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The International Forecaster - excerpt
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GOLD, SILVER, PLATINUM, PALLADIUM AND DIAMONDS
Nine (9) bomb blasts in Soweto, West of Johannesburg,
South Africa (roadrunner) Oct 31, 11:51
"There have been 9 bomb blasts in Soweto today
- the first one went off at about 4 this morning and the others
followed. A lot of damage has been done and one woman has
been killed and her husband injured. A mosque has been very
badly damaged and railway lines blown up, cutting railway
transport between Soweto and JHB. It appears that someone
is trying to cripple the economy. Then towards lunch time
a report came through that another bomb went off in Bronkhorstspruit
and the police are investigating whether there is a link between
the Soweto and Bronkhortspruit blasts."
Also, "This morning the R/$ exchange rate was
R10, 02, suddenly got worse after the bombings, and one of
our guys here told me that businesses are scrambling to get
deals closed before the Rand gets any worse."
GoldQuest International, a gold numismatics
company, has approached the Reserve Bank of India (RBI) for
permission to mint legal tender coins in gold for collectibles
market.
The company already mints legal tender coins
of the Kingdom of Bhutan in gold as collectibles. In India
presently no private mint is allowed to mint the legal tender
coins in gold.
The company sells only gold medallion collectibles
In India at present. It is planning to widen its range of
products including legal tender coins and watches.
The company will also lower its entry level
product range to begin with$ 530 as against the international
$800 to make it more affordable.
Richard Zinkiewicz, director finance, GoldQuest
International, said that in India, the company also wants
to create awareness about the numismatics and gold collectibles
market and is looking to lower their entry level price point.
GoldQuest has set up its headquarters in Chennai.
The Indian operations contribute under 10 per cent to the
total turnover of US $ 160 million.
As part of its vertical growth plans, GoldQuest
in India is seeking permission to set up its own private mint.
Zinkiewicz said," We are planning to expand
the business and our focus is to cross the US $ 200 million
mark. India, as a market, has immense potential and we are
going increase our focus here," he said.
Don Murphy, a technical analyst with Merrill
Lynch speaking on CNBC says, "My view is that I like gold
as an investment. I'm inclined to think that gold is making
a secular low, a buy of a generation!" He went on to say,
"To be conservative, I'm going to say $450 to $550, but my
thought is that gold could go back and challenge the levels
we saw in 1980-81 at $850 an ounce!"
Firing of gold analysts....."Midyear it was
Kevin Crisp and Dinsa Mehta of Morgan and Chase. Yesterday,
it was Goldman Sach's Dan McConvey. These three were very
well known in the gold industry and were among the leading
apologists for their corrupt bullion banks. McConvey had the
perfect background for Goldman as he came there via Barrick
Gold." Could it be that exposure is near?
Rumors abound that there is massive accounting
fraud at JP Morgan Chase and they are under investigation.
It seems the US attorney's office and the New York Attorney
General have major investigations in progress. They are in
the process of trying to prove criminal intent. The word is
their losses, which have been covered up, run to $70 billion.
It's expected the hammer will be dropped in the month of December.
It's been reported that daily shipments by truck of Federal
Reserve Gold out of NYC is covering a $170 billion fraud concealing
$70 billion in losses. If this is true, and we believe it
fits, then gold would skyrocket.
It's expected that gold imports to India could
rise by 15,000 bars a day soon from its present consumption
of 11,000 bars weekly. We are now at the peak of the festival
season.
Next year gold production is expected to be
2,350 tons and demand at a possible 6,000 tons for an estimated
shortfall of 3,650 tons. We'd say the shorts and the central
banks have a major problem. Never, ever has the future for
higher gold prices been brighter. It does not get any better
than this. Load up on gold, coins and shares and you will
be amply rewarded.
The gold dinar now circulates since 1992 in
Spain, Scotland, South Africa, and Germany. Isn't it odd that
none of the conventional gold gurus have covered this? Sometimes
we just churn in familiar waters without looking outside our
own sphere of familiarity! Lest we forget, this "gold thing"
is not purely a western phenomenon. Gold is the only universally
recognized money of the world, and our scholarly pursuits
should be in that regard.
Americans are fortunate that their Founding
Fathers and earlier colonialists gave them a precious metals
culture, rooted in sound money. The heritage is still there
just waiting to be retrieved by today's patriots.
Word from Goldman Sachs is that Sir Alan is
going to drop interest rates 1/2% next week. That makes gold
very attractive. It's cheaper to carry a margin position,
there is less incentive for central banks to sell gold, or
lease gold. The carry trade is non-existent and lower rates
mean a lower dollar. The best of all worlds for gold and disaster
for the economy and the stock market. Once interest rates
are at 1% Sir Alan will have gone a bridge too far. In December
when JP Morgan gets hit with either criminal or civil fraud
along with Citicorp, gold will go airborne.
Malaysia backs Iran proposal to set up
international gold dinar
Kuala Lumpur, Oct 24, IRNA - Prime Minister
Dr Mahathir Mohamad has agreed with Iran proposal to set up
a secretariat in Malaysia to use the gold dinar among central
banks of world Muslim countries. "Iran is keen, so we might
do this with them," he told newsmen after closing the International
Seminar on Gold Dinar in Multilateral Trades organized by
the Malaysia's Institute of Islamic Understanding (Ikim).
Dr Mahathir said he would inform the Cabinet of the proposal
and if there was agreement, Bank Negara (Central Bank) would
be informed. Earlier during a question-and-answer session,
Iranian central banker Bijan Latif had suggested that Malaysia
set up a secretariat here to provide information on the concept.
Dr Mahathir had responded that it was a good idea to have
a secretariat here to facilitate communication with central
banks of other Muslim countries to explain the concept and
examine the laws to allow the use of the gold dinar.
In the session, Ikim chairman Ahmad Sarji Abdul
Hamid outlined some of the proposals and issues that needed
to be examined before implementation. He said there was an
existing prohibition by the International Monetary Fund (IMF)
on the use of gold as a medium of payment and the proposed
gold dinar would be a potential violation of the rule. He
said there was also a need to study the effects of using a
dual currency system tool and whether this would impede the
growth of the gold dinar.
Dr Mahathir later told the press conference
these were problems that should be looked at and resolved.
He said potential countries to use the dinar for trading were
Muslim countries with a stable economy.
In his speech, he said countries should not
be too ambitious in launching the gold dinar for multilateral
trade at one go, suggesting instead they start by pairing
off two countries.
