Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Advantego Corp | golden_8k-090909.htm |
| EX-99.1 - LETTER OF INTENT - Advantego Corp | golden_8k-ex99x1.htm |
Exhibit
99.2
|
9661
South 700 East
Salt
Lake City, Utah 84070
USA
(801)
619-9320 Office
(801)
619-1747 Fax
info@geii.com
|
Jaimes
Freire, 4 Norte
Calle
Las Jardineras #16
Santa
Cruz de la Sierra, Bolivia
(591-3)
312-1148 Oficina
(591-3)
312-1149 Fax
info@geii.com
|
FOR IMMEDIATE
RELEASE
Golden
Eagle Receives Letter of Intent Offering $10 Million for the Purchase of Gold
Bar Mill and
Invitation
to Negotiate Operating Agreement
SALT LAKE
CITY, UTAH—(MarketWire)---October 13, 2009---Golden Eagle International, Inc.
(OTCBB: MYNG) reported
today that it has received a Letter of Intent (“LOI”) offering $10 million for
the purchase of the Company’s Gold Bar mill from LWMG, LLC (“LWMG”), a private
exploration and mining company with mining interests in Nevada and Utah. The
Gold Bar mill is a 3,500 to 4,000 tpd CIP gold mill located 25 miles northwest
of Eureka, Nevada that Golden Eagle has owned since 2004.
The terms
of the LOI provide for a $1
million down payment to be made by October 30, 2009, with $9 million deposited
into escrow pending the completion of the permitting process. LWMG has also
offered to negotiate a long-term operating agreement (referred to as a “tolling
relationship” in its LOI), which would call for Golden Eagle to be the operator
of the Gold Bar mill. However, if the permitting process were not successful,
then the offered purchase price would decline to $5 million.
The
Company anticipates that it and LWMG will meet in the near future to
negotiate the
terms and conditions of both the proposed sale of the Gold Bar mill and the
operating agreement. Golden Eagle also intends to carry out due diligence
regarding LWMG’s offer, and further intends to cooperate with LWMG on its due
diligence with respect to the proposed transaction. Among the
questions to be addressed during the negotiation period are when the $1 million
down payment will be made and the conditions for its return to LWMG, when the $9
million will be deposited into escrow, the nature of the permitting that will be
required as a condition for the full $10 million purchase price, to allocate
responsibility for permitting and due diligence operations, to set forth
additional conditions precedent to the transaction, and to establish a timetable
for the completion of the transaction.
While
Golden Eagle cannot offer any assurance that
it will reach satisfactory terms with LWMG regarding its offer to purchase the
Gold Bar mill, or for an operating agreement, the Company intends to enter into
good faith negotiations with LWMG to seek mutually beneficial terms and
conditions.
The
Company recommends that you review its disclosures, risk statements, previous
press releases, annual reports, quarterly reports and current reports found at
its website: http://www.geii.com.
Eagle
E-mail Alerts: If you are interested in receiving Eagle E-mail Alerts, please
e-mail
the Golden Eagle at: eaglealert@geii.com.
|
CONTACT:
|
Sabrina
Martinez in Investor Relations: (801)
619-9320
|
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of
the statements in this press release are forward-looking statements and are
based on current expectations, assumptions and estimates. Words and phrases such
as “believes,” “intends,” “expects,” “anticipates,” “initiating,” “commencing,”
“projects,” “adds value,” “bringing into production,” “maximizing,” “take
advantage of,” “striving to,” “alleges,” claims” or similar expressions, are
intended to identify “forward-looking statements.” Forward-looking statements
carry certain risks regarding an assumed set of economic conditions and courses
of action, including: (a) whether Golden Eagle will be able to obtain sufficient
financing to continue to meet its operational goals; (b) estimates of
mineralized material and future production levels; (c) uncertainties that result
from actions that may be taken in Bolivia relative to increases in the
Complementary Mining Tax, Corporate Income Tax or the amount paid for mining
patents [claims fees] in the future; (d) uncertainties that result from social
and political conditions in Bolivia; (e) the outcome of litigation in which the
Company is involved; and (f) other risk factors and matters disclosed in Golden
Eagle’s Securities and Exchange Commission (“SEC”) filings that may be accessed
at www.sec.gov or through the Company’s web site SEC link:
http://www.geii.com/investors/sec.php. There is a significant risk that actual
material results will vary from projected results. No information provided in
this press release should be construed as a representation, or indication in any
manner, of the present or future value of the Company or its common stock.
Readers of information contained in this press release should carefully review
the Company’s filings with the SEC that contain important information regarding
the Company’s financial results, its future plans and their limitations, and the
risks involved with the Company’s operations. Golden Eagle disclaims any
responsibility to update forward-looking statements made herein.
###