<SUBMISSION>
<ACCESSION-NUMBER>0000869531-10-000004
<TYPE>PRE 14A
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20100108
<FILING-DATE>20100108
<DATE-OF-FILING-DATE-CHANGE>20100108
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>GOLDEN EAGLE INTERNATIONAL INC
<CIK>0000869531
<ASSIGNED-SIC>1000
<IRS-NUMBER>841116515
<STATE-OF-INCORPORATION>CO
<FISCAL-YEAR-END>1208
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>PRE 14A
<ACT>34
<FILE-NUMBER>000-23726
<FILM-NUMBER>10517248
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>9661 SOUTH 700 EAST
<CITY>SALT LAKE CITY
<STATE>UT
<ZIP>84070
<PHONE>8016199320
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9661 SOUTH 700 EAST
<CITY>SALT LAKE CITY
<STATE>UT
<ZIP>84070
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BENEFICIAL CAPITAL FINANCIAL SERVICES CORP
<DATE-CHANGED>19940329
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>ge_proxyjan10.htm
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proxy Statement
Pursuant to Section 14(a) <BR>of the Securities
Exchange Act of 1934 </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by the Registrant [XX] <BR>Filed by
a Party other than the Registrant [ ] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;     </FONT></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="Left" WIDTH="600">
<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></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[XX] Preliminary
          Proxy Statement</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[ &nbsp;] Confidential, for use of the Commission</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp; ] Definitive Proxy
          Statement only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp; ] Definitive Additional
          Materials</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> [&nbsp; ] Soliciting Material Pursuant to Rule 14a-12</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>

<BR><BR><BR><BR>


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<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>GOLDEN EAGLE
INTERNATIONAL, INC. </U><BR>(Name of Registrant as
Specified In Its Charter) </FONT></P>

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     <HR ALIGN=CENTER WIDTH=75% SIZE=1 NOSHADE>

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<A NAME=A005></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Person(s) Filing
Proxy Statement if Other Than the Registrant) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Filing Fee (Check the
appropriate Box:) </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[XX]&nbsp;&nbsp;&nbsp;&nbsp;
          No fee required. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]
Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and O-11.  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Title
of each class of securities to which transaction applies:  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Aggregate
number of securities to which transaction applies:  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Per
unit price or other underlying value of transaction computed pursuant to     Exchange Act
Rule O-11:  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Proposed
maximum aggregate value of transaction: </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Total
fee paid:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp; ] Fee paid previously with
preliminary materials. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]
 Check box if any part of the fee is offset as provided by Exchange Act Rule O-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of
its filing.  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amount Previously Paid:  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%> Form, Schedule or Registration Statement No.: <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Filing
Party:  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date
Filed:  </FONT></TD>
</TR>
</TABLE>
<BR>





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<HR SIZE=5 COLOR=GRAY NOSHADE>


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<A NAME=A006></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>GOLDEN EAGLE
INTERNATIONAL, INC. </B><BR>9661 South 700 East <BR>Salt Lake City, Utah
84070 <BR>Telephone: (801)
619-9320 <BR>Facsimile: (801)
619-1747 </FONT></P>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

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<A NAME=A011></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[NOTICE DATE] </FONT></H1>

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<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Shareholders: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Special Meeting of Shareholders (&#147;the Special
Meeting&#148;) on <B>[MEETING DATE]</B>, at ______ a.m. Mountain Time, at the Little
America Hotel, located at 500 South Main, Salt Lake City, Utah 84101. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal
Number 1 is for the approval of an amendment to our Articles of Incorporation to effect a
reverse stock split of our outstanding common stock at the rate of one new share for 500
old shares. Currently, the price of our common stock is extremely low and has been at or
less than $0.01 per share since before July 2007. These low prices for our common stock
and the large number of shares outstanding make it difficult for us to use our common
stock to raise capital, make our common stock unattractive to the public market and
results in our common stock being ineligible for listing on an exchange. Consequently, the
Board of Directors recommends that the shareholders vote for approval of this proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal
Number 2 is for approval of the Golden Eagle International, Inc. 2009 Revised Equity
Incentive Plan (the &#147;Plan&#148;). The Board of Directors believes that the Plan is
necessary to enable us to provide meaningful equity incentives to attract, motivate, and
retain employees and consultants. Consequently, the Board of Directors recommends that the
shareholders vote for ratification of this proposal. We operate in a competitive job
market, and equity incentive plans are offered by the majority of public companies with
whom we do, and may, compete for talent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal
Number 3 is for approval of the terms of employment agreement between Golden Eagle and
Terry C. Turner, our Chief Executive Officer, President and Chairman. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal
Number 4 is for approval of the terms of employment agreement between Golden Eagle and
Tracy A. Madsen, our Chief Financial Officer and Vice President U.S. Administration. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not you plan to attend the Special Meeting, <B>please mark, sign, date, and return</B>
your proxy card in the enclosed envelope as soon as possible. This will assure that your
stock will be voted in accordance with the instructions you give in your proxy card
whether or not you attend the Special Meeting. You may, of course, attend the Special
Meeting and vote in person even if you have previously sent in your proxy card. <B>It is
very important that every shareholder vote. PLEASE send in your proxy card in the enclosed
return envelope.</B> </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely yours,<BR>Terry
C. Turner, President </FONT></P>




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<A NAME=A015></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>GOLDEN EAGLE
INTERNATIONAL, INC. </B><BR>9661 South 700 East <BR>Salt Lake City, Utah
84070 <BR>Telephone: (801)
619-9320 <BR>Facsimile: (801)
619-1747 </FONT></H1>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

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<A NAME=A020></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF SPECIAL
MEETING OF SHAREHOLDERS </FONT></P>

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<A NAME=A021></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To Be Held on <B>[MEETING
DATE]</B> </FONT></H1>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

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<A NAME=A022></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[NOTICE DATE] </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE SHAREHOLDERS OF GOLDEN EAGLE
INTERNATIONAL, INC.: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Meeting of Shareholders of GOLDEN EAGLE INTERNATIONAL, INC., a Colorado
corporation, (&#147;We&#148; or &#147;Golden Eagle&#148; or &#147;GEII&#148; or the
&#147;Company&#148;) will be held at _____ a.m. Mountain Time (___________a.m. Pacific
Time), at the Little America Hotel, located at 500 South Main, Salt Lake City, Utah 84101
(telephone (801) 596-5700), on <B>[MEETING DATE]</B>, to consider and take action on: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An
amendment to our Articles of Incorporation to effect a reverse stock split of
               our outstanding common stock (but not our authorized common stock) at the
rate                of one new, post-split share for each 500 pre-split shares of common
stock;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of the Golden Eagle International, Inc. Revised 2009 Equity Incentive
               Plan;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of the terms of the employment agreement between Golden Eagle and Terry                C.
Turner, our Chief Executive Officer, President and Chairman;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of the terms of the employment agreement between Golden Eagle and Tracy                A.
Madsen, our Chief Financial Officer and Vice President &#150; U.S.
               Operations; and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Such
other business as may properly come before the meeting, or any adjournments
               or postponements thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discussion of the proposals set forth above are intended only as a summary, and is
qualified in its entirety by the information contained in the accompanying Proxy
Statement. Only holders of record of our common stock on <B>[RECORD DATE] </B>(the
&#147;Record Date&#148;), will be entitled to notice of and to vote at this Special
Meeting, and any postponements or adjournments thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed corporate actions on which the shareholders are being asked to vote are not
corporate actions for which shareholders of a Colorado corporation have the right to
dissent under the Colorado Business Corporation Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS
ARE CORDIALLY INVITED TO ATTEND THE SPECIAL MEETING IN PERSON AND THE MANAGEMENT OF THE
COMPANY HOPES THAT YOU WILL FIND IT CONVENIENT TO ATTEND. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders,
whether or not they expect to be present at the meeting, are requested to sign and date
the enclosed proxy and return it promptly in the envelope enclosed for that purpose. Any
person giving a proxy has the power to revoke it at any time by following the instructions
provided in the Proxy Statement. </FONT></P>


