SECURITIES AND EXCHANGE COMMISSION
                                 Washington, DC




                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934




                          Date of Report: June 30, 1999




                        GOLDEN EAGLE INTERNATIONAL, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)




    Colorado                          0-23726                   84-1116515
 ---------------                    -----------              -------------------
  State of other                    (Commission                (IRS Employer
 jurisdiction of                    File Number)             Identification No.)
  incorporation)




          4949 South Syracuse Street, Suite 300, Denver, Colorado 80237
          -------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)




       Registrant's telephone number, including area code: (303) 694-6101


<PAGE>



Item 5.    Other Events
           ------------

     Golden Eagle  International,  Inc.  ("Golden  Eagle" or the  "Company") has
received    a    report    on   its    Cangalli    gold    deposit    from   the
internationally-recognized  minerals industry consulting firm of Behre Dolbear &
Company,  Inc. ("Behre  Dolbear").  Behre Dolbear's report entitled:  "Report on
Results of Gold Sampling  Program:  Cangalli  Area,  Bolivia" is the result of a
field  sampling  program  and  literature  search  performed  by  Behre  Dolbear
geologists beginning with site work in October 1998, and culminating with a site
visit in February 1999.

     Behre Dolbear's  report, a geological  analysis of the Cangalli deposit and
an in-depth  historical  survey of gold  production  in Cangalli and the Tipuani
Mining  District,  "confirms  that  alluvial  gold is  present  in the  Cangalli
conglomerate.  Gold occurrence is erratic, but extends over significant vertical
and  horizontal  sections."  Behre Dolbear  further  stated:  "The extent of the
deposition of Cangalli conglomerates is impressive."

     The Company retained Behre Dolbear in October,  1998, to conduct the fourth
geological  study  commissioned  on Golden  Eagle's  Cangalli gold deposit since
January 1996 (Trites,  January 1996;  Paravicini,  April 1997;  Paravicini,  May
1998; Behre Dolbear,  May 1999). In addition,  Golden Eagle had received reports
on site visits from Donald M.  Hausen,  Ph.D.,  former  chief  mineralogist  for
Newmont  Mining  (September  1997);  Max  Staheli,  former  controller  of South
American operations for Barrick Gold Corporation  (September 1997); and Ronald L
Atwood,  Ph.D.,  former chief  metallurgist for Newmont Mining (March 1997), all
members of Golden Eagle's Technical  Advisory Board.  These previous reports had
all  indicated  that the Cangalli  gold deposit was a large,  widely-mineralized
deposit  with  a  good  potential  for  supporting  one  or  more  open-pit  and
underground  mining  operations.  Golden Eagle's  management sought a consulting
firm with the stature and  expertise  of Behre  Dolbear to confirm  this concept
from these prior reports.

                                       2

<PAGE>


     In its summary, Behre Dolbear's report states:

         "Based  on  specific   observations   within  Golden  Eagle's  Cangalli
         landholding and the sample results, Behre Dolbear noted that:

                   "visible  alluvial gold was  recovered  from 68 of 73 samples
                  [93%] of Cangalli conglomerate taken from six widely separated
                  areas,   indicating   that  the   Cangalli   conglomerate   is
                  mineralized over an extensive vertical and horizontal section,
                  albeit in the erratic,  non-predictive  manner typical of most
                  alluvial deposits;

                   "gold  recovered  from the samples  indicates  grades ranging
                  from zero to 5.64 g Au/m3. The mineralization is very erratic,
                  sometimes  changing  from [less than] 0.01 g Au/m3 to [greater
                  than]1.0g  Au/m3 in a vertical distance of 1-meter;

                   "using 0.8 g Au/m3 as a threshold grade of gold sufficient to
                  warrant  further  consideration,  17  of  73  samples  of  the
                  Cangalli  conglomerate  were in  excess  of  this  exploration
                  target grade from four areas:  Chaco [0.91,  0.96, 1.09, 1.14,
                  1.31,  1.80, and 4.56 g Au/m3],  Isuhuaya [0.92,  1.01,  1.14,
                  1.40,  1.53, and 3.64 g Au/m3],  Flor de Mayo [1.10,  2.41 and
                  2.79 g Au/m3],  and Cangalli  (within the town limits) [5.64 g
                  Au/m3];

                   "the four surface areas,  Chaco,  Isuhuaya,  Flor de Mayo and
                  Cangalli,   are  considered   potential  targets  for  further
                  exploration  to  determine  the  extent  of the  higher  grade
                  material;

                   "while no samples  were taken from the  Cangalli  underground
                  mine, the operation was visited and based on the  observations
                  of the Behre Dolbear  personnel  [two  unsupervised  mine runs
                  which  averaged  4.28 g Au/m3  and  21.55 g  Au/ton],  further
                  consideration  is recommended to confirm the existence of high
                  grade material; and

                                       3

<PAGE>


                   "the Paleozoic bedrock in the Camino Maderero area sampled is
                  not a potential source of primary gold mineralization.

