TORONTO, Aug. 22 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) ("Gold Eagle"
or the "Company") is pleased to announce the following appointments and a
progress update on the Advanced Underground Exploration Program for the Bruce
Channel Discovery ("BCD") on its 100% owned Gold Eagle property in Red Lake,
Ontario. The Gold Eagle property is situated along the Red Lake Trend, west of
Goldcorp Inc's Red Lake and Campbell Mines and immediately southwest of
Goldcorp Inc's Cochenour-Willans Mine.
- Advanced Underground Exploration Program progress update.
- Appointment of J.S. Redpath Limited.
- Appointment of AMEC Earth & Environmental.
- Appointment of Mr. William Shaver as Consultant, Shaft Development
Drilling from surface in 2005 intersected significant gold bearing
structures at approximately 850 metres beneath the shallow Bruce Channel
waterway between McKenzie Island and the mainland. Since this initial
discovery, further drilling from surface has delineated a large mineralized
envelope which is currently estimated to extend a minimum of 1,100 metres
vertically and approximately 645 metres northeast-southwest and 450 metres
northwest-southeast. The mineralized envelope remains open in all directions.
In common with Goldcorp Inc's Red Lake Mine, Campbell Mine and Cochenour
Willans Mine, the BCD lies within the Balmer Assemblage. The structural and
mineralogical characteristics of the BCD are very similar to the
aforementioned mines. A number of high grade structures exhibiting both
horizontal and vertical continuity have been identified within the BCD.
Throughout the time period taken to complete the Advanced Underground
Exploration Program, Gold Eagle will continue to drill the BCD from surface
and also continue a regional exploration drilling program on a number of
targets, commencing with Goldray Channel in the north-west area of the Gold
The surface drilling program for the BCD will continue through a series
of systematic step-out holes commencing in a south-southwest direction from
the current southern end of the mineralized envelope towards the FN Series.
This phase of drilling is estimated to take between 18 to 24 months to
Advanced Underground Exploration Program
Advanced exploration for mineralized gold systems like the BCD and the
above mentioned mines belonging to Goldcorp Inc, is typically carried out by
necessity through an underground drilling program. Through such a program,
Gold Eagle will be able to further explore and define the potential of the
numerous high grade gold structures that have been identified by the current
surface drilling program. Based on the results of the underground drilling
program, an estimate of the potential gold resources to NI 43-101 standards
would be undertaken.
Due to the success of the more than 60,000 metre surface drilling program
in delineating a significant mineralized envelope, and the continuing
encouraging surface drill results, the Board of Directors has approved an
Advanced Underground Exploration Program for the BCD.
Preliminary studies have recommended sinking an exploration shaft to a
depth of approximately 1,460 metres from which exploration levels will be
established at the 800 metre, 1,100 metre and 1,400 metre levels. On each
level, crosscuts and exploration drifts will be excavated to facilitate the
underground diamond drilling program.
J.S. Redpath Limited
Following in-depth reviews, Gold Eagle has appointed J.S. Redpath Limited
("Redpath") to perform the engineering, site investigation and planning of the
Advanced Underground Exploration Program of the BCD project. The scope of work
includes the design, construction and excavation of a vertical shaft to a
depth of 1,460 metres for the exploration and future development of the BCD.
Operating since 1962, Redpath has provided single source, comprehensive
services to the North American and international mining industries. Redpath's
technical and operational expertise contributes to its reputation for
practical and innovative performance that results in the successful completion
of sophisticated technical mine development and construction programs.
AMEC Earth & Environmental
Gold Eagle has appointed AMEC Earth & Environmental, a Division of AMEC
Americas Limited ("AMEC"), to provide engineering, analytical and supervisory
services for the Environmental Permitting and Approval work required for the
Advanced Underground Exploration Program.
The initial scope of work will include a description of the current site
conditions, existing environmental data, preparation of an overall site plan
outlining major facilities and infrastructure, description of each facility
and its characteristics, presentation of the operation and maintenance plan,
and a frame work for best practices and procedures to be used at the site
during the advanced exploration stage. The second phase of work will include
public consultations and obtaining the necessary information and documentation
to acquire the environmental permitting and approvals.
Mr. William Shaver: Consultant, Shaft Development Program
Gold Eagle is very pleased to announce Mr. Bill Shaver, one of Canada's
most experienced shaft sinking engineers, has joined the Gold Eagle team as
Consultant, Shaft Development Program. Mr. Shaver will advise Gold Eagle on
the design and planning of the shaft and associated facilities for the
advanced exploration of the BCD, as well as monitor the programs during the
Mr. Shaver is a professional engineer and mining executive, who graduated
from Queen's University in 1972 with a B.Sc. degree in Mining Engineering. He
was one of the co-founders and a Senior Vice-President of Dynatec Corporation,
one of Canada's leading mining and contracting companies.
About Gold Eagle
Gold Eagle Mines Ltd is a Canadian based junior natural resource company
developing a significant new gold discovery in the prolific Red Lake gold
camp, located in Northern Ontario, Canada.
The Company has a treasury of approximately C$110 million held with a
major Canadian bank. The funds are fully secured and are redeemable upon
demand, and are invested as either GIC's (guaranteed investment certificates)
or held in a cash account.
The statements made in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections. Accordingly, readers should not place undue reliance on
forward-looking statements. For a more detailed discussion of such risks and
other factors, refer to Gold Eagle's filings with Canadian securities
regulators available on www.sedar.com or the Company's website at
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and the
information contained herein.
For further information:
For further information: Tel: (416) 867-8998, Fax: (416) 867-9393,