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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE
COMMISSION <BR>Washington, D.C. 20549 </FONT></P>

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<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CURRENT REPORT </U></FONT></P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 </FONT></P>

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<A NAME=A005></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date of
Earliest Event) February 24, 2004 </FONT></P>

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<A NAME=A006></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Golden Eagle
International, Inc. </U><BR>(Exact Name of
Registrant as Specified in its Charter) </FONT></P>


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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TD WIDTH=38% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>Colorado</U></FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>0-23726</U></FONT></TD>
     <TD WIDTH=32% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>84-1116515</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or Other</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jurisdiction of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File Number)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Incorporation)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No.)</FONT></TD></TR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>12401 South 450
East, Building D1, Salt Lake City, Utah 84020 </U><BR>(Address of Principal
Executive Offices) (Zip Code) </FONT></P>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(801) 619-9320 </U><BR>(Registrant&#146;s
Telephone Number, Including Area Code) </FONT></P>

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<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Not Applicable</U>  <BR>(Former Name or Former
Address, If Changed Since Last Report.) </FONT></P>
<BR><BR><BR>
<HR>
<BR>
<BR><BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. Regulation F-D. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Golden Eagle International, Inc.
announced today that it is estimating proven and probable gold reserves on its Cangalli
mining concessions located in the Tipuani Gold District of western Bolivia. Those reserves
were estimated in a report (the &#147;reserve report&#148;) dated February 2004, by Carlos
Thompson, Reg. Eng., an independent economic geologist and consultant, as well as Giovanni
Viscarra, Reg. Eng., a geologist and Golden Eagle&#146;s Cangalli mine superintendent. The
report states that the reserves were estimated in accordance with Guide 7 of the
Securities and Exchange Commission&#146;s Guides for the Preparation of Registration
Statements and with the Society for Mining, Metallurgy and Exploration&#146;s &#147;Guide
for Reporting Exploration Information, Mineral Resources, and Mineral Reserves&#148; dated
March 1, 1999. In preparing the report and estimated mineral reserves, Mr. Thompson was
acting as a consultant to Golden Eagle, and Mr. Viscarra was acting as an employee of
Golden Eagle&#146;s operating subsidiary. Messrs. Thompson and Viscarra have consented to
the public release of the information contained in this Form 8-K. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based on the reserve report, Golden
Eagle announced the following: </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gold Reserves </FONT></H1>


<TABLE BORDER="1" CELLPADDING="5" CELLSPACING="1">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proven and Probable in Open Pit Total</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ore in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy Ounces of Gold (proven and probable)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proven Reserve only Ore in Open Pit in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy Ounces of Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Probable Reserve only Ore in Open Pit in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy Ounces of Gold</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">613</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.47</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,226</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">299</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.47</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,500</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">314</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.47</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,726</FONT></TD></TR>
</TABLE>

