Tuesday, 21st September 2004 (2873 views)

Golden Eagle mining company has today revealed it has moved its heavy mining equipment into place and that all the necessary infrastructure has been completed for its new joint venture operation in the Tipuani Gold District.

The work is required as part of an agreement with a third party which owns the deposit to be mined and water is being drained from the pit to begin gold production.

Terry C. Turner, Golden Eagle's CEO commented: "It will be a positive step for us to get back into production. Our miners and our shareholders are accustomed to us producing gold."

Golden Eagle will be entitled to all the gold production from the operation under the deal but will have to pay a 50 per cent royalty to its joint venture partner from net proceeds from gold sales.

So far the company has provided $6,000 as part of its required $20,000 contribution to operations.

Initial sampling at the site saw the recovery of five large gold nuggets, which will be auctioned along with others retrieved from the operation.

 

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