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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="Right" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="5"></FONT></TH>
     <TH width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="5"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors:</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Terry C. Turner, President</FONT></TD></TR>
</TABLE><BR><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLEASE DATE, SIGN AND PROMPTLY RETURN
YOUR PROXY SO THAT YOUR SHARES MAY BE VOTED IN ACCORDANCE WITH YOUR WISHES. THE GIVING OF
SUCH PROXY DOES NOT AFFECT YOUR RIGHT TO VOTE IN PERSON IF YOU ATTEND THE MEETING. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YOUR VOTE IS IMPORTANT </FONT></H1>





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<A NAME=A024></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>GOLDEN EAGLE
INTERNATIONAL, INC.</B> <BR>9661 South 700 East <BR>Salt Lake City, Utah
84070 <BR>Telephone: (801)
619-9320 <BR>Facsimile: (801)
619-1747 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY STATEMENT <BR>FOR SPECIAL MEETING OF
SHAREHOLDERS <BR>To Be Held on <B>[MEETING
DATE]</B> </FONT></P>



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<A NAME=A032></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[NOTICE DATE] </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are furnishing this Proxy Statement to shareholders of GOLDEN EAGLE INTERNATIONAL, INC.
(&#147;We&#148; or &#147;Golden Eagle&#148; or &#147;GEII&#148; or the
&#147;Company&#148;) in connection with the solicitation of proxies by and on behalf of
our Board of Directors (the &#147;Board&#148;) for use at our Special Meeting of
Shareholders (the &#147;Special Meeting&#148;) and at any adjournments or postponements
thereof. We will hold the Special Meeting at ______ a.m. Mountain Time, at the Little
America Hotel, located at 500 South Main, Salt Lake City, Utah 84101 (telephone (801)
596-5700), on <B>[MEETING DATE]</B>. We will first mail this Proxy Statement to
shareholders on or about <B>[NOTICE DATE]</B>. (When used herein, the word &#147;you&#148;
refers to our shareholders entitled to vote.) </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOTING SECURITIES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of record of our common stock and each class of our outstanding preferred stock at the
close of business on <B>[RECORD DATE] </B>(the &#147;Record Date&#148;), will be entitled
to vote on all matters. On the Record Date, we had shares of common and preferred stock
outstanding entitled to cast a total of 4,330,844,694 votes, consisting of: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=40% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=40% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Class/Series</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Votes Attributable</B>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Each share is entitled <BR>to ___ votes</B>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I><B>Common</B></I></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I>&nbsp;</I></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I><B>Preferred</B></I></FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series A</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series B</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20,000,000&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>250&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series C</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series D</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1,885,547,500&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>2,500&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Total</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>4,330,844,694&nbsp;</FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     </TR>
</TABLE><BR><BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
outstanding shares are entitled to vote as a single class. A majority of the votes
entitled to be cast at the meeting, represented in person or by proxy, constitutes a
quorum for the transaction of business at the meeting. This will require the presence of
2,165,422,348 votes present at the Special Meeting in person or by proxy for a quorum to
be present. As described in more detail below, if there is a quorum present the approval
by a majority of the votes cast is necessary for the approval of Proposal Nos. 1, 2, 3,
and 4. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
there is no definitive statutory or case law authority in Colorado as to the proper
treatment of abstentions and broker non-votes, we believe that both abstentions and broker
non-votes should be counted for purposes of determining whether a quorum is present at the
Special Meeting. Abstentions and broker non-votes will not be counted as votes with
respect to Proposal Nos. 1, 2, 3, and 4. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will bear the cost of soliciting proxies. In addition, we may reimburse brokerage firms
and other persons representing beneficial owners of shares for their expenses in
forwarding solicitation materials to beneficial owners. Certain of our officers, directors
and regular employees may solicit proxies personally or by telephone or facsimile. We will
not pay any officer, director, or employee additional compensation for doing so. We do not
currently intend to retain a professional solicitor to assist in the solicitation of
proxies, but may later determine it is appropriate to do so. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may, in our discretion, seek an adjournment of the meeting to a specific time and place if
a quorum is not present or if we have not received sufficient proxies to approve all, or
certain, of the Proposals. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you give us a proxy, you may revoke the proxy at any time before it is voted. You may do
so: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
by
giving notice to our corporate Secretary of your revocation; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
by
filing another proxy with our corporate Secretary; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
by
attending the Special Meeting and voting in person. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will ensure that all properly executed and unrevoked proxies received in time are voted in
accordance with the instructions of the beneficial owners. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
solicitation of proxies in connection with the Reverse Stock Split proposal (Proposal No.
1) does not constitute a tender offer or an offer to purchase the shares of any
shareholder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement, the proxy card and other information related to the matters to be
presented at the meeting are available on line at: www.geii.com/proxyinformation. </FONT></P>




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<A NAME=A033></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Questions and Answers
About This Proxy Statement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The following responses to certain
questions does not purport to be a complete statement of the information in this Proxy
Statement, and are qualified by the more complete information set forth hereinafter.</I> </FONT></P>

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<A NAME=A034></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Who is asking for my vote? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of Golden Eagle International, Inc. is sending this Proxy Statement,
the attached Notice of Special Meeting, the enclosed proxy card, and other meeting
materials to you and all of our other persons who are shareholders of record as of the
close of business on the Record Date. The Board of Directors is soliciting your vote for
the Special Meeting of shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>What capital stock does GEII have
authorized and outstanding?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
capital structure is currently somewhat complex because of our inability to issue shares
of common stock (due to a lack of authorized capital) and our need to use our preferred
stock to resolve certain financial obligations and to raise capital from accredited
investors. The following table sets forth a summary of our authorized and issued capital
stock: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><U>Class/Series</U></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><U>Outstanding&nbsp;</U></FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><U>Authorized&nbsp;</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><I>Common</I></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,000,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><I>&nbsp;</I></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Preferred</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series A Contingent Convertible Preferred<BR>("Series A Stock")</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series B Contingent Convertible Preferred<BR>("Series B Stock")</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>80,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4,500,000&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series C Contingent Convertible Preferred<BR>("Series C Stock")</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series D Convertible Preferred<BR>("Series D Stock")</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>754,219&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>999,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
</TABLE>
<BR><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also have options, warrants, and convertible debentures outstanding which add complexity
to our capital structure, but which are not entitled to vote on any matters presented to
the shareholders for approval. These are discussed in greater detail below. </FONT></P>


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<A NAME=A035></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Who is eligible to vote?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
of record who own shares of our outstanding common stock and shares of our outstanding
preferred stock at the close of business on the Record Date are eligible to vote. (There
are no shares of our Series A Stock outstanding.) Each outstanding share is currently
entitled to vote as follows: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=60% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>Class/Series</U></B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>Votes Attributable&nbsp;</U></B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>Each Single Share is Entitled to [&nbsp;] Votes</U></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I><B>Common</B></I></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I>&nbsp;</I></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><I><B>Preferred</B></I></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series A Stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series B Stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20,000,000&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>250&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series C Stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Series D Stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><U>1,885,547,500</U>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>2,500&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Total</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>4,330,844,694&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR>