He believed anarchy in the international financial
regime would remain because it benefited the rich and powerful
and to "protect ourselves, we must evolve our own payment
system, our own trading currency."
He said the gold dinar could be the currency
for trade between nations and if all trade items were valued
against gold, then there would be no problem with exchange
rate.
Dr Mahathir said while the gold price could
also be manipulated, this was not as easily done as the US
dollar or other currencies.
"No one can sell gold at below market price
because he just will not be able to deliver when called upon
to do so. Short selling will be very difficult, if not impossible,"
he said.
Gold sold under Washington deal at 60% of
total
Marking the third anniversary of the Washington
Agreement on Gold (WAG), the World Gold Council (WGC) reports
that total sales under the agreement so far (from October
1999 to September 2002) amounted to 60% of the 2000 t scheduled
for its five-year term. This figure translates into 1 197
t sold, with Switzerland having sold 603 t, the UK 345 t,
Netherlands 136 t, Austria 90 t and Germany 23 t. Considering
that Germany's gold sales resulted solely from the demand
for gold for the minting of commemorative coins, its reported
sale of 23 t seems high, yet the WGC says it reflects the
strong demand for the special D-mark coins as the national
currency was replaced by the euro.
Swiss gold sales under WAG reflect 283 t sold
in the third year, 200 t in the second and 120 in the first
year. The total of 603 t sold raised just over $6,1-billion.
The Swiss National Bank announced plans to sell a further
283 t in the fourth year of the agreement.
This plan would leave the Netherlands, the only
other major seller with gold to dispose under WAG, with a
possible 117 t to sell in year four.
It is predicted that the remaining 803 t of
gold, under the agreement, will be sold by Switzerland and
the Netherlands, with 639 t and 164 t respectively, between
October 2002 and September 2004.
BEIJING, Oct 28, 2002 (SinoCast via COMTEX)
-- During the second trial operation session of Shanghai gold
Exchange on October 22, the Shanghai Branch of Industrial
and Commercial Bank of China (ICBC) purchased 3 kilogram of
AU 99.95 gold with RMB 250,500. The price was RMB 83.50 per
gram. It is said that this is the first time a Chinese commercial
bank participating in the gold market. And it starts the gold
spot transaction business of commercial banks in China.
JEDDAH, 31 October - The demand for gold in
the Kingdom is expected to increase by more than 20 percent
during the last quarter of this year, market analysts said.
They attributed the increase to a growing trend to invest
in gold amid fears of an imminent US attack on Iraq. Osama
Al-Wazir, director of World Gold Council for the Gulf countries,
said he expected increase in gold sales over the coming months
as a result of new developments in the region. Muhammad ibn
Saeed of Al-Amoudi Currency Exchange Center said there was
big demand for gold coins and biscuits in recent months as
many people, especially expatriates, wanted to preserve their
money in the form of gold as a safe investment. The WGC reported
recently that there was a 16 percent increase in gold sales
in the Kingdom and other Gulf states during the first half
of this year.
*******
"We have mentioned the Prudent Bear Fund numerous
times over the last two years as an excellent way to play
the market in these unusual and confusing times. Unusual inasmuch
as deep recession/depression have not been as frequent in
this past century as they were in previous centuries. Confusing
because of the mammoth propaganda machine operated by GE,
CNBC, Wall Street and government. You seldom get the truth
and that is confusing. We believe this is the perfect time
to purchase the Prudent Bear Fund and the Safe Harbor Fund.
The market has just experienced a strong 30% bear market rally
and precious metals stocks seem poised to go higher. The Prudent
Bear Fund shorts the market and goes long precious metal stocks.
As the market falls and gold and silver move higher those
shares will also move higher. It is a perfect and simple way
to invest during these troubling times for those who don't
have the experience and fortitude to pick individual stocks.
The Prudent Safe Harbor Fund (PSAFX), which invests in high
quality debt instruments, denominated in currencies other
than the dollar, gives you an exceptional alternative to a
falling dollar. You may purchase these funds though Rich Radez
at 800-285-1700."
*******
DESERT SUN MINING CORP. (TSX.V:DSM)
October 24, 2002
DESERT SUN UPDATE ON PHASE 1 DRILLING PROGRAM
AT JACOBINA
DESERT SUN MINING CORP. (TSX.V:DSM) is pleased
to provide an update on the status of the Phase 1 drilling
program at Jacobina. Further to Desert Sun's last communication,
cost savings have enabled the Company to expand its drilling
program from 2,000 metres to 2,800 metres and include a third
drilling rig. The objective of the Phase 1 program is to further
understand the geology and mineralization of the Jacobina
property, which extends for 62 kilometres. Eight areas are
being targeted for drilling; three around the existing mines
and five areas in extensions of the favourable stratigraphy.
There has been only limited exploration on the Jacobina property
since pre-production in 1982 and most of that exploration
has been focused at the existing mines.
The first hole, CAN-14, at the Canavieiras Mine
(see map at bottom) was collared 50m south of previous hole
CAN-13 drilled in 1997 which intersected 7.07 grams gold per
tonne over 24.0m (true width) about 50m below the old mine
workings. CAN-14, which was completed to a depth of 393m,
intersected a 176m long section (true width of approximately
100m) of favourable conglomerate stratigraphy from 183m to
359m. Previous drill holes were too short to test this complete
package. Assays for CAN-14 are pending. Hole CAN-15 on the
same section but drilled at a steeper angle is expected to
total 275m in length. A third hole is planned to test targets
in conglomerate reefs above the old mine workings. The entire
stratigraphic package hosting favourable conglomerate beds
at Canavieiras is estimated to be over 300m thick.
A second target area at Rio Coxo, located 12
km north-northeast of the mine plant, has seen one hole completed
and a second hole is currently under way. Garimpeiros (free
miners) are currently working at Rio Coxo in an area about
300m long using short adits and a decline. Assays on the first
hole are pending.
The Phase 1 drilling program, which will comprise
at least 18 drill holes, is expected to be completed by mid-December.
Desert Sun's focus is centered on the Jacobina
mine in the State of Bahia, Brazil. As one of the largest
gold resources in that country, Jacobina is well-positioned
as both an exploration and future development project. The
property currently has a total mineral resource of 3.6 million
ounces of which total proven and probable mineral reserves
are 964,132 ounces, as estimated by Jacobina Mineração Comércio
Ltda. and reviewed in May 1998 by Micon International Limited
(using the classification system of the Canadian Institute
of Mining, Metallurgy and Petroleum).
