MYNG - Golden Eagle International - .00X

Joseph · July 9th, 2009, 01:35 PM

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Now this is just a claim that was filed, but when you're talking about a company with a current market cap at 1.65 Mil, 40Mil is a grip of cash! I expect a quick small spike, them folks will probably settle down. I know there were some folks already in this from SR...
Golden Eagle Files Claims Against Yukon-Nevada, Queenstake USA and Queenstake Canada for $40 Million Lost Profit on Breach of Contract at Jerritt Canyon Mill

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Already up .005 as I was typing all that (I know...I know...slow typist, leave me alone! lol) I'll probably use this chance to book my free shares...

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Golden Eagle International, Inc. is a gold and copper exploration, mining and milling company headquartered in Salt Lake City, Utah ; with offices in Elko, Nevada and Santa Cruz , Bolivia. The Company's most recent efforts have centered on its Agreement with Queenstake Resources USA, Inc. (a subsidiary of Yukon-Nevada Gold Corp. ) for the operation of the Jerritt Canyon 4,000 tpd CIL gold mill. In addition, Golden Eagle is working to maximize the potential of its Gold Bar 4,000 tpd CIP gold mill located in Eureka, Nevada through a joint venture, toll refining arrangement or potential merger. The Company is also maintaining its C Zone gold mine and mill in eastern Bolivia's Precambrian Shield, as well as its Buen Futuro A Zone gold and copper project, in a temporarily dormant status.

Quote:

SALT LAKE CITY, UT -- (MARKET WIRE) -- 06/02/09 -- Golden Eagle International, Inc. (OTCBB: MYNG) reported today that ore processing through the roasters at the Jerritt Canyon gold mill has been temporarily suspended due to a delay in the installation of required mercury emission control equipment. The Nevada Division of Environmental Protection (NDEP) issued an order on March 25, 2009 allowing Queenstake Resources USA, Inc. (Queenstake), a wholly owned subsidiary of Yukon-Nevada Gold Corp. (YNG), to restart ore processing operations through the roasters at the Jerritt Canyon mill on the condition that a new state-of-the-art mercury emission control system would be installed by May 30, 2009 . According to Queenstake, a delay in the fabrication of certain fiberglass ductwork caused the delay in the installation of the emissions control system and the materials should be delivered on-site in the near future.

The State of Nevada released a public statement on June 1, 2009 that "Queenstake has successfully complied with other requirements of operation per NDEP Order 2009-4" (the order authorizing operations at the Jerritt Canyon mill in March 2009 ).

Golden Eagle's crews have been on-site at the Jerrit Canyon mill since mid-September 2008 providing maintenance and environmental compliance operations pending the restart of the mill on March 25, 2009 . The Company now has 82 employees at the Jerritt Canyon mill, including its Chief Operating Officer, Blane W. Wilson .

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SALT LAKE CITY, UT -- (MARKET WIRE) -- 07/09/09 -- Golden Eagle International, Inc. (OTCBB: MYNG) reported today that it has filed a $40 million counterclaim and third-party complaints against Yukon-Nevada Gold Corp. (" Yukon - Nevada "), Queenstake Resources USA, Inc. ("Queenstake USA"), Queenstake Resources Ltd. ("Queenstake Canada") (both wholly owned subsidiaries of Yukon - Nevada ) and Francois Marland ("Marland"), a French citizen and Yukon - Nevada investor. The counterclaim and third-party complaints were filed in the Fourth District Court for Elko County , Nevada, together with an answer to Queenstake USA's complaint filed on June 10, 2009 (See, Golden Eagle's Current Report on Form 8-K filed with the U.S. SEC on June 12, 2009 ) and can be found as an exhibit to a Current Report filed on Form 8-K with the U.S. Securities and Exchange Commission (U.S. SEC ) on July 9, 2009 : http://www.sec.gov/cgi-bin/browse-ed...CIK=0000869531

Fraud, Misrepresentation, Material Omissions and Deceptive Practices Alleged in Breach