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<A NAME=A036></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Why is the Special
Meeting being held?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Meeting is being held so that our shareholders can consider the following
proposals as more completely described elsewhere in this Proxy Statement: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Proposal
No. 1 </I>asks our shareholders to approve a proposed amendment to our Articles of
Incorporation which will (if approved) accomplish the 1-for-500 reverse stock split of
our outstanding shares of common stock more completely described elsewhere in this Proxy
Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Proposal
No. 2 </I>asks our shareholders to approve the adoption of the Golden Eagle International
2009 Revised Equity Incentive Plan.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Proposal
No. 3 </I>asks our shareholders to approve the employment agreement between Golden Eagle
and Terry C. Turner, our Chief Executive Officer, President and Chairman. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Proposal
No. 4 </I>asks our shareholders to approve the employment agreement between Golden Eagle
and Tracy A. Madsen, our Chief Financial Officer and Vice President &#150; U.S.
Operations. </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>
<I>Proposal
No. 5<B></B></I> asks our shareholders to grant the named proxy holder to vote on the
shareholder&#146;s behalf on such other business as may properly come before the meeting,
or any adjournments or postponements thereof. At the present time, we know of no other
matters that may be presented to the meeting other than procedural motions, such as
motions to adjourn the meeting, or to call for a vote. </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A037></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Will directors be elected
at the Special Meeting? </I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically,
directors would be elected at our annual meeting, but we did not hold an annual meeting of
our stockholders in 2009. We are not submitting our current directors for election at the
Special Meeting because we are seeking to minimize the number of matters presented to our
shareholders for consideration. We expect to hold an annual meeting in 2010 at which time
we will submit our directors for election. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">8</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado
law requires corporations to annually hold a meeting of shareholders and also generally
requires that directors are to be elected at an annual meeting. However, the failure to
hold an annual meeting does not affect the validity of any corporate action, and does not
serve as a forfeiture or dissolution of the corporation. Further, until a corporation
holds an annual meeting for the election of directors, directors continue to serve until
their successor is elected and qualified. Generally, if a corporation has not held an
annual meeting of shareholders within the earlier of six months after the end of that
corporation&#146;s most recently ended fiscal year or fifteen months after its last annual
meeting, on an application by a shareholder a court may order that a meeting be held and
fix the date and time and other matters necessary to hold and conduct the meeting.
Although the Company has not held a meeting of shareholders since September 2007, to the
Company&#146;s knowledge no shareholder has demanded that a meeting be held. </FONT></P>

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<A NAME=A038></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Why did you send me this
booklet?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
booklet is a Proxy Statement. It provides you with information you should review before
voting on the Proposal listed above and in the Notice of Special Meeting. You are
receiving these proxy materials &#150; a booklet that includes the Proxy Statement and one
proxy card because you have the right to vote on the Proposals concerning your investment
in Golden Eagle. </FONT></P>

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<A NAME=A039></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>How do I vote?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who received this proxy statement directly from Golden Eagle can vote by completing,
signing and returning the enclosed proxy card promptly in the enclosed envelope or by
attending the Special Meeting in person and voting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint
owners must each sign the proxy card. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you own your shares through a broker-dealer or another nominee, you must vote your shares
as instructed by that broker-dealer or other nominee. If you own your shares through a
nominee, you are not considered to be a shareholder of record, and you will not be
permitted to vote your shares in person at the Special Meeting unless you have obtained a
proxy for those shares from the person who holds your shares of record. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a shareholder wishes to participate in the Special Meeting but does not wish to give a
proxy, the shareholder may attend the Special Meeting in person. Should you require
additional information regarding the Special Meeting, please contact Golden Eagle
International, Inc. at (801) 619-9320. </FONT></P>

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<A NAME=A040></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>May I vote electronically?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not made arrangements for any shareholder to vote electronically. Shareholders must
return their proxy cards to cast their vote or vote at the meeting in person. We have
published this proxy statement, the proxy card, and other information (including the 2009
Revised Equity Plan, the Turner Agreement and the Madsen Agreement) with respect to the
Proposals on-line. These are available at www.geii.com/proxyinformation. This website will
not collect any information about you, will not install any cookies into any person
browsing the website, and if any person requests copies of the proxy materials by e-mail,
we will not use the e-mail address provided for any other purpose. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">9</DIV>

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<A NAME=A041></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Why does my name not
appear as a shareholder of record?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many,
if not most, investors own their investment shares through a broker-dealer or other
nominee. Broker-dealers frequently clear their transactions through other broker-dealers,
and may hold the actual certificates for shares in the name of securities depositories,
such as CEDE &amp; Co. (operated by Depository Trust Company of New York City). In such a
case, only the ultimate certificate holder appears on our records as a shareholder, even
though that nominee may not have any economic interest in the shares that you actually own
through your broker-dealer. You should contact your broker-dealer for more information
about this process. </FONT></P>

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<A NAME=A042></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>When and where will the
Special Meeting be held?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in the notice, we will hold the Special Meeting at the Little America Hotel, 500
South Main, Salt Lake City, UT 84101 (telephone (801 596-5700). The Special Meeting is
scheduled for <B>[MEETING DATE] </B>at ____ a.m., local time. If you expect to attend the
Special Meeting in person, please call Golden Eagle at (801) 619-9320 to ensure that
sufficient accommodations are prepared. </FONT></P>

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<A NAME=A043></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Might the Special Meeting
be adjourned?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not intend to seek adjournment of the Special Meeting unless we have insufficient votes
to meet a quorum (which requires the presence of at least a majority of the votes entitled
to be cast) or unless we have insufficient votes to approve one or more of the proposals
being submitted to our shareholders. If either of those circumstances exists, we will
consider the advisability of proposing adjournment to a specific time and place. If the
meeting is adjourned, we will make a public announcement. </FONT></P>

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<A NAME=A044></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>How does the board
recommend that I vote?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors recommends that shareholders vote FOR each of the Proposals described
in this Proxy Statement. </FONT></P>