         "Behre   Dolbear   took  a  limited   number  of  samples   during  the
         investigation.  The program was not designed as a representative sample
         analysis  for  various  reasons,  including  the  areal  extent  of the
         property  (approximately 40 square  kilometers [24 square miles]),  the
         thickness  of the  conglomerate  (500 m [1,600  feet] to 2,500 m [8,000
         feet] in  thickness),  and access to  various  sites  (steep  hills and
         valleys, many with +75(0) slopes)."

     Behre  Dolbear  also  reported  on the  unique  nature  of  Golden  Eagle's
conglomerate gold deposits:

         "Although  normal  stream  processes  deposited  the  gold  within  the
         Cangalli  conglomerate,  the gold  deposits are unique in the following
         ways:

                    "based on Behre Dolbear's  sample results and observation of
                    present and  abandoned  mining  operations,  gold appears to
                    have been deposited  throughout the entire +500-meter [1,600
                    feet] thickness,  rather than at or near the  bedrock/gravel
                    contact as in "typical" alluvial gold deposits;

                    "the conglomerate is indurated, not loose gravel;

                    "`paystreaks',  which are typically thin,  occur in a random
                    manner.  They usually  contain a higher  percentage of large
                    boulders than the normal conglomerate,  and locally may have
                    high gold values ([greater  than] 31 g/m3 [greater than 1 oz
                    Au/m3]). Some have been mined by underground methods; and

                    "the gravels between paystreaks may also contain gold. Behre
                    Dolbear   collected   samples  from  these  gravels,   which
                    predominately  contain  less than 0.1 g Au/m3,  although  17
                    samples  contained at least 0.8 g Au/m3.  These higher grade
                    samples  may   actually   reflect  the   presence  of  other
                    unrecognized paystreaks which occur in the unit."

                                       4

<PAGE>


     Behre  Dolbear   confirmed   Golden  Eagle's   previous   disclosures  that
exploration in the Cangalli concessions will be, and has been to date, difficult
and expensive since:

                   "the rugged  topography  makes  correlation  of geological
                   horizons and  paleochannels difficult; and

                   "the  widespread,  but  erratic  nature  of gold  occurrences
                  containing  reasonably  large  "nuggets"  and the  presence of
                  large  boulders  in  the  conglomerate   makes  collection  of
                  representative  samples  difficult.  Thus the calculation of a
                  resource,   which  is  essential  for   determining   economic
                  viability, is problematic."

     Regarding historical mining in the Cangalli  conglomerate  deposits such as
Golden Eagle's, Behre Dolbear performed a historical literature search at Golden
Eagle's request and reported the following:

         "Information  taken from Aramayo company annual reports  indicates that
         from  1939  to  1949,  6,161  meters  were  driven  underground  at the
         Tujujahuira   adit  [in  Cangalli   conglomerates],   resulting  in  an
         extraction  of 49,151 m3 of  gravels  bearing  1,604,800  grams of gold
         (=51,000  ounces) with an average grade of 32.6 g Au/m3 [1.05 oz Au/m3]
         (United  Nations 1968).  In 1944, one rich pocket yielded 112,352 grams
         of gold (=3,610  ounces)  from 12.1 m3 (United  Nations  1968).  It was
         reported by another  source that the  Tujujahuira  adit had a 60-degree
         decline  connecting from the main operation  through the mountain to an
         additional  drainage,  two  ventilation  shafts,  and  three  galleries
         located on the 30, 50 and 60 meter levels.  Nineteen  gold-bearing  pay
         zones were exploited,  with grades reaching 150 g Au/m3 [4.82 oz Au/m3]
         (Revilla  1988).  During  this  period  Aramayo had between 300 and 600
         laborers working for the company (United Nations 1968). The Tujujahuira
         adit is located nine  kilometers  [5.4 miles]  up-river from the Golden
         Eagle concessions."

                                       5

<PAGE>


                  [Behre Dolbear included the preceding  historical  information
         in the  Historical  section of its  report,  but did not  independently
         confirm that  information.  Golden Eagle believes that this  historical
         information   applies  to  the  same  conglomerate   formation  in  the
         Paleo-Tipuani  system as is found on Golden Eagle's property;  however,
         Golden Eagle cannot assure that its gold deposition or mine performance
         will be the same as or similar to the historical information given.]

