SOURCE: Golden Eagle International, Inc.

July 19, 2005 10:18 ET

Golden Eagle's Board Appoints H. Roy Shipes as Chairman

Company Makes Presentation to Financing Entities in Toronto

SALT LAKE CITY, UT -- (MARKET WIRE) -- July 19, 2005 -- Golden Eagle International, Inc. (OTC BB: MYNG) announced today that its Board of Directors has elected H. Roy Shipes, 63, as Chairman of the Board.

Mr. Shipes has thirty-three years of mining experience in senior positions in base and precious metals production, engineering and project development management around the world. He also has extensive experience in acquisition, financing and development of projects in Bolivia, the United States, Canada, Ireland, Papua New Guinea, Australia, Honduras, Mexico, Venezuela and Peru. (Mr. Shipes' full resume is available in Golden Eagle's press release dated June 14, 2005 or in the Company's Form 8-K filed with the SEC on June 15, 2005.)

"I am honored to serve as Golden Eagle's Chairman during a period that holds so much potential for our Company," stated Mr. Shipes. "Bringing our Buen Futuro gold and copper project into production in eastern Bolivia is our number one priority, although to do so will cost at least $10 million. We do not currently have these funds available, but we are diligently pursuing various promising sources. I believe that if we are able to bring our Buen Futuro project into production, we will see an unprecedented growth in our company and a very exciting future for our shareholders. In addition, we are working toward resolving the issues at our Cangalli gold mine and continuing to look for other productive opportunities within Bolivia."

Golden Eagle's board also thanked Terry C. Turner for his service as Chairman. Mr. Turner will continue as Golden Eagle's President and CEO.

The Company also announced that Mr. Shipes and Mr. Turner traveled to Toronto, Ont., Canada at the end of last week for meetings with financial institutions focused on mine financing. Mr. Turner stated, "We believe that Mr. Shipes' involvement with Golden Eagle has opened up institutional financing possibilities for us in Toronto which we intend to pursue, as well as potential combinations of innovative financing concepts with some of our current sources. At the moment, however, we have no firm commitments for any additional financing from these institutional sources, but we are very encouraged."

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Golden Eagle International, Inc. is a gold and copper exploration and mining company located in Salt Lake City, Utah; 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.

Golden Eagle highly recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its website: www.geii.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS

Some of the statements in this press release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include the ability of Golden Eagle to obtain the necessary financing on reasonable terms, estimates of mineral reserves and future production levels, expectations regarding mine production costs, expected trends in mineral prices, and statements that describe Golden Eagle's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for gold and copper, 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 Securities and Exchange Commission. Golden Eagle disclaims any responsibility to update forward-looking statements made herein.

Contact Information

  • CONTACT:
    Sabrina Martinez
    Investor Relations
    (801) 619-9320