The 3.6 million ounce mineral resource is located
on only 15 percent of the 62 kilometre long property in the
Serra do Córrego Formation, a geologically world-famous quartz
pebble conglomerate bed. There is a 1 million tonne a year
capacity mill at the mine.
Desert Sun Mining issued on October 15, 2002,
300,000 options to purchase common shares of the Corporation
granted to consultants to the Corporation, at an exercise
price of C$0.55 per share expiring on October 15,2004.
The stock option grants are subject to regulatory
approval.
Desert Sun Mining Corp. is a Canadian gold exploration
and development company listed on the Toronto Venture Exchange.
(www.desertsunmining.com).
October 22, 2002
THE BENEVOLENT RULER
By Hugo Salinas Price
Mencius (or Meng Tze as he is known in China)
was a Chinese philosopher who lived in the IV Century B.C.
His master was a grandson of Confucius.
Mencius believed in the fundamental goodness
of human beings. He gave as an example of that latent goodness,
the case of a toddler who wanders close to a deep hole. "There
is no one," said Mencius, "who will not be quick to remove
that child from danger and put him in a safe place. This is
a demonstration of the natural goodness of the human being."Mencius
stressed the importance of furthering benevolence among humans.
He said: "Let us imagine a mountain covered with a dense forest.
In the quiet forest live all sorts of animals. Crystal clear
brooks flow down the mountainside. For the villagers at the
foot of the mountain, it is a delight to visit the mountain.
If they begin felling trees and go on to deforest the mountain,
it will become a harsh, dusty and bare rock; the bare mountain
is the image of a society from which benevolence is absent."
Mencius stressed the importance of furthering
benevolence among humans. He said: "Let us imagine a mountain
covered with a dense forest. In the quiet forest live all
sorts of animals. Crystal clear brooks flow down the mountainside.
For the villagers at the foot of the mountain, it is a delight
to visit the mountain. If they begin felling trees and go
on to deforest the mountain, it will become a harsh, dusty
and bare rock; the bare mountain is the image of a society
from which benevolence is absent."
The plan to introduce silver by degrees into
circulation in our country, Mexico, is a plan that puts the
benevolence of our rulers to the test.
When the governed enjoy a silver currency, they
have tranquility and peace guaranteed by the possession of
money of enduring value. Each has his own future in his hands,
as a result of the permanent value of silver: the center of
gravity of each is within himself; neither the individual,
nor the country itself, is alienated from its center of gravity.
The silver coin is a reality, not an abstraction
like paper (fiduciary) money that is irredeemable in metal,
be it silver or gold. Mental illness is the failure of the
mind to relate coherently to reality. When the money that
a nation uses is nothing more than an abstraction, psychic
illness spreads, the population loses its bearings and disorder
prevails in all aspects of life. In a word: society becomes
alienated.
The ideas that seduce mankind today are not
benevolent. Real money of silver or gold is rejected because
it implies benevolence on the part of the rulers, and today's
ideas are not benevolent, they are malevolent - "evil wishing".
The governed are not to be offered "tranquility and peace";
rather they are offered fraud and pillage. The attitude that
prevails today amongst rulers and the intellectuals that cater
to them is that the governed are to be administered, in order
to improve them. We are not accepted such as we are, rather
there is a desire to see us made differently, to put us into
a mold that they, the rulers, consider better.
All of us are aware of divorces, ever increasing
in number. What is the reason for so many divorces? The reason
is that couples do not want to accept each other as they are;
each wants the other to be different and better than he is.
There is a lack of benevolence, tolerance and forgiveness.
The constitutions of nations do not explicitly
state this desire to improve the governed. Indeed, so far
was this desire from the mind of the great Thomas Jefferson,
that he coined those words in the Declaration of Independence,
"that among these Rights, are Life, Liberty and the pursuit
of Happiness." However, today, the desire to improve the governed
underlies all policy, and it is malevolent.
An example of benevolence: a great king of Thailand,
who was deeply loved by his people and whose memory is cherished
even today among the Thai people, founded the city of Bangkok.
His first decree was as follows: "First, I decree that all
Thai people shall be happy, and Second, I decree that in Thailand
there shall be no other money except gold coin." What a simple
thing is true greatness! (By the way, Thailand is the only
country in Southeast Asia that was not colonized by Europeans)
Let us contrast this with the experience of
the country neighboring Thailand, Cambodia, where the communists
came to power possessed by the idea of radically changing
everything. Their boss applied a program of "return to point
zero", that is to say, the uprooting and destruction of absolutely
everything to do with the history, culture, economy and ideas
of the Cambodians, in order to build upon a "clean slate"
that perfect society, the pure uncontaminated Communist State.
We all know of the monstrous killings carried out on Pol Pot's
orders, but perhaps we do not realize that he thought that
by killing he was working to improve the Cambodians.
In order to place silver into circulation, little
by little, we require first of all benevolence on the part
of our rulers. They must love Mexico, and not harbor the wish
to make of Mexicans what we are not and cannot be, nor desire
to reduce us to the level of cattle, simple units subject
to public administration, to total fiscal control, to massive
indebtedness, to "globalization", to junk currency. Unfortunately,
to govern, today means everything but to love Mexicans as
they are and want to be. The result: an increasing divorce
between rulers and governed.
We quote historian Jacob Burckhardt: "It is
good to realize the irresistible might with which evil at
times spreads over the world." ("Force and Freedom")
*******
The resurgence in the mining industry
in Ghana since 1989 cannot be considered an isolated phenomenon.
It is driven by the global paradigm, which emphasizes private
sector-led development as the engine of economic recovery
in developing countries. This is indeed the thrust of the
structural adjustment programmes (SAP) prescribed for such
developing countries by the World Bank and allied institutions
since the early 1980s. In these economic programmes, African
countries with important mining sectors were obliged to shift
their policy emphasis towards a primary objective of maximising
tax revenue from mining over the long term (which remains
largely a mirage), rather than pursuing other economic or
political objectives such as control of resources or enhancement
of employment. According to the World Bank, this primary objective
could only be achieved by a new division of labour whereby
governments focus on industry regulation and promotion while
private companies take the lead in operating, managing and
owning mineral enterprises.1 Many of the 16 countries identified
by the Bank to be given priority for exploration and private
mining investment were from sub-Saharan Africa, obviously
because the region is an important supplier of a variety of
minerals to the world. It accounts for about 8 % of world
mine production. It holds more than 10 % market share in six
minerals -- bauxite, cobalt, manganese, rutile and uranium
-- and a 37 % share of world diamond production.