     On the issue of fine gold, Behre Dolbear  indicated that its geologists did
not consider the presence of "microfine" or "ultrafine" gold within the scope of
its work on the Cangalli  deposit.  Instead,  the Behre Dolbear study focused on
visually-verifiable gold conventionally  recoverable using gravity concentration
techniques.

Regarding the presence of fine gold in the deposit, Behre Dolbear stated:

         "While  visiting  the Chaco  site,  the size  fraction  of the gold was
         discussed.  Golden  Eagle  stated  that the size  fraction  included  a
         reasonable volume of flour gold and dust; however due to the processing
         methods,  the gold was generally lost during the sluice box operations.
         This  statement  is  supported  by the  previous  work of Zambrana  and
         Trites.  Additionally,  since the gold was extremely  flat, the smaller
         particles  tended to float on the surface.  To confirm this, Dr. Sandri
         [Henry Sandri, Ph.D., project manager for Behre Dolbear] placed a small
         amount  of grease on his hand and let the post  sluice  box water  flow
         spill over his hand for about five minutes, after which his hand showed
         very minute particles of gold trapped in the grease.

         "It was  proposed  to Golden  Eagle  [by Dr.  Sandri]  that they  could
         further  "test"  gold  losses in their  tails by  rerunning a number of
         tonnes through the process again. Accordingly,  four tonnes of tailings
         fines from the  existing  tailings  area were  reprocessed  through the
         gravity plant, recognizing that any very fine gold would probably again
         be lost from the circuit for the same  reasons  that it was lost in the
         initial processing.

                                       6

<PAGE>


          "The final concentrates from these reprocessed tailings were collected
          by Dr. Sandri and brought to the U.S. for final cleaning and weighing.
          They were  processed in the U.S. and resulted in over 500 particles of
          gold  weighing  1.69 g.  Au,  averaging  0.42  g. Au per ton of  tails
          reprocessed.  Most of the gold was very small and it confirmed  Golden
          Eagle's  belief that fine  particles  were being  washed  through this
          processing plant."

     Terry C.  Turner ,  Golden  Eagle's  president,  stated:  "Behre  Dolbear's
findings are very  encouraging,  are  consistent  with  previous  studies on the
deposit, and underscore the size and unique nature of the Company's gold deposit
at Cangalli.  Behre  Dolbear's  work also serves to further  focus the Company's
efforts and  commitment of its limited  resources  for the future.  We knew from
previous  reports that the gold deposition in the Cangalli deposit was sporadic;
seldom are gold deposits evenly  distributed.  However,  Behre Dolbear's report,
and others that we have  received,  emphasize  that the  "nugget  effect" can be
eliminated through bulk sampling as far as further testing,  and can be averaged
out in a bulk mining  scenario.  The most  important  point in the Behre Dolbear
report for Golden  Eagle is the  statement  that the  Cangalli  gold  deposit is
"unique" in that the gold is deposited  throughout  the entire +500 meter (1,600
feet) thickness of the deposit."

     In addition,  Ronald L Atwood, Ph.D., former chief metallurgist for Newmont
Mining and a member of the Company's  Technical  Advisory Board, after reviewing
the Behre  Dolbear  report,  stated:  "I  recently  spent  three weeks on Golden
Eagle's  Cangalli gold deposit in April 1999.  Behre  Dolbear's work confirms my
field  observations.  The Cangalli  deposit is enormous and appears to be highly
anomalous in gold values over its entire extension. What is even more important,
high gold grades can come at any point in the vertical or  horizontal  sections.
While  Behre  Dolbear's  sampling  recovered  gold in 93% of its  samples in the
Cangalli  conglomerate,  by using a Knelson  Concentrator  I was able to recover
extremely  fine gold in 100% of the samples  that I took.  Some of those  assays
were very low,  but the  important  aspect was that the fine gold present in the
Cangalli deposit, which has traditionally been lost, can be recovered."

                                       7

<PAGE>


     Donald M. Hausen, Ph.D., former chief mineralogist for Newmont Mining and a
member of the Company's  Technical Advisory Board, also reviewed Behre Dolbear's
report,  and stated:  "Their results of gold sampling at Cangalli  indicate that
over 90% of samples  contained  significant  amounts  of  visible  gold from six
widely separated areas.  The erratic  mineralization  is typical due to "nugget"
effects  from sample to sample,  but  confirms  that  coarse gold occurs  widely
throughout the deposit. I was quite pleased that Behre Dolbear  recommended that
a bulk mining  sampling  operation be  initiated to confirm the economic  grades
throughout large tonnages.  They suggested that this bulk sampling be located at
Chaco  "plataforma",  followed  by other  favorable  locations.  Large  mineable
samples would then provide more  representative  grades of gold that would guide
the development of large open-pits in the near future."