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<A NAME=A045></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>How can I obtain more
information about Golden Eagle?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
is available on our website at www.geii.com and through the EDGAR filings maintained by
the Securities and Exchange Commission at www.sec.gov. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><I>Why are the shareholders being
asked to consider the reverse stock split at this time?</I></I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently,
the Company has two billion shares of common stock authorized and 1,937,550,944 shares
issued and outstanding. Before an affiliated shareholder surrendered 487,746,250 shares of
common stock in December 2008 in exchange for the one share of Series C Stock, we had no
authorized but unissued common stock available for issuance. We have typically used our
common stock in private sales to accredited investors to generate liquidity for Golden
Eagle. Because our stock price is so low, the remaining shares will not provide a
significant amount of liquidity for us. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado
law (C.R.S. &sect; 7-106-105(1)) permits us to complete a reverse split of only the
outstanding shares without affecting our authorized capital. To effect the split, each
outstanding share of common stock must be divided by the same divisor as each other
outstanding share of common stock. In this case, to accomplish a 1-for-500 reverse stock
split, the divisor will be 500, meaning that each outstanding share becomes
1/500<SUP>th</SUP> share &#150; or each 500 outstanding shares becomes a single post-split
share of common stock. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">10</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the reverse stock split, we will continue to have two billion shares of common stock
authorized. The following table reflects the Company&#146;s projected capital structure
(based on the shares outstanding on the Record Date): </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>Shares of each class <BR>of securities<BR>outstanding before<BR>reverse split</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>Aggregate shares of<BR>common stock<BR>outstanding or<BR>issuable upon<BR>conversion - <BR>on a pre-split basis <sup>(1)(2)</sup></B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>Aggregate shares of common stock <BR>outstanding or issuable<BR>upon conversion - on <BR>a <I>post-split</I> basis</B></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Common Stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,875,102&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series B Stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>80,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>20,000,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>40,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series C Stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>975,493&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series D Stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>754,219&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,885,547,500&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,771,095&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT ><FONT FACE="Times New Roman" SIZE=2>Options and Warrants<BR>(shares issuable)</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>101,326,229&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>101,326,229&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>202,652&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Convertible debentures and<BR>convertible notes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>141,500,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>141,500,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>283,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>2009 Revised Equity<BR>Incentive Plan <SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>750,000,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>750,000,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT STYLE="border-bottom:solid 1px black;"><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Common stock payable</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>32,403,654&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>32,403,654&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT ><FONT FACE="Times New Roman" SIZE=2>64,808&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5,356,074,577&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10,712,150&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1) </SUP></FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

            Certain rights and preferences of each class of our outstanding
          preferred stock, including the voting power and conversion terms are further
          described under Proposal No. 1 of this Proxy Statement. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Certain of classes of preferred stock are only convertible into shares of
          common stock if the Company has a sufficient amount of common stock available
          for issuance as set forth in the respective certificate of designations. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           The number of shares represented in this table represents the total
          number of shares reserved for issuance under the 2009 Revised Equity Incentive
          Plan. Only a portion of these have been issued, and all are subject to
          shareholder approval as described in Proposal No. 2. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that this capital structure will be more attractive to the
public marketplace and to prospective investors than the existing capital structure with
over 1.9 billion shares outstanding and various classes of preferred stock (and other
convertible securities) which are convertible into a significant number of shares of
common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>What happens if the shareholders
do not approve the reverse stock split?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our shareholders do not approve the reverse stock split proposal, we will not have the
authority to implement a reverse stock split. We will have only a limited number of shares
of our common stock available for issuance, and our common stock price will likely remain
at its current low levels, or perhaps decline further. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">11</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>If you do complete the reverse
stock split, what will happen to the market price of the common stock?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot offer any assurance that if we complete a 1-for-500 reverse stock split, the market
price of our common stock (which is currently below $0.01 per share) will increase by 500
times or by any other multiple. The history of reverse stock splits in other companies
indicates that the market price will likely increase, but may not increase by the full
amount of the split multiple. Thereafter, market price generally reflects general market
conditions and company performance. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>What if I have shares that provide
for a fractional share after dividing by 500?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
shares will all be rounded up to the next whole share. Therefore, if you have 600,175
shares of our common stock, you will receive 1,201 post-split shares (1,200.35 rounded
up). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Do you have any plans to issue any
of the additional shares of common stock that will become available for issuance if the
reverse stock split is affected?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the shareholders approve Proposal No. 1, the Board must exercise its authority to effect
the reverse stock split by December 31, 2010. If the shareholders approve the reverse
stock split we expect that the Board will promptly exercise that authority. At the present
time, we have certain contractual commitments that will result in an issuance of shares of
our common stock through the conversion of the Series B Stock, Series C Stock, and Series
D Stock or through the exercise of outstanding common stock purchase options or warrants,
and through conversion of certain outstanding debentures. We have no other current plans,
proposals, or arrangements, written or otherwise, to issue shares of common stock for any
purpose. However, having additional shares of common stock available for issuance would
provide the Company with flexibility in financing and other transactions that may involve
the issuance of additional shares of stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Why did Golden Eagle adopt the
Revised 2009 Equity Incentive Plan and why is it being submitted to shareholders?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden
Eagle does not currently have any effective equity compensation plans that officers,
directors and affiliates are eligible to participate in. The Company adopted an equity
compensation plan in March 2009, however that plan and all options granted pursuant to it
were subject to shareholder approval within one year and the Board has determined not to
solicit shareholder approval. Therefore the plan adopted in March 2009 will never become
effective. The Golden Eagle International Revised 2009 Equity Incentive Plan (the
&#147;Plan&#148;) was adopted to provide incentives to officers, employees and other
persons, including consultants and advisers, who contribute to the success of the Company
by offering them the opportunity to acquire an ownership interest in it or increase their
ownership interest. The Board of Directors believes that the Plan also will help to align
the interests of our management and employees with the interests of our shareholders. The
Plan is being submitted for shareholder approval to: (i) satisfy the contingency to the
Board&#146;s adoption of the Plan and the option grants already made pursuant to the Plan;
and (ii) to permit the issuance of options which will qualify as Incentive Options
pursuant to the Internal Revenue Code of 1986. If the Plan is not approved by the
Company&#146;s shareholders by October 7, 2010, the Plan, and all option grants under the
Plan to date, will be cancelled. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>What will happen if the Plan is
approved by shareholders and the 1-for-500 reverse stock split is affected?</I> </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">12</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the reverse stock split being submitted to shareholders is effected and the Plan is
adopted the number of shares reserved under the Plan and the number of shares into which
currently outstanding options are exercisable into will be proportionately reduced by a
factor of 500. For example, the number of shares available for issuance under the Plan
will be reduced from 750,000,000 to 1,500,000; the exercise price for any outstanding
option would also be proportionally adjusted. As another example, an outstanding option to
purchase 80,000,000 shares at an exercise price of $0.0018 per share would become an
option to purchase 160,000 post-split shares at $0.90 per share. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Why is Golden Eagle submitting the
employment agreements entered into with Mr. Turner and Mr. Madsen for shareholder
approval?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 7, 2009 we entered into separate employment agreements with Mr. Turner, our Chief
Executive Officer, President and Chairman, and Mr. Madsen, our Chief Financial Officer and
Vice President U.S. Administration. These agreements are both subject to shareholder
approval. Both Messrs. Turner and Madsen are long-serving Company executive officers and
have endured many personal sacrifices (including extending personal loans to the Company
and deferring salary) and have continued to work toward furthering the Company&#146;s
various current and prospective business operations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
provide both Mr. Turner and Madsen a degree of security and an incentive to remain with
the Company, on October 7, 2009 the Company&#146;s Board of Directors approved the terms
of the employment agreements with Mr. Turner and Madsen and on October 7, 2009 we entered
into an employment agreement with both Mr. Turner and Madsen. As described below, both of
the employment agreements provide for severance payments upon the occurrence of certain
events. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe it is appropriate to submit these agreements for shareholder approval for a number
of reasons, including the Company&#146;s continuing liquidity shortages which must be
taken into account when considering long-term obligations (such as the employment
agreements) and the related party nature of the transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>What will happen if the
shareholders do not approve one or both of the employment agreements?</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the employment agreements is being submitted separately to the shareholders and the
approval of one of the employment agreements is not dependent of approval of the other. If
the shareholders do not approve either or both of the employment agreements entered into
between Golden Eagle and Mr. Turner and Mr. Madsen, then the agreement(s) will be void.
Presumably each of Mr. Turner and Mr. Madsen will continue to serve the Company in their
current capacities and pursuant to their existing compensation arrangements as &#147;at
will&#148; employees. Although neither Mr. Turner nor Mr. Madsen have indicated they will
not remain with the Company if their respective employment agreements are not approved by
the Company&#146;s shareholders, the Company believes the employment agreements are
reasonable for executives of Messrs. Turner&#146;s and Madsen&#146;s experience level and
are important retention tools for both Mr. Turner and Madsen. </FONT></P>