By the close of 1999, nearly all
African countries, some of them without known mineral resources,
had either modified their minerals codes or introduced them
where they did not exist before. Ghana, long regarded as the
African trailblazer, was an obvious laboratory for these reforms.
After all, a comparative geological ranking of African countries
placed Ghana third after South Africa and Zimbabwe2. Ghana
was, therefore, among the first sub-Saharan countries to embark
on these prescribed reforms and its mining sector received
priority attention in the country's Economic Recovery Programme
launched in 1983. Between 1984 and 1995, there were significant
institutional development and policy changes to reflect the
new paradigm, from the establishment of the Minerals Commission
in 1984 and the promulgation of the Minerals and Mining Code
in 1986 to the promulgation of the Small-Scale Mining Law
in 1989 and the establishment of the Environmental Protection
Agency in 1994. The historical importance of mining in the
economic development of Ghana is considerable and well documented,
with the country's colonial name -- Gold Coast -- reflecting
the importance of the mining sector. Gold dominates the mining
sector and 1 THE WORLD BANK. 1992, Strategy for African Mining.
Ghana is Africa's second most important
producer of gold after South Africa, the third largest producer
of manganese and aluminium and a significant producer of bauxite
and diamonds3. In addition, inventories of iron, limestone,
kaolin, salt and other industrial mineral resources exist
but are not exploited on a large scale. From the inception
of Ghana's economic policy changes in 1983 to date, the mining
sector has witnessed a considerable investment boom and increased
production, particularly in the gold sector. There has been
considerable growth in the number of new mines and exploration
companies. The sector has also attracted a significant number
of sector support companies such as catering and transport
companies, explosive manufacturers, mineral assay laboratories,
etc. The sector has increased its contribution to gross foreign
exchange earnings and appears to have attracted substantial
foreign direct investment funds over the years.
*******
St Jude Resources Ltd.
SJD - Toronto Venture Exchange
High/ Low: C$0.17 - 0.81
Shares Outstanding: 17.8 million
Recent Price: C$0.60 - 0.70
Float: 12 million
St. Jude is primarily focused on the exploration
and development of mineable gold deposits. Its two adjoining
concessions are well located on the historic Gold Coast in
Ghana, West Africa, an area where gold mining dates back as
far as the 14th century. The Company's two exceptional high-grade
gold projects called Hwini Butre and South Benso straddle
over 35 kilometers of one of the richest gold belts in the
world. This prolific geological belt called Ashanti is host
to several multi million-ounce gold deposits including the
40 million ounce Obousi mine. St Jude's management team believes
that these concessions contain one of the highest-grade gold
deposits currently being developed in West Africa.
Hwini Butre
St. Jude has spent over $12 million dollars exploring
and developing the Hwini Butre concession to date. This intensive
and ongoing exploration includes over 30,000 meters of drilling,
16 kilometers of trenching, 1,300 sample pits to 4-5 meters
and over 17,000 geochem samples. Recently the Company engaged
one of the worlds leading mining engineering firms to perform
an initial independent resource calculation on the southern
deposits at Hwini Butre. Following the strict provisions of
National policy 43-101, Watts, Griffis & McOuat (WGM) blocked
out 936,000 oz. of gold (562,000 oz indicated, 374,000 oz
inferred). WGM's recommended infill drilling announced March
27th, 2002 was highly successful and included several high
grade intersections including 12 meters of 32.08 g/t gold
and 14 meters of 49.98 g/t gold. These excellent results will
no doubt increase the overall value of the project.
South Benso
St. Jude is concurrently exploring its concession immediately
to the North and adjoining Hwini Butre called South Benso.
The Company has spent over $2 million to date on the ongoing
exploration at South Benso, which includes over 6,000 meters
of drilling as well as extensive trenching and pitting. While
recently drilling the Subriso West and East gold deposits
at South Benso the Company discovered a new deposit called
Subriso Central. The discovery hole for Subriso Central averaged
10.02 g/t gold over 15 meters. This hole was drilled as a
follow-up to an earlier intersection in the footwall of Subriso
West, which returned 10.83 g/t gold over 5 meters. Follow
up drilling at Subriso Central has been extremely successful
and has included several more high grade intersections including
12 meters of 78.71 g/t gold (2.3 ounces per ton gold over
39 feet). Given the success of the ongoing drill program the
Company is confident that a significant and mineable resource
is contained within the Subriso deposits. It should be noted
that the initial resource estimate published on the company's
Hwini-Butre project was based solely on previous drilling
from the southern deposits and does not in any way include
drill results from the company's South Benso-Subriso deposits.
The company is hoping to be in a position to provide an initial
resource estimate from the South Benso-Subriso area once the
next phase of drilling has been completed.
Tremendous Blue Sky
The Southern deposits and the Subriso deposits are not closed
off at depth so there remains significant potential for the
deposits to extend much deeper. Between the Southern deposits
at Hwini Butre and the Subriso deposits at South Benso there
are also several well-defined exploration targets that will
be tested in the near future. For example at the Breminsu
target, trenching returned 17 meters of 2.9 g/t as well as
chip samples of 688 g/t and 277 g/t. This considerably increases
the Company's potential to upgrade the overall gold resource
at both projects.
Strategic Mining Advantages
The Hwini Butre and South Benso concessions are amenable to
low cost open pit mining techniques due to the fact the deposits
start at surface and are high grade. Excellent infrastructure
advantages such as railroad, power and roads crossing directly
through the concessions will further reduce costs. Most importantly
the project is only a 20-minute drive from Takoradi, Ghana's
3rd largest city and a major seaport for the region. This
will save the Company from having to build a very expensive
mining camp and extensive employee housing as well all large
equipment can be easily shipped to the site. Furthermore recruiting
experienced expat personal such as mining engineers will be
much easier as they will not have to live in a remote isolated
camp. This combined with the high-grade deposits gives St.
Jude significant potential to be a low cost producer even
at much lower gold prices.
Management
St. Jude's founder, President and largest shareholder, Mr.
Michael Terrell is a second-generation miner with over 22
years experience in mineral exploration. Mr. Terrell has built
an exceptional team with a proven track record. George Flach
St Jude's VP of Exploration has over 18 years experience as
a geologist, 16 of those years in Ghana. He leads one of the
most successful and experienced mineral exploration teams
in Ghana, having discovered numerous gold deposits, which
have been mined by Golden Star Resources Ltd., Ashanti Goldfields
Company Ltd., Goldfields of South Africa, and Resolute Mining
Limited of Australia. Todd McMurray St Jude's VP of Corporate
Development has over 14 years experience working with public
companies, including 10 years in junior mining. He has helped
raise in excess of $60 million for private and public companies.