     Mr. Turner  further  noted:  "Although the Behre Dolbear  report  confirmed
Golden Eagle's  previously-held concept of the Cangalli gold deposit, the report
also  emphasized  the cost and  complexity of further  exploration  and possible
mining operations on the Company's Cangalli prospect.  Our vision for the future
is an optimistic  one. Golden Eagle will now focus its limited capital and other
resources on its strategic plan." This plan includes the following objectives:

     a)   Maintenance  of current  operations,  contractual  payments,  and land
          patent (claim) payments;

     b)   Acquisition  of  surrounding  or  adjacent   landholdings  within  the
          Paleo-Tipuani Trend;

     c)   Acquisition of the Coop ownership interest in the Cangalli properties,
          thereby eliminating any royalty from the gold deposit;

     d)   Implementation   of   recommendations    from   the   geological   and
          metallurgical reports, including, but not limited to:

                                       8

<PAGE>


          i.   constructing a metallurgical recovery plant at Chaco Playa, Chaco
               Platform  and  Chaco  Face,  to  begin   production  and  further
               verification on a large scale;

          ii.  entering  second-stage  resource  confirmation  work with  Golden
               Eagle's geological consulting firm;

          iii. entering  into  negotiations,  including  site visits and initial
               field  studies,  with  interested  joint venture  partners in the
               industry.

     Turner added: "We will continue pursuing this optimistic vision despite the
many  obstacles  that always  appear in the road as far as  bringing  any mining
prospect into production."

     The  Company has also been  advised  that its former  president,  Ronald A.
Knittle, who resigned in May 1996, and its current corporate secretary,  Mary A.
Erickson, have entered into a consent agreement with the Central Office (Denver,
Colorado) of the  Securities  and Exchange  Commission to settle a pending civil
action. That civil action, SEC v. Golden Eagle  International,  Inc., et al, No.
98-Z-1020  [D.  Colo.],  had  previously  been  settled  in March 1999 as to the
Company.  Mr. Knittle and Ms.  Erickson  neither  admitted nor denied any of the
allegations in the SEC's complaint,  but to resolve the situation they consented
to the issuance of an injunction against future violations of certain securities
laws and an order for disgorgement.  The consent agreement is not binding on the
SEC until approved by the full Commission and the Federal District Court.

     The only  defendant  remaining in the SEC's civil action is Golden  Eagle's
president,  with the only issues  remaining being those bearing on the Company's
May 22, 1998, press release  regarding its receipt of a geological report on its
Cangalli gold deposit. Negotiations are currently underway for the settlement of
these last  allegations,  and the  Company's  president  strenuously  denies any
wrongdoing which may be actionable under federal securities laws.

     Golden  Eagle  International,  Inc.  is  a  Denver-based  gold  mining  and
exploration company. The Company is currently focusing its efforts on developing
its mining rights in Cangalli,  Bolivia. For more information about the Company,
call Sabrina  Martinez at (303) 694-6101 or Guy Murrel at (303) 581-7760.  Media
inquires should be directed to Richard Pinto at (212) 688-8599. Golden Eagle can
also be found at its new website: www.geii.com, where management recommends that
all shareholders and prospective  shareholders review its Annual Reports on Form
10-KSB, Quarterly Reports on Form 10-QSB and Periodic Reports on Form 8-K.

     The future  conduct of Golden  Eagle's  business and its response to issues
raised by third parties are dependent upon a number of factors, and there can be
no  assurance  that  Golden  Eagle will be able to  conduct  its  operations  as
contemplated. Certain statements contained in this report using the terms "may",
"expects to," and other terms denoting future possibilities, are forward-looking
statements.  The accuracy of these  statements  cannot be guaranteed as they are
subject to a variety of risks which are beyond Golden Eagle's ability to predict
or control  and which may cause  actual  results to differ  materially  from the
projections or estimates  contained  herein.  These risks  include,  but are not
limited to, the risks described in the above press release;  those risks set out
in Golden Eagle's  disclosure  documents and its annual,  quarterly and periodic

                                       9

<PAGE>

reports;  and the other  risks  associated  with  start-up  mineral  exploration
operations  with  insufficient  liquidity,  negative  working  capital,  and  no
historical  profitability.  Golden Eagle  disclaims any obligation to update any
forward-looking statement made herein.


                                   SIGNATURES

     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 thereunto duly authorized.


Date:   June 30, 1999                     Golden Eagle International, Inc.



