companies pull out of Bolivia and head for other, more well-identified mining opportunities elsewhere in the world. Well no one had identified their mining opportunity as we have identified ours, and we believe that we're ready to go forward and we're very, very excited about that opportunity. Tom: All right. Along those lines again, your company was praised by the gold mining co-op in Bolivia's largest circulation newspaper. Now you're buying the co-op out. When will this purchase be finalized? Terry Turner: Well, that's a very good question, one that all of our shareholders have been asking now for the last three months. I recently returned from Bolivia four days ago and I can tell you that we have had excellent, excellent progress on our buy out of the Cangalli Gold Mining Cooperative and I can only say that I think we'll be making what our shareholders will see as a very positive announcement here in the next few days. Tom: All right. Now I'm going to ask you a little bit more difficult question here, and it's a question that's on the minds of many right now, and that's not just your company but every company, and that is finances. How well is your company financed to continue operations in Bolivia? Terry Turner: Well, we announced in January of 2002 that we had put in the bank $1.3 million to be able to go forward with this first phase of our plan, and of course we've been progressively spending that money as we've acquired equipment. We ordered equipment out of Canada; we ordered some equipment out of Tennessee - very specialized pieces for our flow sheet - that equipment has arrived in Bolivia. We purchased a lot of equipment in Bolivia and we're currently finishing some very, very delicate negotiations with Comibol, which is a national mining company in Bolivia, for the purchase of a very large inventory of equipment from them at extremely reasonable prices and very reasonable financing. So, we believe that we're in a good position to finish our first phase of construction. We currently have about ¾ of a million dollars in the bank to finish out that first phase of construction, and then to grow up into our 11,000 ton per day operation we're going to need between $2 million and $3 million to finish that out and we think that we have shareholders and others who have expressed an interest in helping us do that. Tom: All right. Now with the rise of price of gold, and this has been a rather dramatic thing that's happened here over the last several weeks actually - have you had anyone come to you, with the exception of the shareholders that is, with an interest in financing your operations? Terry Turner: Yes, we have. We've had, I would imagine, I myself have fielded 20 different offers for financing, it's a matter of sorting through those, it's a matter of figuring out which ones are really economical for our company and our shareholders. We probably can keep it in house, and by that I mean we probably could stay within our current shareholders to be able to finance our growth up through our final phase in our plant. Tom: All right. Now Terry in closing you wanted me to let you mention something regarding your stock and this interview, so go ahead. Terry Turner: Tom, we would certainly like to indicate to everyone listening that the information on this interview is not all of the relevant information about Golden Eagle, and that pertinent information regarding the company should be reviewed and can be found at our website, www.geii.com , where our management recommends that all shareholders and prospective shareholders review our disclosures, our risk statements, and our previous press releases, and certainly our annual reports on form 10KSB, our quarterly reports on 10QSB and our current reports on form 8K. The other thing that we would like to say is that some of the statements in here have been forward-looking statements and that we can't guarantee the future conduct of our business in response to issues that are raised by third parties that may be dependent upon a number of different factors. We just want everyone to keep in mind that terms like "expects to," "projects," "estimate" and "plans" are forward-looking statements and the accuracy of these statements can't be guaranteed. We believe that these projections can be met but we cannot guarantee it. So please look at our disclosure documents at our website where you can gain access to the SEC Edgar electronic filing service and that's our recommendation. Thanks. Tom: All right, Terry. We'd like to thank you for being on this session of HotStockChat. We certainly appreciate you taking the time to be with us today. Terry Turner: Well it's been my pleasure, Tom. Thanks for the opportunity. End ______________________________________________________________
Whew, nuff said that time. Remember, you asked for it.
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