Investor Relations
With an independent resource estimate now in hand as
well as improved market conditions, the company has recently
committed to an investor relations program. They have just
launched a new information website www.stjudegold.com
that includes their Company presentation and project details
including the independent resource report and a 3D model of
one of the deposits. Additionally they are planning extensive
road shows in Europe, Canada and the USA. They have just attended
the New York Institutional Gold Conference, as well they will
be in Calgary October 5 and 6th for the Calgary Investment
Conference.
Contact St. Jude
For complete information on St. Jude visit their website at
www.stjudegold.com
or contact; Todd McMurray, VP Corporate Development St. Jude
Resources Ltd.
Tel: 1 604 940 6565
Fax: 1 604 940 6566
Email: toddm@stjudegold.com
St. Jude Resources Ltd. (SJD: TSX.V)
Vancouver, October 28, 2002,
St. Jude Resources Ltd. (SJD: TSX.V) is pleased
to announce that the company's fall drill program is commencing
this week. The purpose of this drill program is to trace the
strike and down dip extension of the zones of higher grade
mineralization at the Subriso and Hwini-Butre deposits on
the company's two Ghanaian projects. Particular attention
will be given to the more recently discovered Subriso Central
zone, which has returned exceptionally high grades over excellent
widths, including 12 meters of 78.71 g/t au, as previously
announced.
St. Jude has completed over 16,000 meters of
trenching and over 35,000 meters of drilling on these two
adjacent concessions. At the southern targets on the Hwini-Butre
concession, an independent consulting firm has calculated
a preliminary resource of 936,000 ounces of gold (indicated
562,000 - inferred 374,000). Approximately 25 km to the north
at the Subriso deposits, the company has completed over 100
drill holes, which have consistently intersected significant
gold grades across excellent mining widths. It is anticipated
that this drill program will assist the company in establishing
the magnitude of the gold resource at the northern concession.
Furthermore, as the drill program progresses, the company
plans to continue exploration at several advanced targets
along the 35 km gold trend within its two concessions. These
include the Amantin, Abada, Breminsu and Seikrom prospects.
St. Jude's highly experienced exploration team
is one of the most successful mineral exploration teams in
Ghana, having discovered numerous gold deposits, which have
been mined by Golden Star, Ashanti Goldfields, Gold Fields
of South Africa, and Resolute Mining of Australia.
The company is committed to the development
of our two advanced gold projects and to the acquisition and
exploration of other high quality gold projects in West Africa.
For more information on St. Jude and its projects, interested
parties are invited to visit the company's website at www.stjudegold.com.
ST. JUDE RESOURCES LTD.
MICHAEL A. TERRELL, President
SAINT PRAYERS ANSWERED -
From: the Prospector, Nov/Dec 2002 St. Jude Resources (SJC:TSX-V)
recently released what is says are additional encouraging
gold results from Subriso East, West and Central deposits
on the South Benso concession it joint ventures with Fairstar
Explorations (FFR:TSX) in Ghana. Highs reportedly included
15.0 m of 5.04 g/t and 15.0 m of 4.32 g/t at Subriso East,
20.0 m of 4.28 g/t and 8.0 m of 9.69 g/t at Subriso West,
and 16.9 m of 2.51 g/t at the Central deposit. This company's
work in West Africa has garnered sufficient market attention
to take its shares on a northward trend for most of this year
St. Jude started the year at around $0.20, just off its 53-week
low of $0.17, but hit a peak of $0.80 in October. Shares are
likely to increase in a strengthened gold market as the company
prepares for additional drilling and an updated estimate for
its nearby Hwini-Butre resource.
*Agnico-Eagle Mines Limited (ticker: AEM,
exchange: New York Stock Exchange)
News Release - 10/31/2002
Agnico-Eagle prices US$167 million offering
of common shares and warrants
Stock Symbols: AEM (NYSE) AGE (TSE)
Agnico-Eagle Mines Limited ("Agnico-Eagle")
today announced that it has entered into an underwriting agreement
in connection with its previously announced public offering
of units in Canada and the United States pursuant to a preliminary
short form prospectus and registration statement filed yesterday.
The underwriters have agreed to purchase 12 million units
at a price of US$13.90 per unit. Each unit will consist of
one common share and one half of a common share purchase warrant
of Agnico-Eagle. Each whole warrant will entitle the holder
to purchase one common share at a price of US$19 per share
at any time during the five year term of the warrant. The
joint-lead managers and joint-bookrunners of the underwriting
syndicate are TD Securities Inc. and Merrill Lynch & Co.
Co-managers are Scotia Capital Inc., Yorkton
Securities Inc., CIBC World Markets Inc., Salomon Smith Barney
Canada Inc., Dundee Securities Corporation and Sprott Securities
Inc. The gross proceeds to the company, before underwriting
commissions and expenses, are expected to be US$167 million.
The underwriters have an option to purchase up to 1.8 million
additional units to cover over-allotments for a period of
30 days after the date of the final prospectus. The net proceeds
of the offering will be used to fund future potential acquisitions,
capital expenditures and other general corporate purposes.
Agnico-Eagle is an established Canadian gold
producer with operations located principally in northwestern
Quebec and exploration and development activities in Canada
and the southwestern United States. Agnico-Eagle's operating
history includes three decades of continuous gold production,
primarily from underground mining operations. Current proven
and probable reserves stand at 3.3 million contained ounces,
with an additional 5.2 million ounces in the mineral resource
category at LaRonde.
A final prospectus relating to the units has
not yet been filed in Canada and the registration statement
relating to the units filed with the United States Securities
and Exchange Commission has not yet become effective. The
units may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any
sale of these units in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Copies of the preliminary short form prospectus
may be obtained from Merrill Lynch & Co., 250 Vesey Street,
New York, NY, 10281, Attention: Syndication or TD Securities
Inc., 66 Wellington Street West, 7th Floor, Toronto, Ontario,
M5K 1A2, Attention: Equity Capital Markets.