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<A NAME=A046></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT </FONT></H1>

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<A NAME=A047></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Security Ownership of
Golden Eagle Officers and Directors</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares outstanding of the Company&#146;s common stock as of the Record Date was
1,937,550,944. To the extent any of the named shareholders own derivative securities that
are vested or otherwise exercisable into shares of our common stock these securities are
included in that shareholders&#146; beneficial ownership (as required by Rule 13d-3(a)) at
their conversion ratios and explained in the notes to the table. The following table sets
forth the beneficial ownership of the Company&#146;s common stock as of the Record Date by
each director and each executive officer of the Company and by all directors and executive
officers as a group. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">13</DIV>



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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>

     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;<B>Name and Address of Beneficial Owner</B><BR><BR><BR><BR></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Position</B><BR><BR><BR><BR></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Amount and Nature of Beneficial <BR>Ownership <SUP>(1)</SUP></B><BR><BR></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Percent of Common<BR>Stock<SUP>(1)</SUP></B><BR><BR><BR></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Terry C. Turner<BR>9661 South 700 East<BR>Salt Lake City, Utah 84070</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Chief Executive Officer, President,and Chairman</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>0 <SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>



<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Harlan M. (Mac) DeLozier<BR>9661 South 700 East<BR>Salt Lake City, Utah 84070</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Vice President and Director</FONT></TD>

     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15,618,687<SUP>(3)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>.34%</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Tracy A. Madsen<BR>9661 South 700 East<BR>Salt Lake City, Utah 84070</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Chief Financial Officer, Vice President -U.S.</FONT></TD>

     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20,684,275<SUP>(4)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>.45%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Blane W. Wilson<BR>9661 South 700 East<BR>Salt Lake City, Utah 84070</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Chief Operating Officer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>101,326,229<SUP>(5)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>2.20%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Alvaro Riveros<BR>9661 South 700 East<BR>Salt Lake City, Utah 84070</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0 <SUP>(6)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=Center><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>All current directors and executive officers as a group (five persons)</FONT></TD>

     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>137,629,191&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>2.99%</FONT></TD></TR>
</TABLE>
<BR><BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Calculated in accordance with Rule 13d-3(a) promulgated under the Securities
          Exchange Act of 1934 and Item 403 of Regulation S-K. Because certain Golden
          Eagle securities held by Golden Eagle officers and directors are convertible
          into common shares these securities are included in the beneficial ownership of
          the given person. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Since he gifted shares in November 2007, Mr. Turner does not beneficially own
          any shares of our common stock. Pursuant to the Revised 2009 Equity Incentive
          Plan (the &#147;Plan&#148;), on October 7, 2009 Mr. Turner was granted an option
          (subject to shareholder approval) exercisable at $0.0011 per share to purchase
          200 million shares of our common stock. This option will be <I>void ab
          initio</I> if the Plan is not approved by the Company&#146;s shareholders on or
          before October 6, 2010. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          On February 6, 2007, we paid Mr. DeLozier a convertible note as consideration
          for our contractual obligation to pay him $25,000 per year in stock representing
          two years. On February 4, 2008, Mr. DeLozier converted this note and accrued
          interest into 5,997,564 shares of common stock which he donated to a nonprofit
          organization in February 2008. Mr. DeLozier is owed $75,000 in common stock for
          the years 2006, 2007 and 2008 per his employment agreement which we have
          estimated at 15,618,687 shares or a price of $.009, $.0088 and $.0025 for the
          years 2006, 2007 and 2008 respectively. Mr. DeLozier was also granted an option
          (subject to shareholder approval) exercisable at $0.0011 per share to purchase
          100 million shares of our common stock on October 7, 2009. This option will be
          <I>void ab initio</I> if the Plan is not approved by the Company&#146;s
          shareholders before October 7, 2010 and is therefore not included in Mr.
          DeLozier&#146;s beneficial ownership. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">14</DIV>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          On February 6, 2007, we paid Mr. Madsen a convertible note as consideration for
          a contractual obligation in the amount of $50,000 which is convertible, at his
          option to 5,555,555 common shares . On April 1, 2009, this note was increased by
          $25,000 to $75,000 to include a contractual obligation from 2008. The principal
          and interest amount of this note ($86,548 as of September 30, 2009) is payable
          in cash or is convertible into shares of our common stock at $0.009 per share
          (the closing price for our common stock on February 6, 2007 for the $50,000
          portion) and $.0025 per share (for the $25,000 portion) . Mr. Madsen was granted
          an option (subject to shareholder approval) exercisable at $0.0011 per share to
          purchase 75 million shares of our common stock on October 7, 2009. This option
          will be <I>void ab initio</I> if the Plan is not approved by the Company&#146;s
          shareholders before October 7, 2010 and is therefore not included in Mr.
          Madsen&#146;s beneficial ownership. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Mr. Wilson has been granted options to purchase 101,326,229 shares of our common
          stock which are exercisable at prices between $0.00096 and $0.00718. These
          options are vested<B>, </B>but do not have any voting rights. Mr. Wilson was
          granted an option (subject to shareholder approval) exercisable at $0.0011 per
          share to purchase 80 million shares of our common stock on October 7, 2009. This
          option will be <I>void ab initio</I> if the Plan is not approved by the
          Company&#146;s shareholders before October 7, 2010 and is therefore not included
          in Mr. Wilson&#146;s beneficial ownership. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Mr. Riveros was granted an option (subject to shareholder approval) exercisable
          at $0.0011 per share to purchase 10 million shares of our common stock on
          October 7, 2009. This option will be <I>void ab initio</I> if the Plan is not
          approved by the Company&#146;s shareholders on or before October 6, 2010 and is
          therefore not included in Mr. Riveros&#146; beneficial ownership. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<A NAME=A048></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Security Ownership of
Certain Beneficial Owners</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the beneficial ownership of the Company&#146;s common stock as
of the Record Date by each person (other than the directors and executive officers of the
Company) was known to own beneficially, more than 5% of the outstanding voting shares of
common stock. To the extent any of the named shareholders own shares of Series B Stock,
Series C Stock, or Series D Stock, or other derivative securities that are exercisable
into shares of our common stock or grant the holder voting power these securities are
included in that shareholders&#146; beneficial ownership (as required by Rule 13d-3(a)) at
their conversion ratios and explained in the notes to the table. The percentage of common
stock states the percentage of beneficial ownership of voting shares. </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">15</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>Name and Address of Beneficial Owner</B><BR><BR></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>Amount and Beneficial Ownership <SUP>(1)</SUP></B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>Percent of Common Stock <SUP>(1)</SUP></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Golden Eagle Mineral Holdings, Inc.<BR>Chancery Court, Leeward Highway<BR>Privdenciales<BR>Turks and Caicos Islands</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,204,656,250<SUP>(2)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>26.15%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Edmundo Arauz<BR>Jaimes Freire, 4 Norte<BR>Calle Las Jardineras #16<BR>Santa Cruz de la Sierra, Bolivia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>586,712,500<SUP>(3)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>12.74%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Lone Star Equity Group, LLC<BR>6222 Richmond Ave.<BR>Suite 540<BR>Houston, TX 77057</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>278,158,000<SUP>(4)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>6.04%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Dewey L. Williams<BR>6860 N. Dallas Pkwy, Suite 200<BR> Plano, TX 75024</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>268,211,750<SUP>(5)</SUP>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5.82%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Total as a group</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,337,738,500&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>50.75%</FONT></TD></TR>
</TABLE>
<BR><BR>