The counterclaim alleges that by a pattern of fraud, misrepresentation, material omissions and deceptive business practices Queenstake USA induced Golden Eagle to enter into a mill operating agreement on October 14, 2008 , which called for Golden Eagle to operate the Jerritt Canyon gold mill located 50 miles north of Elko, Nevada , for a 5-year period and provide extensive services to prepare the mill for operations and bring it into environmental compliance. The counterclaim further alleges that Queenstake USA continued between October 2008 and June 2009 , through fraudulent and deceptive means, to induce Golden Eagle to continue to provide its administrative services and contract with up to 82 employees, providers, suppliers and third-party contractors, which resulted in a liability for costs incurred by Golden Eagle , and administrative fees owed to Golden Eagle , in excess of $2.23 million . Other allegations include the fact that Yukon - Nevada and Marland, who (according to the third-party complaint) stated that he "controlled" Yukon -Nevada and Queenstake USA , concluded that Golden Eagle's contract was "too lucrative" and then tortiously interfered with the mill operating agreement between Golden Eagle and Queenstake USA by compelling Queenstake USA to breach its agreement and covenant of good faith and fair dealing with Golden Eagle on June 10, 2009 . This breach, based on the counterclaim and third-party complaints, caused Golden Eagle to lose the "benefit of the bargain," or lost profit from the agreement, in excess of $40 million based on Queenstake USA's own calculations and representations to Golden Eagle and the Nevada Division of Environmental Protection (NDEP).

Golden Eagle Alleges Forcible Entry and Detainer on the Mill Property & Seeks Restitution

Golden Eagle also alleges that the mill operating agreement between the parties had all of the characteristics of a lease, putting Golden Eagle in possession of the mill property and its full use; ensuring Golden Eagle's quiet enjoyment of the premises; requiring Golden Eagle to maintain and repair the property; granting Golden Eagle access to the "common areas" on the mill complex, etc. As a result of these lease characteristics, Golden Eagle has counterclaimed against Queenstake USA for statutory relief under the Nevada Forcible Entry and Detainer statutes and seeks an order of the court based on those statutes putting Golden Eagle back in immediate possession of the mill property.

Golden Eagle Alleges Irreparable Harm and Seeks Equitable Remedies

Golden Eagle further alleges in its counterclaim and third-party complaints that Queenstake USA , Yukon - Nevada and Marland have caused it irreparable harm. As a result, Golden Eagle asks the court for a Declaratory Judgment and a Writ of Mandamus that order that Golden Eagle be allowed full possession of the mill property so that it may complete its contract term of 5 years.

Punitive Damages May Triple Any Compensatory Damage Judgment

Golden Eagle claims further that Queenstake USA , Yukon - Nevada and Marland have committed acts of oppression, fraud or malice, express or implied, and that Golden Eagle is entitled under Nevada law to recover punitive damages, which are calculated as up to three times the amount of compensatory damages.

Queenstake Canada's Unconditional Guarantee

Golden Eagle finally alleges that Queenstake Canada unconditionally guaranteed the terms of the agreement between Golden Eagle and Queenstake USA , and furthermore, unconditionally guaranteed the covenant of good faith and fair dealing between the parties. As a result, Queenstake Canada was also named as a third-party defendant in the suit sharing joint liability with its wholly owned subsidiary, Queenstake USA .
The Company recommends that you review its disclosures, risk statements, previous press releases, annual reports, quarterly reports and current reports found at its website: www.geii.com.

EscrowJoe · July 9th, 2009, 01:47 PM

Holding small stake in Golden Eagle. I thought this one was close to dead. It's nice to see SOME kind of movement. Free shares sounds good to me.
Good looking

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wow - now up 66% and I'm a fast typer!!
was in @ .001 put a sell limit at .002 keep going!!