This press release contains certain "forward-looking
statements" (within the meaning of the United States Private
Securities Litigation Reform Act of 1995) that involve a number
of risks and uncertainties. There can be no assurance that
such statements will prove to be accurate; actual results
and future events could differ materially from those anticipated
in such statements. Risks and uncertainties are disclosed
under the heading "Risk Factors" in the Company's Annual Information
Form (AIF) filed with Canadian securities regulators (including
the Ontario and Quebec Securities Commissions) and with the
United States Securities and Exchange Commission (on Form
20-F). SOURCE Agnico-Eagle Mines Limited
CONTACT:
Sean Boyd, President and CEO, (416) 847-3706;
David Garofalo, VP Finance and CFO, (416) 847-3708
CRYSTALLEX INTERNATIONAL CORPORATION
Suite 301, 579 Richmond Street West, Toronto,
Ontario M5V 1Y6
Tel: 800-738-1577
www.crystallex.com
Crystallex International Corp.
KRY - TSX, AMEX
High/ Low: US$ 2.56 / 0.81
Shares Outstanding: Approximately 90 million
Recent Price: US$ 1.74
Float: Approximately 89 million
Crystallex is a Canadian-based gold producer
with operations and exploration properties in Uruguay and
Venezuela. Since 1996, when a new management team and Board
of Directors were put together, Crystallex has been focused
on strategic growth in South America. Recent expansion plans
and anticipated increases in production will place Crystallex
firmly in the ranks of intermediate producers. Crystallex
shares are traded on the Toronto Stock Exchange and the American
Stock Exchange under the symbol KRY, and are part of the S&P/TSX
Composite Index. The S&P/TSX Composite is the most widely
followed benchmark index in Canada. Inclusion is based on
trading activity, liquidity and market capitalization. Metals
and minerals make up about 10 per cent of the index.
In September 2002, Crystallex signed definitive
agreements for and took possession of the Las Cristinas properties
in Venezuela, one of the largest gold deposits in Latin America
and the world. Crystallex is currently reviewing all drill
data and previous studies, and has begun to finalize development
plans for the properties. The Company paid the Venezuelan
Corporacion Venezolana de Guyana (CVG), $15 million as specified
in the Agreement for use of the data. Once the size of the
Cristinas deposit is independently assessed and development
has begun complementing its existing projects, it is anticipated
that Crystallex could become one of the larger intermediate
mining companies.
Under the terms of the agreements the Company
signed with the CVG, Crystallex will control 100% of the reserves
and resources and all production and proceeds are for the
account of Crystallex. The Ministry of Energy and Mines will
receive a fixed 3% royalty and the CVG will receive a royalty
pegged to the price of gold. Up to a price of US$280, the
CVG royalty will be 1%. From US$280 to US$350, the royalty
will be 1.5%. From US$350 to US$400, the royalty will be 2%
and above US$400, the royalty will be 3%.
The agreement has an initial term of 20 years
with two renewals each for a 10-year period. Crystallex has
the exclusive use of National assets related to the project
including digitized drill data, drill cores and the existing
studies in the possession of the CVG. The Company also has
access to the new hydroelectric substation located near the
site. It's important to note, the Mining Agreement issued
by CVG to Crystallex is not subject to any discretionary termination
clauses. The termination procedures set forth in the contract
are very strict and specific based only upon legal or contractual
default, similar in nature and process to those provided for
in oil industry contracts, mining concession titles and, in
general, in all basic industry contracts in Venezuela.
In 1996, Crystallex was basically an exploration
company with one small operating mine, Albino 1, containing
high-grade reserves in Venezuela's Kilometre 88 gold district.
That year, their revenue was a little more than C$2 million
from production of approximately 4,600 ounces of gold. In
1998, combining internally generated cash with some well-structured
project financing; the Company acquired Minera San Gregorio
in Uruguay. This was a $69 million asset that was purchased
for a total of $29 million. In addition to increasing their
reserves by nearly eight million tonnes grading 1.8 grams
per tonne, their revenue expanded to C$8.6 million and annualized
gold production was approximately 70,000 ounces by the end
of that year. Since then, Crystallex has made several more
important acquisitions, which have enabled Crystallex to grow
by nearly every meaningful measure.
Many of you may be familiar with the names of
the previous owners Crystallex acquired, the Tomi mine and
Revemin mill from Bolivar Goldfields in 2000, and they also
acquired control of the Lo Increible project from Bema Gold
and El Callao Mining Corp. in 2001.
All that activity has brought Crystallex to
where it is today. At the end of 2001, their five-year compound
annual growth rate for revenue was more than 87 percent; for
gold production, 89 percent, and; for shareholders' equity,
nearly 30 percent.
Although each of those properties were acquired
at a cost well below their asset value, each possessed potential
that may not have been readily apparent to most observers
when the acquisitions were made, perhaps not even to the previous
owners. Crystallex is beginning to realize this potential
in increased gold reserves and economies of scale.
San Gregorio mine in Uruguay:
- Pre-acquisition cash operating cost at US$281 per
ounce too high in relation to the price of gold at the time
to generate any appreciable cash flow.
- Today, improved efficiency of the mine and mill has
increased the recovery rate to above 93 percent, and reduced
the cash cost of production to the low US$200's. Since the
acquisition San Gregorio has been a strong net cash generator.
- Current annual gold production at San Gregorio is
60 to 70 thousand ounces and its probable reserves at the
beginning of 2002 were 4.99 million tonnes grading 1.50 grams
per tonne or 240,000 contained ounces.
A greater potential exists in Crystallex's Venezuelan
acquisitions:
-· Data from a recent drilling program has increased
La Victoria's probable reserve calculation from 2.8 million
tonnes to 4.3 million tonnes grading three grams per tonne
with a cutoff grade of 1.5 grams per tonne and a gold price
of US$300.
- Resources at La Victoria increased from approximately
five million tonnes to nearly five and a half million tonnes
with a grade of 3.14 grams per tonne.
- April 2001, Crystallex began phase one of mining at
La Victoria and by the end of the year had produced 24,561
ounces of gold.
- During the first quarter of this year, production
at La Victoria was curtailed due to a delay in obtaining a
blasting permit
- A flat pit floor has been established in the Victoria
pit and normal mining operations have resumed.
Tomi mine:
· MDA and Associates, of Reno, Nevada estimated
using a US$265 per ounce gold price, underground reserves
at 163,000 tonnes averaging 14.5 grams per tonne at a 5 gram
per tonne cutoff.
· total capital expenditures for the development of the Tomi
underground mine project were estimated to be US$6 million
and the average cash cost of underground production should
be approximately US$144 per ounce using the drift and fill
mining method.