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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Calculated in accordance with Rule 13d-3(a) promulgated under the Securities
          Exchange Act of 1934 and Item 403 of Regulation S-K. Because certain Golden
          Eagle securities held by the beneficial holders are convertible into common
          shares or grant the holder voting rights these securities are included in the
          beneficial ownership of the given beneficial holder. Of note, all outstanding
          shares of Golden Eagle&#146;s preferred stock are entitled to vote as a single
          class with the common stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Consists of: 11,250,000 shares of common stock; one share of Series C Stock
          which is entitled to vote as a single class with the common stock and has
          487,746,250 votes per share, but is not currently convertible into common stock;
          and 282,264 shares of Series D Stock with each share being entitled to 2,500
          votes, but is not currently convertible into common stock.. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Consists of 224,955 shares of Series D Stock which is entitled to vote as a
          single class with the common stock with each share being entitled to 2,500 votes
          per share, but is not currently convertible into common stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">16</DIV>



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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Consists of 91,908,000 shares of common stock and 75,000 shares of Series D
          Stock which is entitled to vote as a single class with the common stock and is
          entitled to 2,500 votes per share, but is not currently convertible into shares
          of common stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
          <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Consists of 164,211,750 shares of common stock and a convertible debenture
          issued in March 2009 that is currently convertible into 104 million shares of
          common stock at $0.005 per share. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<A NAME=A049></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change of Control
Arrangements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are not any plans or arrangement known to Golden Eagle that will result in a change of
control at Golden Eagle. </FONT></P>

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<A NAME=A050></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL 1 <BR>AUTHORIZATION FOR THE
BOARD TO EFFECT A <BR>REVERSE STOCK SPLIT </FONT></H1>

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<A NAME=A053></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>General Description</B></I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are being asked to vote to grant the Board of Directors the authority to effect a
1-for-500 reverse stock split of all outstanding shares of our common stock. This proposed
reverse stock split will not, if completed, reduce the number of authorized shares of
common stock. If the proposal is approved by shareholders, the Board of Directors intends
to complete the reverse stock split promptly thereafter by filing the required notice with
the Financial Industry Regulatory Authority and then filing an amendment to our Articles
of Incorporation with the Secretary of State of the State of Colorado. The following
summary is qualified by reference to the amendment to our Articles of Incorporation. </FONT></P>

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<A NAME=A054></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Proposed Amendment to our
Articles of Incorporation </B></I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
amendment to our Articles of Incorporation is required to effect a reverse stock split of
our outstanding common stock. At the meeting, we will ask our shareholders to consider and
approve the following motion: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Corporation is authorized to amend Article Fourth of its Articles of Incorporation to
effect a reverse stock split of its outstanding common stock (but not its authorized
common stock or its preferred stock) so that each outstanding share of common stock is
divided by 500. Such authority will terminate unless the articles of amendment to the
Company&#146;s Articles of Incorporation are filed by December 31, 2010. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendment to our Articles of Incorporation will read substantially as follows and will be
added to our &#147;Article Fourth&#148;: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
When
this amendment of Article Fourth is filed with the Colorado Secretary of State (the &#147;Effective
Time&#148;) and without any further act by the Corporation of the holder of any
outstanding shares, each 500 shares of our common stock issued and outstanding
immediately before the Effective Time shall be and is hereby automatically combined,
reclassified, and changed (by way of reverse stock split), into one share of common
stock; provided that no fractional shares of common stock shall be issued as a result of
the reverse stock split in respect of any shares of common stock held by any holder in a
discrete account, whether of record or with a nominee, and all fractional shares owned by
each holder of record will be aggregated and to the extent, after aggregating all
fractional shares, any registered holder is entitled to a fraction of a share, such
holder shall be entitled to receive one whole share in respect of such fraction of a
share which whole share will be legally and validly authorized, fully-paid and
non-assessable. </FONT></TD>
</TR>
</TABLE>
<BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">17</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The remaining portion of Article
Fourth will continue to read as it does presently: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
aggregate number of Common Shares which the Corporation shall have the authority to issue
is Two Billion (2,000,000,000), all of one class and all with a par value of $.0001 per
share; the aggregate number of Preferred Shares which the Corporation shall have the
authority to issue is Ten Million (10,000,000), all with a par value of $.01 per share
and of such classes and with such preferences as the Corporation&#146;s Board of
Directors may determine from time to time. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Series A Stock, Series B Stock, Series C Stock, and Series D Stock will remain
authorized, although the conversion ratios and prices will be proportionately adjusted to
reflect the reverse stock split. The Board of Directors may, in its discretion, file an
amendment to the Company&#146;s Articles of Incorporation cancelling the Series A Stock
and reducing the number of authorized shares of its Series B Stock, Series C Stock and/or
Series D Stock to that actually outstanding. In such case, the shares will be returned to
authorized but undesignated preferred stock. </FONT></P>

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<A NAME=A055></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Effect of the Reverse
Stock Split</B> </I></FONT></P>

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<A NAME=A056></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Common Stock</U> </I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reverse stock split will have no impact on the number of shares authorized under our
Articles of Incorporation. However, the number of shares of common stock that are issued
and outstanding would be reduced by a factor of 500 as reflected in the following table: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><U><B>Outstanding</B></U></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><U><B>Authorized</B></U></FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><U><B>Remaining to be issued</B></U></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><I><B>Common</B></I></FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><I><B>before split</B></I></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,937,550,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,000,000,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>62,449,056&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><I><B>after split</B></I></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,875,102&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,000,000,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,996,124,898&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in the table above, since we are not reducing the total authorized number of
shares of common stock under our articles of incorporation, we will have the ability to
issue more than 1.9 billion shares of our common stock which might significantly dilute
the ownership of our current shareholders if we issue the additional shares that become
available for issuance. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the reverse stock split, each share of common stock will have the same rights and
privileges under our Articles of Incorporation as each share of common stock that is
currently authorized for issuance. We believe that the availability of additional
authorized shares of common stock will provide us with: </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">18</DIV>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
ability to meet our obligations to the holders of our Series B, Series C and Series D
              stock, convertible debentures, and option and warrant holders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Additional
flexibility, including the ability to issue common stock for a variety of purposes,
              including, among others, the sale of common stock to obtain additional
funding, the               exchange of outstanding indebtedness for common stock or the
use of common stock for equity               compensation; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
more attractive and less complex capital structure which may result in the Company being
more               attractive to potential investors and when (and if) we are ready to be
listed on an               exchange. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently do not have any plan, commitment, arrangement, understanding or agreement,
either written or oral, to issue any shares of additional authorized common stock except
in connection with conversion of our preferred stock and certain outstanding debentures,
and exercise of outstanding warrants and options. While we believe it is likely that at
least certain of the holders of our preferred stock (and other convertible securities)
would convert their shares into common stock, the right to convert is at the option of the
holder(s). Below is a summary of how many shares of common stock would be issued and
outstanding (or reserved for issuance) if the reverse stock split is affected, and
assuming the conversion or exercise of all of our currently outstanding convertible
securities: </FONT></P>