                                        By:  /s/  Terry C. Turner
                                             -----------------------------------
                                             Terry C. Turner, President
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SECURITIES AND EXCHANGE COMMISSION
                                 Washington, DC

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                          Date of Report: June 30, 1999

                        GOLDEN EAGLE INTERNATIONAL, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

    Colorado                          0-23726                   84-1116515
 ---------------                    -----------              -------------------
  State of other                    (Commission                (IRS Employer
 jurisdiction of                    File Number)             Identification No.)
  incorporation)

          4949 South Syracuse Street, Suite 300, Denver, Colorado 80237
          -------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (303) 694-6101
Item 5.    Other Events
           ------------

     Golden Eagle  International,  Inc.  ("Golden  Eagle" or the  "Company") has
received    a    report    on   its    Cangalli    gold    deposit    from   the
internationally-recognized  minerals industry consulting firm of Behre Dolbear &
Company,  Inc. ("Behre  Dolbear").  Behre Dolbear's report entitled:  "Report on
Results of Gold Sampling  Program:  Cangalli  Area,  Bolivia" is the result of a
field  sampling  program  and  literature  search  performed  by  Behre  Dolbear
geologists beginning with site work in October 1998, and culminating with a site
visit in February 1999.

     Behre Dolbear's  report, a geological  analysis of the Cangalli deposit and
an in-depth  historical  survey of gold  production  in Cangalli and the Tipuani
Mining  District,  "confirms  that  alluvial  gold is  present  in the  Cangalli
conglomerate.  Gold occurrence is erratic, but extends over significant vertical
and  horizontal  sections."  Behre Dolbear  further  stated:  "The extent of the
deposition of Cangalli conglomerates is impressive."

     The Company retained Behre Dolbear in October,  1998, to conduct the fourth
geological  study  commissioned  on Golden  Eagle's  Cangalli gold deposit since
January 1996 (Trites,  January 1996;  Paravicini,  April 1997;  Paravicini,  May
1998; Behre Dolbear,  May 1999). In addition,  Golden Eagle had received reports
on site visits from Donald M.  Hausen,  Ph.D.,  former  chief  mineralogist  for
Newmont  Mining  (September  1997);  Max  Staheli,  former  controller  of South
American operations for Barrick Gold Corporation  (September 1997); and Ronald L
Atwood,  Ph.D.,  former chief  metallurgist for Newmont Mining (March 1997), all
members of Golden Eagle's Technical  Advisory Board.  These previous reports had
all  indicated  that the Cangalli  gold deposit was a large,  widely-mineralized
deposit  with  a  good  potential  for  supporting  one  or  more  open-pit  and
underground  mining  operations.  Golden Eagle's  management sought a consulting
firm with the stature and  expertise  of Behre  Dolbear to confirm  this concept
from these prior reports.

                                       2
In its summary, Behre Dolbear's report states:

         "Based  on  specific   observations   within  Golden  Eagle's  Cangalli
         landholding and the sample results, Behre Dolbear noted that:

                   "visible  alluvial gold was  recovered  from 68 of 73 samples
                  [93%] of Cangalli conglomerate taken from six widely separated
                  areas,   indicating   that  the   Cangalli   conglomerate   is
                  mineralized over an extensive vertical and horizontal section,
                  albeit in the erratic,  non-predictive  manner typical of most
                  alluvial deposits;

                   "gold  recovered  from the samples  indicates  grades ranging
                  from zero to 5.64 g Au/m3. The mineralization is very erratic,
                  sometimes  changing  from [less than] 0.01 g Au/m3 to [greater
                  than]1.0g  Au/m3 in a vertical distance of 1-meter;

                   "using 0.8 g Au/m3 as a threshold grade of gold sufficient to
                  warrant  further  consideration,  17  of  73  samples  of  the
                  Cangalli  conglomerate  were in  excess  of  this  exploration
                  target grade from four areas:  Chaco [0.91,  0.96, 1.09, 1.14,
                  1.31,  1.80, and 4.56 g Au/m3],  Isuhuaya [0.92,  1.01,  1.14,
                  1.40,  1.53, and 3.64 g Au/m3],  Flor de Mayo [1.10,  2.41 and
                  2.79 g Au/m3],  and Cangalli  (within the town limits) [5.64 g
                  Au/m3];

                   "the four surface areas,  Chaco,  Isuhuaya,  Flor de Mayo and
                  Cangalli,   are  considered   potential  targets  for  further
                  exploration  to  determine  the  extent  of the  higher  grade
                  material;

                   "while no samples  were taken from the  Cangalli  underground
                  mine, the operation was visited and based on the  observations
                  of the Behre Dolbear  personnel  [two  unsupervised  mine runs
                  which  averaged  4.28 g Au/m3  and  21.55 g  Au/ton],  further
                  consideration  is recommended to confirm the existence of high
                  grade material; and

                                       3
"the Paleozoic bedrock in the Camino Maderero area sampled is
                  not a potential source of primary gold mineralization.