· Crystallex began the development of the new underground
mine in mid 2002 and is already processing through its Revemin
mill the first developmental ore grading between 5 and 7 grams
per tonne.
Albino mine:
· MDA's feasibility study for underground mining
at Albino concluded that the Conductora portion of the Albino
deposit contains 82,000 tonnes of proven underground reserves
grading 14.8 grams per tonne and 96,830 tonnes of probable
reserves grading 14.7 grams per tonne. These reserves were
calculated using a gold price of US$270 per ounce and a cutoff
grade of 8.0 grams per tonne. These mineable reserves are
included in a global measured and indicated resource of 3.3
million tonnes grading better than 4 grams per tonne.
· Crystallex anticipates launching the development activities
for this new underground mine in 2003
When you combine the operations of Albino and
the Tomi underground mines, the real value of these concessions
becomes apparent. Combined, the two operations are expected
to yield an internal rate of return of 84% at US$300 gold.
The "Hub & Spoke" Strategy:
Imagine the Revemin mill as the hub of a wheel that circumscribes
the three gold regions and Crystallex's Venezuelan concessions
as the spokes. They have their Tomi Mine and Lo Increible
in the El Callao district, Santa Elena in the El Dorado region
and Albino, Carabobo and now Las Cristinas in Kilometre 88.
All of these regions are within trucking distance of the Revemin
mill. Except for Las Cristinas, which will be a mega stand-alone
project, they do not need to build separate facilities to
process material from these concessions. They can economically
truck it to Revemin for processing with much greater efficiency,
resulting in a lower cost per ounce of gold recovered.
The Revemin mill is an important element in
Crystallex's strategy to increase their cash flows by efficiently
employing their resources in Venezuela. The mill is currently
processing material from the Tomi mine and La Victoria, as
well as material from other concessions in the area. It is
now receiving higher-grade material from the new Tomi underground
operation and later from the Albino underground mine once
operational. Traversing these Venezuelan gold regions are
roads that can easily accommodate the size of vehicle required
for such an operation. In addition, the general infrastructure
is good, also providing hospitals, schools, churches and other
amenities that are more than adequate to support Crystallex's
operations.
In summary, the Government of Venezuela has
conclusively resolved the Cristinas operating issues in favour
of Crystallex. The Company's share price still reflects the
original uncertainty. Crystallex now offers investors an excellent
opportunity to own a stake in a mining business with a respectable
track record and tremendous growth opportunities.
CUSAC GOLD MINES LTD.
October 30, 2002
TSX: CQC - OTCBB: CUSIF
Prominent US Fund Closes $525,000 Private
Placement Production Planning Underway
Guilford H. Brett, CEO, (TSX: CQC, OTCBB: CUSIF),
reports that the Company has completed the previously announced
private placement of 1.5 million units at $0.35 per share
with The Prudent Bear Fund of Dallas Texas, generating proceeds
of $525,000. The US$340 million Prudent Bear Funds are managed
by David Tice, one of America's most prominent bear market
strategists, who was recently quoted in Fortune Magazine,
Business Week, and other mass media. The proceeds of the placement
will be added to working capital, used to continue drilling
of Cusac's 100% owned and operated Table Mountain Gold Mine
near Cassiar, BC, and to fund production planning regarding
the newly defined East Bain Vein ore structure.
"I am thrilled that an astute investor like
David Tice has placed confidence in Cusac's ability to deliver
value to it's shareholders," said Cusac CEO Guilford Brett.
"Strong investor confidence like this will help Cusac reopen
its historically prolific gold producer located right here
in British Columbia."
Cusac management is now commencing production
and financing plans aimed at reopening the Table Mountain
Mine based on high-grade reserves outlined on the Bain Vein
structure. Based on previously announced tonnage and grade
calculations, Cusac management believes the newly defined
ore structure can be effectively mined from the existing Bain
Vein decline in a very cost effective manner and at a good
profit. The mine infrastructure has been under care and maintenance
for several years and has been well maintained. Detailed feasibility
investigation and further funding is required prior to making
a final production decision.
CUSAC GOLD MINES LTD.
For more information contact:
Investor relations at 1-800-670-6570 Canada,
1-800-665-5101 United States or
Visit our website at: www.cusac.com
GUILFORD H. BRETT DIRECTOR, PRESIDENT & CEO The TSX Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
Candente Resource Corp.
Re: News Release - Wednesday, October 30, 2002 Candente Expands
Gold Target in Northern Peru
Candente Resource Corp. ("Candente") (DNT: TSX
Venture:) is very pleased to announce the Company was the
successful bidder in an auction for a high sulphidation gold
target in Northern Peru. Candente and Barrick Gold were the
only participants in the auction having applied for overlapping
areas on the same day September 2nd, 2002.
The target is located halfway between the Yanacocha
and Pierina Mines, 36 km south-southeast of the Alto Chicama
property, where Barrick Gold recently announced a new discovery
in excess of 7 million ounces of gold. Gold grades of up to
1 to 3 grams per tonne occur in vuggy silica breccia and alunite
fragments over an area one kilometre long and 150 metres wide
in the new target area, the Toril Zone. The Toril breccia
material is very similar to the host rocks of the Pierina
and Yanacocha Mines in Peru. The presence of the breccia indicates
the potential for a buried body of gold mineralization.
In addition to the gold bearing vuggy silica
breccia, anomalous gold, mercury and other elements typical
of high sulphidation environments occur in soils over an area
1.4 km (0.84 miles) by 1.65 km (1 mile). The hosts rocks are
the same Tertiary Calipuy volcaniclastic rocks that host the
major low cost ($40 to $120 per ounce) gold mines in Peru.
The Toril Zone is subject to Candente's Option
to Purchase Agreement with Hecla Mining on the Alto Dorado
Property. The Toril Zone was originally held and explored
as part the Alto Dorado Property by Hecla and is within an
area of mutual interest. Candente has the right t earn 100%
interest subject to a 2.5% NSR with a buyout of 1.5% of Hecla's
NSR for US$1.5 million. Candente's obligations are: to pay
annual vigencia fees of US$10,000, fund and carry out applications
for all exploration permits and to share any future third
party option/joint venture payments received by Candente as
to 25% to Hecla in the first year, 20% in the second, 15%
in the third and 10% in the fourth. All payments will be applied
t the NSR buyout. Hecla's exploration on the property included
extensive mapping, geochemical sampling, trenching, road building
and limited diamond drilling. Expenditures by Hecla were in
excess of US$500,000. All of the data has been delivered to
Candente.