EscrowJoe · July 9th, 2009, 01:53 PM

Prentiss, can you point that damn gun somewhere else?? LOL

Joseph · July 9th, 2009, 01:58 PM

LOL...looks good to me as long as I don't get shot off the bike, good looking EscrowJoe. I too felt this beast was dead, let's see how this news affects it. Already seems a bit short lived though.... :-(

EscrowJoe · July 9th, 2009, 08:27 PM

Yeah, in the present, this little pop was short-lived and I think its momentum will die today. I'm holding a long position as well and I think this company has a bright future.

BobShishka · July 15th, 2009, 03:11 PM

Does anybody notice that MYNG constantly swings between .0009 and .0011? Thats a 22% swing... I'm thinking of riding that train- anybody with me?

fherrada · July 15th, 2009, 08:25 PM

Actually, i had a %110 gain on my screen but for some reason i didn't cash out, can you say "Dumbass!!"

EscrowJoe · July 17th, 2009, 09:21 AM

Originally Posted by BobShishka

Does anybody notice that MYNG constantly swings between .0009 and .0011? Thats a 22% swing... I'm thinking of riding that train- anybody with me?

Yeah, that's exactly what it has been doing on a consistent basis. I guess greed has been a factor that has prevented me from doing so. I am going to set my sell limit order today and let my computer make the decision for me.

EscrowJoe · July 17th, 2009, 09:25 AM

Originally Posted by fherrada

Actually, i had a %110 gain on my screen but for some reason i didn't cash out, can you say "Dumbass!!"

I think ignorant is a better term. In this sense we are all ignorant of what the future will hold for any stock. We can only make educated guesses. I was pretty ignorant not to buy MSFT with my lemonade proceeds in grade school. Instead, I bought baseball cards that are worth nothing today.

bigfoot · October 8th, 2009, 04:03 PM

Look like MYNG is on a break out, it has popped more than 50% today and still going strong.

Is anyone still holding this? or is anyone hear any news coming out?

bigfoot · October 8th, 2009, 04:20 PM

Originally Posted by fherrada

Actually, i had a %110 gain on my screen but for some reason i didn't cash out, can you say "Dumbass!!"

Am I the only one holding this?

I am up 100% now. Don't know if I should sell or hold.
Itchy fingers here as well, don't want to be another "Dumbass" like fherrada.

Just kidding

Madloch · October 8th, 2009, 04:45 PM

Bought this a while ago @ 0.0019 so I'm almost breakeven.

bigfoot · October 13th, 2009, 03:40 PM

I cash out today, it's hard not take a 300% profit

off the table. I'll buy back if it go back to 0.002 or lower and if not I'll put all that fund into more cprk. I don't want to be like last week up 100% then see it all gone the next day.

Good luck to those that is still hoping.

EscrowJoe · October 13th, 2009, 03:54 PM

HOLY @$#% I was pleasantly surprised see so much green today!! I sold half of my shares @ .0032 and riding free shares for the long haul. More money for other things that I think will move in the next couple of weeks. Depending on how much of a sell-off we get, I might just increase my position in Golden Eagle again this week.

terson · October 15th, 2009, 09:29 PM

i am in with this... i packed this baby at the back of my garbage..... and never check...

too bad i missed the 0.003x to book profit... but still good for 100% unrealized gain

RayNagin · November 23rd, 2009, 12:50 PM

is there any news on MYNG b/c it seems to be up

EscrowJoe · December 1st, 2009, 02:19 PM

Every time I think it is a good idea to increase my position with MYNG and PWRM, it runs away from me before I can even blink. I will try to learn from my past miscalculations, but right now they both seem to be laughing at me. Congrats to all who are holding.

newjob · December 3rd, 2009, 03:38 PM

anyone know the numbers of shares floating?

newjob · December 4th, 2009, 12:41 PM

Good time to get in. Supposedly 1.82 billion shares total. With a pending purchase deal for 10 million, it comes out to .055 cents per share. (Not 100% sure about the numbers)

EscrowJoe · January 8th, 2010, 06:05 PM

MYNG just entered into a good buy territory today back down to its .001 range. Good long-term possibilities with Golden Eagle. Not to mention playing these playing these pops that seem to be reoccurring over recent months. Makes for a good opportunity to acquire some free shares for the long road.