<BR><BR><BR>

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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proven and Probable in Undergrd.Total</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ore in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy ounces of Gold (proven and probable)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proven Reserve only Ore in Undergrd in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy ounces of Gold </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Probable Reserve only Ore in Undergrd in 000's of tonnes</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">g/t Gold</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Troy ounces of Gold</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38,000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.73</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,574</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19,000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.73</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,287</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19,000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.73</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,287</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As used in the preceding table, </FONT></P>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
proven
(or measured) reserves are reserves for which: (a) quantity is computed from dimensions
revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed
from the results of detailed sampling; and (b) the sites for inspection, sampling and
measurement are spaced so closely and the geologic character is so well defined that size,
shape, depth and mineral content of the reserves are well-established; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
probable
(or indicated) reserves are reserves for which quantity and grade and/or quality are
computed from information similar to that used for proven (measured) reserves, but the
sites for inspection, sampling and measurement are farther apart or are otherwise less
adequately spaced. The degree of assurance, although lower than that for proven (measured)
reserves, is high enough to assume continuity between points of observation. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The in-place proven and probable gold
reserves total an in situ metal quantity of 13,860 troy ounces. As stated in the reserve
report, mining losses are estimated to be approximately 5%, and metallurgical losses are
also estimated to be 5%, qualifying the in-place reserves pursuant to Industry Guide 7,
and decreasing the quantity of metal to 12,420 troy ounces recoverable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Golden Eagle&#146;s Cangalli mining
concessions in the Tipuani Gold District are found in the middle of an geological
formation known as the Apollo-Caranavi Trench in a valley formed by the Tipuani River and
its tributaries. The bedrock is undifferentiated Ordovician shales, covered by the
Cangalli formation of conglomerates of the Late Tertiary age. Since the Quaternary, the
Tipuani River has been creating its present course, mainly by cutting the conglomerates
and re-concentrating the gold found in those conglomerates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The stated scope of the reserve
report was to report on a sampling program carried out over the course of three months at
the end of 2003, and during the month of January 2004, on a 3.68-hectare (9.1 acre) recent
Quaternary alluvial terrace deposited by the Tipuani River. This sampling program took
place in the current open pit, and the surrounding undisturbed area, in which Golden Eagle
is now mining. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The reserve report also reported on a
sampling program in outcropping paystreaks, or horizontal bedded layers within the
cemented conglomerate. These gold bearing paystreaks, or horizontal beds, also were
sampled in Golden Eagle&#146;s underground mine which penetrates over 330 meters (1,086
feet) into the conglomerate material at our Cueva Playa site. This underground mine has
contributed ore to the Cueva Playa gold recovery plant through a mining method known as
conal subsidence block caving. This mining technique opens draw points under the
conglomerate and allows the ore to cave, or subside, to the draw points for extraction and
processing. Over the past 17-month period, Golden Eagle encountered a phenomenon in the
cemented conglomerate above the draw points known as &#147;doming&#148; in which the ore
would form large domes and cease to flow evenly to the draw points for extraction. Over
the past several months, many different blasting techniques have been employed in an
attempt to solve the issues involved with doming. However, due to the danger associated
with the potential collapse of the domed areas while miners were working within them, and
because our studies have shown that the bedded paystreaks contain a higher gold grade per
tonne of ore, we have elected to focus our attention on the development of a more targeted
mine plan. The technique that is being implemented is known as targeted planar subsidence
(TPS), in which the paystreaks will be mined along their plane. Initially, this mining
will take place along a 25-meter work face, and as the work face advances, the roof behind
will be allowed to collapse, or subside, in a controlled manner similar to longwalling now
being used in the coal industry. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Cangalli mining concessions, and
Golden Eagle&#146;s currently producing gold mine, are located 270 kilometers (167 miles)
north of La Paz, Bolivia, and 5 kilometers (3 miles) northeast of the township of Tipuani.
We own 19,900 hectares (49,000 acres or 77 square miles) in five contiguous mining
concessions in the immediate Cangalli area. Our current operations are focused on a
concession area of 2,074 hectares (5,125 acres) that we purchased in July of 2002 from the
United Cangalli Gold Mining Cooperative, Ltd. (&#147;UCL&#148;) We paid the UCL $300,000
in cash, 4,130,000 restricted shares of our common stock, and assumed UCL&#146;s debts in
an amount of $175,000 payable over 4 years. We paid the cash, and issued the shares, in
July of 2002. We have paid over $100,000 toward reducing the assumed debt, and do not
anticipate any problems in paying the balance by July of 2006. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As stated above, Golden Eagle has
been in production at its Cangalli gold mine for 17 months. During that period, we have
produced the following: </FONT></P>