         "Behre   Dolbear   took  a  limited   number  of  samples   during  the
         investigation.  The program was not designed as a representative sample
         analysis  for  various  reasons,  including  the  areal  extent  of the
         property  (approximately 40 square  kilometers [24 square miles]),  the
         thickness  of the  conglomerate  (500 m [1,600  feet] to 2,500 m [8,000
         feet] in  thickness),  and access to  various  sites  (steep  hills and
         valleys, many with +75(0) slopes)."

     Behre  Dolbear  also  reported  on the  unique  nature  of  Golden  Eagle's
conglomerate gold deposits:

         "Although  normal  stream  processes  deposited  the  gold  within  the
         Cangalli  conglomerate,  the gold  deposits are unique in the following
         ways:

                    "based on Behre Dolbear's  sample results and observation of
                    present and  abandoned  mining  operations,  gold appears to
                    have been deposited  throughout the entire +500-meter [1,600
                    feet] thickness,  rather than at or near the  bedrock/gravel
                    contact as in "typical" alluvial gold deposits;

                    "the conglomerate is indurated, not loose gravel;

                    "`paystreaks',  which are typically thin,  occur in a random
                    manner.  They usually  contain a higher  percentage of large
                    boulders than the normal conglomerate,  and locally may have
                    high gold values ([greater  than] 31 g/m3 [greater than 1 oz
                    Au/m3]). Some have been mined by underground methods; and

                    "the gravels between paystreaks may also contain gold. Behre
                    Dolbear   collected   samples  from  these  gravels,   which
                    predominately  contain  less than 0.1 g Au/m3,  although  17
                    samples  contained at least 0.8 g Au/m3.  These higher grade
                    samples  may   actually   reflect  the   presence  of  other
                    unrecognized paystreaks which occur in the unit."

                                       4
Behre  Dolbear   confirmed   Golden  Eagle's   previous   disclosures  that
exploration in the Cangalli concessions will be, and has been to date, difficult
and expensive since:

                   "the rugged  topography  makes  correlation  of geological
                   horizons and  paleochannels difficult; and

                   "the  widespread,  but  erratic  nature  of gold  occurrences
                  containing  reasonably  large  "nuggets"  and the  presence of
                  large  boulders  in  the  conglomerate   makes  collection  of
                  representative  samples  difficult.  Thus the calculation of a
                  resource,   which  is  essential  for   determining   economic
                  viability, is problematic."

     Regarding historical mining in the Cangalli  conglomerate  deposits such as
Golden Eagle's, Behre Dolbear performed a historical literature search at Golden
Eagle's request and reported the following:

         "Information  taken from Aramayo company annual reports  indicates that
         from  1939  to  1949,  6,161  meters  were  driven  underground  at the
         Tujujahuira   adit  [in  Cangalli   conglomerates],   resulting  in  an
         extraction  of 49,151 m3 of  gravels  bearing  1,604,800  grams of gold
         (=51,000  ounces) with an average grade of 32.6 g Au/m3 [1.05 oz Au/m3]
         (United  Nations 1968).  In 1944, one rich pocket yielded 112,352 grams
         of gold (=3,610  ounces)  from 12.1 m3 (United  Nations  1968).  It was
         reported by another  source that the  Tujujahuira  adit had a 60-degree
         decline  connecting from the main operation  through the mountain to an
         additional  drainage,  two  ventilation  shafts,  and  three  galleries
         located on the 30, 50 and 60 meter levels.  Nineteen  gold-bearing  pay
         zones were exploited,  with grades reaching 150 g Au/m3 [4.82 oz Au/m3]
         (Revilla  1988).  During  this  period  Aramayo had between 300 and 600
         laborers working for the company (United Nations 1968). The Tujujahuira
         adit is located nine  kilometers  [5.4 miles]  up-river from the Golden
         Eagle concessions."

                                       5
[Behre Dolbear included the preceding  historical  information
         in the  Historical  section of its  report,  but did not  independently
         confirm that  information.  Golden Eagle believes that this  historical
         information   applies  to  the  same  conglomerate   formation  in  the
         Paleo-Tipuani  system as is found on Golden Eagle's property;  however,
         Golden Eagle cannot assure that its gold deposition or mine performance
         will be the same as or similar to the historical information given.]