The Toril Zone was part of the area under auction
on October 22nd as described in News Release No. 59 dated
October 10th, 2002. Candente won the auction on October 22nd
and paid the Peruvian government US$50,227 for 100% interest
in the Toril Zone.
Candente is a junior exploration company focused
on the acquisition, exploration and development of world-class
gold and copper projects in Peru and Eastern Canada. Management
has a track record of gold discoveries, extensive experience
in Peru and internationally. Candente's common shares are
traded on the TSX Venture Exchange under the trading symbol
DNT.
On another matter, Candente's management invites
you to meet Joanne C. Freeze, President & CEO and other Company
personnel at the following conferences: CIM St John's, Newfoundland,
Oct.31st to Nov.2nd; New Orleans Investment Conference, Nov.
7-10 in New Orleans, LA; and International Investment Conference,
Dec.1st-2nd in San Francisco, CA.
For further details about Candente Resource
Corp.
Please contact us at: 1-877-689-1964 or 604-689-1957 or investor@candente.com
or visit our Website at http://www.candente.com.
You can find this News Release on our Website at http://www.candente.com/s/NewsReleases.asp?ReportID=44004.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P. Geo., President & CEO Candente Resource
Corp.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy
of this release. This News Release may contain forward-looking
statements including but not limited to comments regarding
the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements.
SILVERADO GOLD MINES LTD.
Vancouver, B.C. - Fairbanks, Alaska, October 25, 2002….
SILVERADO GOLD MINES LTD. - OTCBB symbol
SLGLF - Berlin Exchange - SLGL WKN 867737….
It's Show 'n' Tell time! This week Silverado
set off its first blast at the Nolan Gold Mine, one of Arctic
Alaska's most famous properties. Silverado is proud to announce
their plan to take shareholders and interested parties along
the journey this year as they head underground, blasting into
the permafrost, to mine the rich gold bearing gravels of the
Nolan Deep Valley.
Visitors to the site (the website that is) will
feel as though they have visited the actual site of the Gold
Mine. This is not a pretend gold panning day at a historical
theme park. Visitors will experience the live mine, frozen
river gravel, bedrock, and much more by the end of the season
all without having to endure the freezing temperatures, truckloads
of muck and other surprises of the Great White North. As the
season begins and events unfold, the viewer will be able to
pan 3600 while zooming in and out on the drilling, blasting,
loaders, trucks and personnel both mining and moving gold
ore to the surface. As the season changes to spring and the
inevitable summer snow melts in June 2003 the visitor will
follow the progress of the mining process all the way through
to the exciting extraction of the gold.
And what would Alaska be without a little sightseeing?
Just a click of the 'mouse' on the surface map will display
panorama vistas from any part of the property including the
indescribable awe of Alaska, the phenomena of the Northern
Lights, not to mention some of the most beautiful gold in
the world.
As gold prices enter into what portends to be
the biggest boom in gold prices in history, watch for future
press releases to announce the start-up of our viewer's Show'n'Tell
program! Silverado Gold Mines Ltd. is a 100% shareholder owned,
highly developed operating Gold Mining Company located in
Fairbanks, Alaska with Head Offices in Vancouver, Canada.
Silverado Green Fuel Inc. is its wholly owned subsidiary boasting
exclusive rights to an alternative environmentally friendly
fuel technology.
FOR MORE INFORMATION:
Contact: Investor Relations: (800) 665-4646 or (604) 689-1535
E-mail: pr@silvrado.com
Website: www.silverado.com
Forward-looking statements in this release are
made pursuant to the "safe harbor" provision of the Private
Securities Litigation reform Act of 1995. Investors are cautioned
that such forward-looking statements involve risks and uncertainties
including, without limitation, continued acceptance of the
company's products, competition, new products and technological
changes, intellectual property rights and other risks.
Golden Eagle International, Inc. (MYNG,
OTCBB)
CONTACT:Sabrina Martinez in Investor Relations: (801) 619-9320
Golden Eagle's President & CEO Interviewed
by EuropeAnalyst.com
SALT LAKE CITY, UTAH-(PR NEWSWIRE)---October
31, 2002---Golden Eagle International, Inc. (MYNG, OTCBB)
announced today that its president and CEO, Terry C. Turner,
was interviewed by EuropeAnalyst.com, a leading online financial
portal for Europe located in Amsterdam, Holland. Turner's
interview covered a full range of current issues on Golden
Eagle's recent gold production, plans for doubling its plant
capacity and for hitting its goal of producing gold at a cost
of $75 per ounce in the future. The streaming audio of the
interview is available at www.EuropeAnalyst.com. EuropeAnalyst.com
and its affiliated sister companies, WallStreetWeb.nl and
SmallCapital.com, have over 100,000 European subscribers interested
in American companies and the American markets. "We know that
we have a number of European shareholders," stated Terry C.
Turner, Golden Eagle's President and CEO, "however, we are
seeing a real upsurge in interest from Europe as the world
focuses on gold, and small gold mining companies with great
upside potential."
Golden Eagle International, Inc. is a gold
exploration and mining company located in Salt Lake City,
Utah, and La Paz, Bolivia. The Company is currently focusing
its efforts on developing its mining rights on 74,000 acres
in the Tipuani Gold Mining District in Western Bolivia, and
continuing exploration on 125,000 acres in Eastern Bolivia's
Precambrian Shield. Mr. Turner's interview on www.EuropeAnalyst.com
does not contain all of the information about Golden Eagle,
and the Company highly recommends that no investment decision
should be made solely on the basis of that interview, but
that all shareholders and prospective shareholders should
review its disclosures, risk statements, previous press releases,
Annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB
and Current Reports on Form 8-K, found at its website:
www.geii.com.
For more information about the Company, call
Sabrina Martinez in Investor Relations at (801) 619-9320.
Forward-Looking Statements and Disclosure of
Risk 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 release and the interview
with EuropeAnalyst.com, using the terms "may", "expects to,"
"projects", "estimates" "plans", and other terms denoting
future possibilities, are forward-looking statements in accordance
with the Private Securities Litigation Reform Act of 1995.
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 the above press release and interview highlighted
in the press release; those risks set out in Golden Eagle's
disclosure documents and its annual, quarterly and current
reports; and the other risks associated with start-up mineral
exploration operations with insufficient liquidity, negative
working capital, and no historical profitability. Golden Eagle
disclaims any obligation to update any forward-looking statement
made herein.
*********
Bob Chapman
bif4653@comcast.net
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