Golden Eagle's Bolivian Project Surpasses Expectations

摘要

Golden Eagle International Inc., Salt Lake City, announces that its Cangalli, Bolivia, gold mine surpassed all production goals for the fourth quarter of 2002. The company doubled its plant capacity from 1,000 tons per day to 2,000 tons per day. Golden Eagle's mine also processed 92,700 tons of ore and recovered 43,847 grams, or 1,410 troy ounces of gold at a gross value of 468,120 dollars based on prevailing gold prices during the quarter, and without the allocation of costs. Gold grades recovered so far were 946 grams per cubic meter; or .473 grams per ton, up 89 percent from target grades used for project modeling, and are consistent within a relatively tight range. A highly cost-efficient conveyor system is being installed in the company's interior mine. Block-caving operations began in January, and Golden Eagle plans to suspend its more expensive open pit operations and expects to process additional ore containing material from pay streaks in its deposit that were confirmed during exploration to host significantly higher grades of gold.