     On the issue of fine gold, Behre Dolbear  indicated that its geologists did
not consider the presence of "microfine" or "ultrafine" gold within the scope of
its work on the Cangalli  deposit.  Instead,  the Behre Dolbear study focused on
visually-verifiable gold conventionally  recoverable using gravity concentration
techniques.

Regarding the presence of fine gold in the deposit, Behre Dolbear stated:

         "While  visiting  the Chaco  site,  the size  fraction  of the gold was
         discussed.  Golden  Eagle  stated  that the size  fraction  included  a
         reasonable volume of flour gold and dust; however due to the processing
         methods,  the gold was generally lost during the sluice box operations.
         This  statement  is  supported  by the  previous  work of Zambrana  and
         Trites.  Additionally,  since the gold was extremely  flat, the smaller
         particles  tended to float on the surface.  To confirm this, Dr. Sandri
         [Henry Sandri, Ph.D., project manager for Behre Dolbear] placed a small
         amount  of grease on his hand and let the post  sluice  box water  flow
         spill over his hand for about five minutes, after which his hand showed
         very minute particles of gold trapped in the grease.

         "It was  proposed  to Golden  Eagle  [by Dr.  Sandri]  that they  could
         further  "test"  gold  losses in their  tails by  rerunning a number of
         tonnes through the process again. Accordingly,  four tonnes of tailings
         fines from the  existing  tailings  area were  reprocessed  through the
         gravity plant, recognizing that any very fine gold would probably again
         be lost from the circuit for the same  reasons  that it was lost in the
         initial processing.

                                       6
"The final concentrates from these reprocessed tailings were collected
          by Dr. Sandri and brought to the U.S. for final cleaning and weighing.
          They were  processed in the U.S. and resulted in over 500 particles of
          gold  weighing  1.69 g.  Au,  averaging  0.42  g. Au per ton of  tails
          reprocessed.  Most of the gold was very small and it confirmed  Golden
          Eagle's  belief that fine  particles  were being  washed  through this
          processing plant."

     Terry C.  Turner ,  Golden  Eagle's  president,  stated:  "Behre  Dolbear's
findings are very  encouraging,  are  consistent  with  previous  studies on the
deposit, and underscore the size and unique nature of the Company's gold deposit
at Cangalli.  Behre  Dolbear's  work also serves to further  focus the Company's
efforts and  commitment of its limited  resources  for the future.  We knew from
previous  reports that the gold deposition in the Cangalli deposit was sporadic;
seldom are gold deposits evenly  distributed.  However,  Behre Dolbear's report,
and others that we have  received,  emphasize  that the  "nugget  effect" can be
eliminated through bulk sampling as far as further testing,  and can be averaged
out in a bulk mining  scenario.  The most  important  point in the Behre Dolbear
report for Golden  Eagle is the  statement  that the  Cangalli  gold  deposit is
"unique" in that the gold is deposited  throughout  the entire +500 meter (1,600
feet) thickness of the deposit."

     In addition,  Ronald L Atwood, Ph.D., former chief metallurgist for Newmont
Mining and a member of the Company's  Technical  Advisory Board, after reviewing
the Behre  Dolbear  report,  stated:  "I  recently  spent  three weeks on Golden
Eagle's  Cangalli gold deposit in April 1999.  Behre  Dolbear's work confirms my
field  observations.  The Cangalli  deposit is enormous and appears to be highly
anomalous in gold values over its entire extension. What is even more important,
high gold grades can come at any point in the vertical or  horizontal  sections.
While  Behre  Dolbear's  sampling  recovered  gold in 93% of its  samples in the
Cangalli  conglomerate,  by using a Knelson  Concentrator  I was able to recover
extremely  fine gold in 100% of the samples  that I took.  Some of those  assays
were very low,  but the  important  aspect was that the fine gold present in the
Cangalli deposit, which has traditionally been lost, can be recovered."

                                       7
Donald M. Hausen, Ph.D., former chief mineralogist for Newmont Mining and a
member of the Company's  Technical Advisory Board, also reviewed Behre Dolbear's
report,  and stated:  "Their results of gold sampling at Cangalli  indicate that
over 90% of samples  contained  significant  amounts  of  visible  gold from six
widely separated areas.  The erratic  mineralization  is typical due to "nugget"
effects  from sample to sample,  but  confirms  that  coarse gold occurs  widely
throughout the deposit. I was quite pleased that Behre Dolbear  recommended that
a bulk mining  sampling  operation be  initiated to confirm the economic  grades
throughout large tonnages.  They suggested that this bulk sampling be located at
Chaco  "plataforma",  followed  by other  favorable  locations.  Large  mineable
samples would then provide more  representative  grades of gold that would guide
the development of large open-pits in the near future."