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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Summary Production Figures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tonnes Processed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gold in Grams</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gold in Troy Ounces</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gms per Tonne Recovered</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gms per M^3 (Density of 2:1)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4th Qtr. 2002</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">92,400</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43,847</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,410</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.475</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.950</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1st Qtr. 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">84,100</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36,424</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,171</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.433</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.866</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2nd Qtr. 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">89,150</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37,841</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,217</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.424</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.848</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3rd Qtr. 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">188,300</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59,728</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,920</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.317</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.634</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4th Qtr. 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">97,217</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39,246</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,262</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.404</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.808</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">January 2004</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25,955</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,460</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">336</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.403</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.806</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">577,122</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">227,546</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7,316</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.394</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">.788</FONT></TD></TR>
</TABLE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based on the reserve report, Golden
Eagle proposes to develop the proven and probable open pit reserves in its ongoing
operation, mining at a rate of 3,000 tonnes per day. With respect to our underground
operation, we expect to mine and process 375 tonnes per day within three months from our
projected mining technique focused on our higher-grade paystreaks. Golden Eagle expects to
process and recover all of the gold from both the open pit and underground mine through
our existing plant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Golden Eagle estimates that no
further investment will be necessary to process and mine the proven and probable gold
reserves in the open pit due to the fact that we are currently in operation there and have
the required equipment. However, the underground operation was estimated in the report to
require a $500,000 investment to build out the infrastructure to implement the projected
mining method. We have already invested $400,000 of that requirement, which we received
from accredited investors, or from our current operations in Cangalli. We do not foresee
any obstacle to raising the additional $100,000 to finish the underground build out. Even
though we are in production, as we have reported in our required reports under the
Securities Exchange Act of 1934, we continue to have working capital shortages and cash
flow difficulties that we are striving to remedy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The reserve report discussed here is
based on a number of assumptions, and its conclusions are sensitive to the world market
for gold. According to the reserve report, the authors assumed a gold price per troy ounce
of $360 based on a two-year historical average price. That price is less than the current
price of approximately $400 per troy ounce of gold. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Among the other assumptions set forth
in the reserve report is the fact that the geological and economic cutoff grades for gold
is set at 0.2 grams per tonne in the open pit, and 0.66 grams per tonne in the underground
mine, which are very sensitive to the price of gold. The report also assumes continued
political and labor stability in Bolivia and the Cangalli area. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Golden Eagle has received all of it
permits to operate in Cangalli regarding the environment, the use and transport of
explosives, forestry issues and the use and transport of controlled substances in the
mining industry. Golden Eagle also believes that it will be able to comply in the future
with all requirements in those governmental permits, particularly for environmental
protection and worker health and safety. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<A NAME=A015></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAUTIONARY NOTE </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Some of the statements in this
current report on Form 8-K 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 future
production levels, expectations regarding mine production costs, expected trends in