<TABLE BORDER="1" CELLPADDING="0" CELLSPACING="0" ALIGN="Center" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH width=35%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH width=40%><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"><B><I>Common Stock</I></B>                                 </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  3,875,102</FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Outstanding upon Conversion of the Series A Stock</I>  </B>                      </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0</FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No shares outstanding
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><B>Outstanding upon Conversion of the Series B Stock</B></I>                   </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 40,000</FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Convertible at the option of the holder
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Outstanding upon Conversion of the Series C Stock</I></B>                   </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">975,493 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Automatically convertible upon
                                              authorizing sufficient common stock</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Outstanding upon Conversion of the Series D Stock</I></B>                 </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 3,771,095 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Automatically convertible upon
                                             authorizing sufficient common stock</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>2009 Revised Equity Compensation Plan</I></B>                   </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,500,000 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subject to shareholder approval
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> <I>Other outstanding options and warrants</I> </B>                                                           </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 202,652 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exercisable at prices from $0.00718 to
                               $0.00096, expiring in 2011 through 2012
                               (as adjusted for the reverse stock
                                                    split)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Outstanding convertible debentures</I></B></FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 283,000 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Convertible at prices from $0.002 to $0.0005
                          (as adjusted for the reverse stock split)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Common stock payable</I></B> </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64,808 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Issuable at prices from $.0025 to $.0091 (as adjusted for the reverse split)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Total</I></B> </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,712,150 </FONT></TD>
<TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>
<BR><BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">19</DIV>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the completion of the reverse stock split, therefore (assuming it is approved by the
shareholders), there will be a total of 10,712,150 shares of common stock outstanding or
reserved for issuance, and 1,989287,850 shares of authorized common stock that is neither
issued nor reserved for issuance.  Although we have no other immediate plans at the
present time to issue additional shares of common stock, it is likely that we will issue
additional shares in the future. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Preferred
Stock</U></I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have issued shares of our preferred stock for various reasons.  Currently we have three
classes of preferred stock issued and outstanding, Series B, Series C, and Series D
Stock.  The rights and privileges of each class were separately negotiated with the
holders at the time of issuance and were based on factors such as the market value of the
Company's common stock at the time of issuance.  In summary: </FONT></P>




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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
2005, we designated 3,500,000 shares stock as non-voting Series A convertible preferred
                  stock.  When issued, dividends will accrue at 8% per year. Preferred
shares and                   accrued interest are convertible into common stock at the
rate that is contingent upon                   the future trading price of the Company's
common shares. Should any Series A Stock be                   issued, it would now be
redeemable at $1.00 per share.  There are no shares of Series                   A Stock
outstanding, and none have ever been issued. </FONT></TD>
</TR>
</TABLE>
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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
December 2006 we designated 4,500,000 shares of our Series B Stock and issued 1,988,588
                  shares to four accredited investors to settle debts owed to those
investors as we were                   unable to pay those debts in accordance with our
obligations.  Included in that debt                   was $ 1,251,089 that we owed to
Golden Eagle Mineral Holdings, Inc. ("GEMH") who is                   currently our
largest shareholder.  Each share of Series B Stock was issued in
                  consideration for $1.00 per share which was paid through the
satisfaction of                   indebtedness.  Later in 2007 we issued additional
shares of Series B Stock at $1.00                   per share both in consideration for
cash (in capital raising transactions) and to                   satisfy other Company
indebtedness (including 936,960 shares issued in consideration                   for
another $936,960 that we owed to GEMH).  Each share of Series B Stock is
                  convertible into 250 shares of Company common stock, however because at
the time of                   its issuance we did not have any common stock available for
issuance, the holder's                   ability to convert the Series B Stock into
common stock was initially contingent upon                   additional shares of our
common shares being available for issuance.  In September                   2007, we
increased our authorized common stock.  Since 2007 certain holders of our
                  Series B Stock have converted their shares into common stock and there
remain only                   80,000 shares of our Series B Stock outstanding.  Currently
there are (3) holders of                   our Series B Stock, including Steve Olsen with
30,000 shares, Joseph Smith with 25,000                   shares and Stuart Rubin with
25,000 shares. We have not issued any shares of our                   Series B Stock
since 2007. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
single share of Series C Stock was issued on December 29, 2008 to GEMH in exchange for
its                   surrender for cancellation of 487,746,250 shares of our common
stock.  GEMH (our                   largest single shareholder) agreed to surrender this
transaction so that we could have                   shares of our common stock available
for issuance.  The single share of Series C Stock                   is convertible into
487,746,250 shares of our common stock, but only upon the Company
                  either increasing its authorized capital to 4 billion shares or
effecting a reverse                   stock split that results in the number of shares of
authorized common stock being                   equal to at least two times the number of
issued shares upon completion of the reverse                   stock split. </FONT></TD>
</TR>
</TABLE>
<BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">20</DIV>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On
July 6, 2009 we designated 999,000 shares of our preferred stock as Series D Stock and
                  issued 794,450 shares to seven accredited investors in satisfaction of
debt owed to                   those investors as we were unable to pay that debt in
accordance with our                   obligations.  Each share of Series D Stock is
convertible into 2,500 shares of our                   common stock but only upon the
Company either increasing its authorized capital to 5                   billion shares or
effecting a reverse stock split that results in the number of shares                   of
authorized common stock being equal to at least two times the number of issued
                  shares upon completion of the reverse stock split.  There are currently
754,219 shares                   of Series D Preferred Stock outstanding held by seven
Series D stockholders, being                   GEMH with 282,654 shares, Jose Edmundo
Arauz with 224,955 shares, the Virginia Penrod                   Living Trust with 50,000
shares, Robert Chramosta with 75,000 shares, Meridian                   International
Holdings, SA with 40,000 shares, Lone Start Equity Group, LLC with
                  75,000 shares and Sierra West Capital, LLC with 7,000 shares. </FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the proposed reverse stock split is affected the reverse stock split would not affect the
number shares of any class of our preferred stock that is issued and outstanding,
although the reverse stock split would affect the number of shares into which the various
series of preferred stock are convertible. However, as noted above the holders of our
Series C and Series D Stock cannot convert their shares into common stock until the
Company increases the number of shares of common stock available for issuance.  Upon the
reverse stock split being affected each of our outstanding classes of preferred stock
would become convertible into shares of our common stock.  Any conversions of any of our
outstanding classes of preferred stock into common stock would have a dilutive effect on
our common stock holders. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
class of our outstanding classes of preferred stock (being Series B, Series C, and Series
D) provide that the conversion rate is subject to dilution adjustments, including an
adjustment for combinations of our common stock (such as by a reverse stock split). If
the 1-for-500 reverse stock split is affected the one share of Series C Stock currently
outstanding would not be adjusted for the reverse stock split, however, the number of
shares for which that single share of Series C Stock is convertible would be
proportionately adjusted to 975,493.  Similarly, each of our currently outstanding
classes of preferred stock has voting rights but the voting rights of only certain
classes of our preferred stock would be proportionately adjusted if the 1-for-500 reverse
stock split is effected. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the reverse stock split, each share of preferred stock will have the same rights and
privileges under our certificate of incorporation as existed prior to the reverse split.
 To this end, the reverse stock split would not affect the existing voting rights of the
each class of our preferred stock.  Instead, the voting rights as negotiated and defined
in the each class of preferred stock's certificate of designation will remain as
originally set forth.  The voting rights of the holder(s) would only be changed if and
when the holders convert their shares into common stock.  The below table summarizes how
the voting rights of each class of our outstanding preferred stock would be adjusted if
the 1-for-500 reverse stock split is effected and if the holders of each class of
preferred stock then converted their shares into common stock: </FONT></P>