     Mr. Turner  further  noted:  "Although the Behre Dolbear  report  confirmed
Golden Eagle's  previously-held concept of the Cangalli gold deposit, the report
also  emphasized  the cost and  complexity of further  exploration  and possible
mining operations on the Company's Cangalli prospect.  Our vision for the future
is an optimistic  one. Golden Eagle will now focus its limited capital and other
resources on its strategic plan." This plan includes the following objectives:

     a)   Maintenance  of current  operations,  contractual  payments,  and land
          patent (claim) payments;

     b)   Acquisition  of  surrounding  or  adjacent   landholdings  within  the
          Paleo-Tipuani Trend;

     c)   Acquisition of the Coop ownership interest in the Cangalli properties,
          thereby eliminating any royalty from the gold deposit;

     d)   Implementation   of   recommendations    from   the   geological   and
          metallurgical reports, including, but not limited to:

                                       8
i.   constructing a metallurgical recovery plant at Chaco Playa, Chaco
               Platform  and  Chaco  Face,  to  begin   production  and  further
               verification on a large scale;

          ii.  entering  second-stage  resource  confirmation  work with  Golden
               Eagle's geological consulting firm;

          iii. entering  into  negotiations,  including  site visits and initial
               field  studies,  with  interested  joint venture  partners in the
               industry.

     Turner added: "We will continue pursuing this optimistic vision despite the
many  obstacles  that always  appear in the road as far as  bringing  any mining
prospect into production."

     The  Company has also been  advised  that its former  president,  Ronald A.
Knittle, who resigned in May 1996, and its current corporate secretary,  Mary A.
Erickson, have entered into a consent agreement with the Central Office (Denver,
Colorado) of the  Securities  and Exchange  Commission to settle a pending civil
action. That civil action, SEC v. Golden Eagle  International,  Inc., et al, No.
98-Z-1020  [D.  Colo.],  had  previously  been  settled  in March 1999 as to the
Company.  Mr. Knittle and Ms.  Erickson  neither  admitted nor denied any of the
allegations in the SEC's complaint,  but to resolve the situation they consented
to the issuance of an injunction against future violations of certain securities
laws and an order for disgorgement.  The consent agreement is not binding on the
SEC until approved by the full Commission and the Federal District Court.

     The only  defendant  remaining in the SEC's civil action is Golden  Eagle's
president,  with the only issues  remaining being those bearing on the Company's
May 22, 1998, press release  regarding its receipt of a geological report on its
Cangalli gold deposit. Negotiations are currently underway for the settlement of
these last  allegations,  and the  Company's  president  strenuously  denies any
wrongdoing which may be actionable under federal securities laws.

     Golden  Eagle  International,  Inc.  is  a  Denver-based  gold  mining  and
exploration company. The Company is currently focusing its efforts on developing
its mining rights in Cangalli,  Bolivia. For more information about the Company,
call Sabrina  Martinez at (303) 694-6101 or Guy Murrel at (303) 581-7760.  Media
inquires should be directed to Richard Pinto at (212) 688-8599. Golden Eagle can
also be found at its new website: www.geii.com, where management recommends that
all shareholders and prospective  shareholders review its Annual Reports on Form
10-KSB, Quarterly Reports on Form 10-QSB and Periodic Reports on Form 8-K.

     The future  conduct of Golden  Eagle's  business and its response to issues
raised by third parties are dependent upon a number of factors, and there can be
no  assurance  that  Golden  Eagle will be able to  conduct  its  operations  as
contemplated. Certain statements contained in this report using the terms "may",
"expects to," and other terms denoting future possibilities, are forward-looking
statements.  The accuracy of these  statements  cannot be guaranteed as they are
subject to a variety of risks which are beyond Golden Eagle's ability to predict
or control  and which may cause  actual  results to differ  materially  from the
projections or estimates  contained  herein.  These risks  include,  but are not
limited to, the risks described in the above press release;  those risks set out
in Golden Eagle's  disclosure  documents and its annual,  quarterly and periodic

                                       9
reports;  and the other  risks  associated  with  start-up  mineral  exploration
operations  with  insufficient  liquidity,  negative  working  capital,  and  no
historical  profitability.  Golden Eagle  disclaims any obligation to update any
forward-looking statement made herein.

                                   SIGNATURES

     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 thereunto duly authorized.

Date:   June 30, 1999                     Golden Eagle International, Inc.

                                        By:  /s/  Terry C. Turner
                                             -----------------------------------
                                             Terry C. Turner, President