mineral prices, and statements that describe Golden Eagle&#146;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&#146;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&#146;s Form 10-KSB and its
other reports filed with the Securities and Exchange Commission. Golden Eagle disclaims
any responsibility to update forward-looking statements made herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A016></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURE</B> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Golden Eagle International, Inc. (Registrant)</B><BR><BR>
<BR>By: /s/ Terry C. Turner<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Terry C. Turner<BR>President and Chief Executive Officer<BR><BR>
February 25, 2004</FONT></TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "ge_8kfeb2604-cangalli.htm", "description": "8-K RE: CANGALLI", "secsgml_size_bytes": 28224}]
{"company-data": {"conformed-name": "GOLDEN EAGLE INTERNATIONAL INC", "cik": "0000869531", "assigned-sic": "1000", "irs-number": "841116515", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23726", "film-number": "04629031"}, "business-address": {"street1": "12401 SOUTH 450 EAST", "street2": "BLDG D2 SUITE A", "city": "SALT LAKE CITY", "state": "UT", "zip": "84020", "phone": "8016199320"}, "mail-address": {"street1": "12401 SOUTH 450 EAST", "street2": "BLDG D2 SUITE A", "city": "SALT LAKE CITY", "state": "UT", "zip": "84020"}, "former-company": {"former-conformed-name": "BENEFICIAL CAPITAL FINANCIAL SERVICES CORP", "date-changed": "19940329"}}
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
Earliest Event) February 24, 2004
Golden Eagle
International, Inc.
(Exact Name of
Registrant as Specified in its Charter)
Colorado
0-23726
84-1116515
(State or Other
(Commission
(I.R.S. Employer
Jurisdiction of
File Number)
Identification
Incorporation)
No.)
12401 South 450
East, Building D1, Salt Lake City, Utah 84020
(Address of Principal
Executive Offices) (Zip Code)
(801) 619-9320
(Registrant's
Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former
Address, If Changed Since Last Report.)
Item 9. Regulation F-D.
Golden Eagle International, Inc.
announced today that it is estimating proven and probable gold reserves on its Cangalli
mining concessions located in the Tipuani Gold District of western Bolivia. Those reserves
were estimated in a report (the "reserve report") dated February 2004, by Carlos
Thompson, Reg. Eng., an independent economic geologist and consultant, as well as Giovanni
Viscarra, Reg. Eng., a geologist and Golden Eagle's Cangalli mine superintendent. The
report states that the reserves were estimated in accordance with Guide 7 of the
Securities and Exchange Commission's Guides for the Preparation of Registration
Statements and with the Society for Mining, Metallurgy and Exploration's "Guide
for Reporting Exploration Information, Mineral Resources, and Mineral Reserves" dated
March 1, 1999. In preparing the report and estimated mineral reserves, Mr. Thompson was
acting as a consultant to Golden Eagle, and Mr. Viscarra was acting as an employee of
Golden Eagle's operating subsidiary. Messrs. Thompson and Viscarra have consented to
the public release of the information contained in this Form 8-K.
Based on the reserve report, Golden
Eagle announced the following:
Gold Reserves
Proven and Probable in Open Pit Total
Ore in 000's of tonnes
g/t Gold
Troy Ounces of Gold (proven and probable)
Proven Reserve only Ore in Open Pit in 000's of tonnes
g/t Gold
Troy Ounces of Gold
Probable Reserve only Ore in Open Pit in 000's of tonnes
g/t Gold
Troy Ounces of Gold
Total
613
0.47
9,226
299
0.47
4,500
314
0.47
4,726
Proven and Probable in Undergrd.Total
Ore in 000's of tonnes
g/t Gold
Troy ounces of Gold (proven and probable)
Proven Reserve only Ore in Undergrd in 000's of tonnes
g/t Gold
Troy ounces of Gold
Probable Reserve only Ore in Undergrd in 000's of tonnes
g/t Gold
Troy ounces of Gold
Total
38,000
3.73
4,574
19,000
3.73
2,287
19,000
3.73
2,287
As used in the preceding table,
proven
(or measured) reserves are reserves for which: (a) quantity is computed from dimensions
revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed
from the results of detailed sampling; and (b) the sites for inspection, sampling and
measurement are spaced so closely and the geologic character is so well defined that size,
shape, depth and mineral content of the reserves are well-established; and
probable
(or indicated) reserves are reserves for which quantity and grade and/or quality are
computed from information similar to that used for proven (measured) reserves, but the
sites for inspection, sampling and measurement are farther apart or are otherwise less
adequately spaced. The degree of assurance, although lower than that for proven (measured)
reserves, is high enough to assume continuity between points of observation.
The in-place proven and probable gold
reserves total an in situ metal quantity of 13,860 troy ounces. As stated in the reserve
report, mining losses are estimated to be approximately 5%, and metallurgical losses are
also estimated to be 5%, qualifying the in-place reserves pursuant to Industry Guide 7,
and decreasing the quantity of metal to 12,420 troy ounces recoverable.
Golden Eagle's Cangalli mining
concessions in the Tipuani Gold District are found in the middle of an geological
formation known as the Apollo-Caranavi Trench in a valley formed by the Tipuani River and
its tributaries. The bedrock is undifferentiated Ordovician shales, covered by the
Cangalli formation of conglomerates of the Late Tertiary age. Since the Quaternary, the
Tipuani River has been creating its present course, mainly by cutting the conglomerates
and re-concentrating the gold found in those conglomerates.
The stated scope of the reserve
report was to report on a sampling program carried out over the course of three months at
the end of 2003, and during the month of January 2004, on a 3.68-hectare (9.1 acre) recent
Quaternary alluvial terrace deposited by the Tipuani River. This sampling program took
place in the current open pit, and the surrounding undisturbed area, in which Golden Eagle
is now mining.
The reserve report also reported on a
