Golden Eagle International Inc. (OTCBB: MYNG) announced today that on Tuesday, May 16, 2006, the company received positive confirmation from the Bolivian Ministry of Mines that it is preparing a National Plan of Development that does not, and will not, include any intentions of nationalizing or expropriating any private mining properties or assets.
Anzeige:
§
Weniger Risiko als mit Zertifikaten, bei gleichzeitig höheren Hebeln!
Golden Eagle's Vice President for Bolivian Operations, Mac Delozier, stated -- "In very cordial and open conversations, the Ministry of Mines has confirmed that the current administration has no intentions of nationalizing or expropriating private mining assets. On the contrary, this government understands the role of private investment and foreign capital in developing mining projects. It is looking for the safest, most equitable way of assuring foreign and national mining companies of its commitment to the mining sector. Additionally, it would like to support private mining companies with all of the resources at the Bolivian government's disposal."
The Ministry of Mines did state that its National Plan of Development, which will be finalized and announced within the next several weeks, contemplates: first, strengthening COMIBOL, the Bolivian national mining company; second, increasing selected taxes on mineral sales; and, third, modifying the Bolivian Mining Code. However, the Ministry of Mines emphasized that these measures would be taken with an eye toward fomenting mining development within the country and would be formulated so as to benefit from the advice of the private mining sector. Golden Eagle's VP for Bolivian Operations was asked to give the company's perspective in detail during the meeting and was assured that his input would be given due consideration in finalizing the National Plan of Development.
The company also announced that it has engineers in the field working in its B and C Zone gold deposits at Ascension de Guarayos north of Santa Cruz, Bolivia. They are carrying out tasks in the confirmation exploration process in order to advance the project toward the pilot production phase.
"We want to bring the B and C Zone gold deposits into pilot production as soon as we can. We intend to demonstrate the full production potential that we believe exists there," stated Terry C. Turner, Golden Eagle's CEO.
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 and copper 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.
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 are forward-looking statements and are based on an assumed set of economic conditions and courses of action, including: (a) Golden Eagle's ability to obtain the necessary financing on reasonable terms in light of current social and political conditions in Bolivia; (b) estimates of mineral reserves and future production levels; (c) expectations regarding estimated mine production costs taking into account higher petroleum prices, expected trends in mineral prices, and statements that describe Golden Eagle's future plans, objectives or goals; (d) 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; and (d) other risk factors and matters disclosed in Golden Eagle's Securities and Exchange Commission ("SEC") filings which may be accessed at www.sec.gov. There is a significant risk that actual material results will vary from projected results depending on such factors as changes in general economic, social and political conditions in Bolivia and financial markets; changes in gold and copper prices; 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 SEC. The mining projects in Bolivia and the Bolivia Ministry of Mines' comments regarding the to-be-prepared National Plan of Development, as described in this release, and related evaluations, or in our other disclosures, should not be construed by any means as an indication of the present or future value of the company or its common stock. Additionally, our plans with respect to the Buen Futuro gold and copper project or the Tipuani Valley gold project should not be construed by any means as an indication of whether we will ever conduct successful mining operations in connection with those projects. Golden Eagle disclaims any responsibility to update forward-looking statements made herein. |
Thread abonnieren
