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MEI Online: Plant Operation News: North America: April 20th 2004


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:: Golden Eagle Signs Letter of Intent on $4.83 Million Acquisition of the Gold Bar Mill and Plant

Golden Eagle International, Inc. has announced that has signed a Letter of Intent with Atlas Precious Metals, Inc. (Atlas) for the purchase of the Gold Bar mill and gold recovery plant located 27 miles northeast of Eureka, Nevada, USA. Golden Eagle anticipates that the Gold Bar acquisition will result in a 50% increase in Golden Eagle’s previously-announced capacity in the Buen Futuro gold circuit, improving projected recoveries to over 3,000 troy ounces of gold per month, as well as substantially increasing its previously-announced copper ore milling capacity. This acquisition will also cut by half the construction time for a gold milling and leaching operation of this size.

"This acquisition of a complete operating gold mill and CIP recovery circuit, as well as all of the needed supporting equipment, both accelerates construction time required to get into production and reduces the cost of the Buen Futuro gold-copper project" said Dr. Ronald Atwood, Golden Eagle’s metallurgical consultant, and a former officer and director.

The Gold Bar mill, containing two 1,000 hp ball mills and one 350 hp ball mill, and the full recovery plant, have a current capacity of 3,500 tpd of ore. The mill and plant contain almost 100% of the milling and recovery equipment necessary for Golden Eagle’s oxide gold circuit, and approximately 40% of the equipment for the copper circuit, to be located on the company’s Buen Futuro gold-copper project in Bolivia. Because the Buen Futuro gold oxide ore is relatively soft and broken due to the nature of the deposit and the tropical humidity, the company believes that one of the 1,000 hp ball mills alone will provide the 3,500-tpd capacity in the gold circuit, while the rest of the grinding capacity can be used in the copper circuit. The equipment package also includes truck servicing garages, office buildings, gold bullion finishing facilities, warehouses, pumps, spare parts and other needed support equipment.




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