sampling program in outcropping paystreaks, or horizontal bedded layers within the
cemented conglomerate. These gold bearing paystreaks, or horizontal beds, also were
sampled in Golden Eagle's underground mine which penetrates over 330 meters (1,086
feet) into the conglomerate material at our Cueva Playa site. This underground mine has
contributed ore to the Cueva Playa gold recovery plant through a mining method known as
conal subsidence block caving. This mining technique opens draw points under the
conglomerate and allows the ore to cave, or subside, to the draw points for extraction and
processing. Over the past 17-month period, Golden Eagle encountered a phenomenon in the
cemented conglomerate above the draw points known as "doming" in which the ore
would form large domes and cease to flow evenly to the draw points for extraction. Over
the past several months, many different blasting techniques have been employed in an
attempt to solve the issues involved with doming. However, due to the danger associated
with the potential collapse of the domed areas while miners were working within them, and
because our studies have shown that the bedded paystreaks contain a higher gold grade per
tonne of ore, we have elected to focus our attention on the development of a more targeted
mine plan. The technique that is being implemented is known as targeted planar subsidence
(TPS), in which the paystreaks will be mined along their plane. Initially, this mining
will take place along a 25-meter work face, and as the work face advances, the roof behind
will be allowed to collapse, or subside, in a controlled manner similar to longwalling now
being used in the coal industry.
The Cangalli mining concessions, and
Golden Eagle's currently producing gold mine, are located 270 kilometers (167 miles)
north of La Paz, Bolivia, and 5 kilometers (3 miles) northeast of the township of Tipuani.
We own 19,900 hectares (49,000 acres or 77 square miles) in five contiguous mining
concessions in the immediate Cangalli area. Our current operations are focused on a
concession area of 2,074 hectares (5,125 acres) that we purchased in July of 2002 from the
United Cangalli Gold Mining Cooperative, Ltd. ("UCL") We paid the UCL $300,000
in cash, 4,130,000 restricted shares of our common stock, and assumed UCL's debts in
an amount of $175,000 payable over 4 years. We paid the cash, and issued the shares, in
July of 2002. We have paid over $100,000 toward reducing the assumed debt, and do not
anticipate any problems in paying the balance by July of 2006.
As stated above, Golden Eagle has
been in production at its Cangalli gold mine for 17 months. During that period, we have
produced the following:
Summary Production Figures
Tonnes Processed
Gold in Grams
Gold in Troy Ounces
Gms per Tonne Recovered
Gms per M^3 (Density of 2:1)
4th Qtr. 2002
92,400
43,847
1,410
.475
.950
1st Qtr. 2003
84,100
36,424
1,171
.433
.866
2nd Qtr. 2003
89,150
37,841
1,217
.424
.848
3rd Qtr. 2003
188,300
59,728
1,920
.317
.634
4th Qtr. 2003
97,217
39,246
1,262
.404
.808
January 2004
25,955
10,460
336
.403
.806
Total
577,122
227,546
7,316
.394
.788
Based on the reserve report, Golden
Eagle proposes to develop the proven and probable open pit reserves in its ongoing
operation, mining at a rate of 3,000 tonnes per day. With respect to our underground
operation, we expect to mine and process 375 tonnes per day within three months from our
projected mining technique focused on our higher-grade paystreaks. Golden Eagle expects to
process and recover all of the gold from both the open pit and underground mine through
our existing plant.
Golden Eagle estimates that no
further investment will be necessary to process and mine the proven and probable gold
reserves in the open pit due to the fact that we are currently in operation there and have
the required equipment. However, the underground operation was estimated in the report to
require a $500,000 investment to build out the infrastructure to implement the projected
mining method. We have already invested $400,000 of that requirement, which we received
from accredited investors, or from our current operations in Cangalli. We do not foresee
any obstacle to raising the additional $100,000 to finish the underground build out. Even
though we are in production, as we have reported in our required reports under the
Securities Exchange Act of 1934, we continue to have working capital shortages and cash
flow difficulties that we are striving to remedy.
The reserve report discussed here is
based on a number of assumptions, and its conclusions are sensitive to the world market
for gold. According to the reserve report, the authors assumed a gold price per troy ounce
of $360 based on a two-year historical average price. That price is less than the current
price of approximately $400 per troy ounce of gold.
Among the other assumptions set forth
in the reserve report is the fact that the geological and economic cutoff grades for gold
is set at 0.2 grams per tonne in the open pit, and 0.66 grams per tonne in the underground
mine, which are very sensitive to the price of gold. The report also assumes continued
political and labor stability in Bolivia and the Cangalli area.
Golden Eagle has received all of it
permits to operate in Cangalli regarding the environment, the use and transport of
explosives, forestry issues and the use and transport of controlled substances in the
mining industry. Golden Eagle also believes that it will be able to comply in the future
with all requirements in those governmental permits, particularly for environmental
protection and worker health and safety.
CAUTIONARY NOTE
Some of the statements in this
current report on Form 8-K 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 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-KSB and its
other reports filed with the Securities and Exchange Commission. Golden Eagle disclaims
any responsibility to update forward-looking statements made herein.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Golden Eagle International, Inc. (Registrant)
By: /s/ Terry C. Turner
——————————————
Terry C. Turner
President and Chief Executive Officer
February 25, 2004