TORONTO, Oct. 11 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) ("Gold Eagle"
or the "Company") is pleased to report that reconnaissance drilling has
commenced at the Goldray Channel target, along the North West section of the
Gold Eagle Property.
See map, "Goldray Drill Plan", on the company website
The first hole has been collared on Goldray Island with an azimuth of 162
degrees and a dip of -62 degrees, directed towards McKenzie Island (refer to
Map). The hole is targeting structures that have the potential to host the
westerly extensions of the mineralized zones mined at Goldcorp's McKenzie Red
Lake Mine. Regionally, this drilling is located proximal to the postulated
intersection of the Post Narrows Deformation Zone and the Red Lake Trend, and
their associated zones of alteration. Initially 2 holes totalling
approximately 3,000 meters are planned, with the first hole expected to reach
a depth of around 1,400 meters. This program is part of the ongoing evaluation
of the regional structural and stratigraphic framework of the Gold Eagle
Drilling has also commenced on the "pilot hole" for Gold Eagle's new
exploration shaft on McKenzie Island. Once completed, the core will undergo
detailed examination by Gold Eagle's consultants for inclusion in the final
engineering design work that is currently in progress.
About Gold Eagle Mines Ltd.
Gold Eagle Mines Ltd is a Canadian based 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: please feel free to contact our offices at:
Tel: (416) 867-8998, Fax: (416) 867-9393, www.goldeaglemines.com