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<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Shares outstanding<BR>before reverse split</FONT></TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Total Votes<BR>Attributable to Pre-Split<BR>Shares</FONT></TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Total Votes<BR>Attributable to Post-<BR>Split Shares<BR>Assuming<BR>Conversion into<BR>Common Stock</FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series B Stock <SUP>(1)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>80,000&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20,000,000&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>40,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series C Stock <SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>487,746,250&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>975,493&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Series D Stock<SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>754,219&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1,885,547,500&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>3,771,095&nbsp;</FONT></TD></TR>
</TABLE>
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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

                     Each share of Series B Stock is convertible into 250 shares of common stock and
                    is entitled to 250 votes per share. While the conversion ratio is subject to
                    adjustment upon a reverse stock being affected, the voting rights of each
                    outstanding share of Series B Stock are not. Thus, the voting power of the
                    Series B Stock will only decrease after the reverse stock split is affected if
                    the Series B holder(s) convert their Series B shares into shares of common
                    stock. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

                     The single outstanding share of Series C Stock is convertible into 487,746,250
                    shares of common stock and entitled to a number of votes equal to the number of
                    shares of common stock into which the Series C Stock is convertible. If the
                    reverse stock split is affected the voting power of the Series C Stock will be
                    proportionally reduced regardless of whether the holder converts the share into
                    common stock. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

                     Each share of Series D Stock is convertible into 2,500 shares of common stock
                    and is entitled to 2,500 votes per share. While the conversion ratio is subject
                    to adjustment upon a reverse stock being affected, the voting rights of each
                    outstanding share of Series B Stock are not. Thus, the voting power of the
                    Series D stock will only decrease after the reverse stock split if affected if
                    the Series D holder(s) convert their Series D shares into shares of common
                    stock. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<A NAME=A057></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Anti-Takeover Effects.</B></I>  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
effective increase in our authorized shares caused by a reverse stock split could
potentially be used by management to thwart a take-over attempt. The over-all effects of
this proposal might be to render it more difficult or discourage a merger, tender offer or
proxy contest, or the assumption of control by a holder of a large block of the
Company&#146;s securities and the removal of incumbent management. The proposal could make
the accomplishment of a merger or similar transaction more difficult, even if it is
beneficial to shareholders. Management could issue additional shares of common stock to
resist or frustrate a third-party transaction that might be favored by a majority of
shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
the reverse tock split is being proposed for the reasons stated below, and is not the
result of management&#146;s knowledge of an effort to accumulate the issuer&#146;s
securities or to obtain control of the issuer by means of a merger, tender offer,
solicitation or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the possibility of the issuance of preferred stock, neither the Company&#146;s charter
nor its by-laws presently contain any provisions having anti-takeover effects and this
proposal is not a plan by management to adopt a series of amendments to the Company&#146;s
Articles of Incorporation or By-laws to institute an anti-takeover provision. The Company
does not have any plans or proposals to adopt other provisions or enter into other
arrangements that may have material anti-takeover consequences.  </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Reasons for the Reverse Stock Split</B></I>  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Articles of Incorporation currently provide that we have 2 billion common shares
authorized for issuance. As the date of the Record Date , we had 1,937,550,944 shares of
our common stock outstanding and do not have a sufficient number of authorized shares to
permit the holders of certain of our securities that are convertible into shares of common
stock to convert those securities. This, combined with the very low market price of our
common stock significantly limits (if not eliminates) our ability to issue shares of our
common stock (or other derivate securities) for various general corporate such as capital
raising, debt settlement, compensation, and for use in potential corporate transactions.
The current low market price also precludes the Company from listing its stock on an
exchange and makes the Company&#146;s securities less attractive to the brokerage
community, institutional investors, professional investors and other members of the
investing public. Many institutional investors have policies prohibiting them from holding
lower-priced stocks in their portfolios, which reduces the number of potential buyers of
our common stock. In addition, analysts at many leading brokerage firms are reluctant to
recommend lower-priced stocks to their clients or monitor the activity of lower-priced
stocks. A variety of brokerage house policies and practices also tend to discourage
individual brokers within those firms from dealing in lower-priced stocks. Some of those
policies and practices pertain to the payment of brokers&#146; commissions and to
time-consuming procedures that function to make the handling of lower-priced stocks
unattractive to brokers from an economic standpoint. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
auditors issued a going concern opinion on our audited financial statements for the fiscal
year ended December 31, 2008 as we had a significant working capital deficit and we had
substantial losses since our inception, and we expect the auditors to issue a similar
opinion for our 2009 fiscal year. These and other matters raise substantial doubt about
our ability to continue as a going concern. If the reverse stock split is affected we will
have additional shares of common stock available for issuance. Further, our capitalization
structure will be simplified if all, or even a portion of, the holders of our preferred
stock convert their shares of preferred stock into common stock which they are currently
not able to do. Additionally, if the reverse stock is effected the market price of our
common stock is likely to increase. The Board of Directors believes that a smaller and
less complicated capital structure will be more attractive to the public marketplace and
to prospective investors than the existing capital structure with over 1.9 billion shares
outstanding and various classes of preferred stock which are convertible into a
significant number of shares of common stock. As such, affecting the reverse stock may
help us address our short term liquidity shortages and is the primary reason the reverse
stock split is being proposed to our shareholders. However, in the long term the
Company&#146;s success is dependent on its ability to identify and successfully execute
upon a business opportunity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should recognize that if a reverse split is effectuated, they will own a fewer number of
shares than they currently own. While we expect that a reverse split would result in an
increase in the market price of our common stock, an increase is dependent upon many
factors, including our performance, prospects and other factors, some of which are
unrelated to the number of shares outstanding. To the extent that any increase in the
market price of our common stock following a 500:1 reverse split is less than 500 times
the price immediately before the split, our shareholders will have lost value. The history
of reverse stock splits in other companies indicates that the market price will likely
increase, but may not increase by the full amount of the split multiple. Thereafter,
market price generally reflects general market conditions and company performance. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another
factor that should be considered by shareholders in voting for the reverse stock split is
that there will be significantly fewer shares outstanding and (therefore) the liquidity of
Golden Eagle&#146;s common stock in the market could be adversely affected. In addition, a
reverse split would likely increase the number of shareholders of Golden Eagle&#146;s who
own odd lots (fewer than 100 shares). Shareholders who hold odd lots typically will
experience an increase in the cost of selling their shares, as well as greater difficulty
in effecting such sales. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">23</DIV>

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<A NAME=A058></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Timing, Procedure and
Effective Date&nbsp;</B></I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
effect a reverse stock split, the Board would first notify the regulatory authorities as
required by SEC Rule 10b-17, and then complete the reverse stock split by filing articles
of amendment with the Colorado Secretary of State. No further action on the part of
shareholders will be required to either implement (or abandon) a reverse stock split. If
this proposal is approved and the Board of Directors does not implement the reverse stock
split prior to December 31, 2010, the shareholders&#146; approval of a reverse stock split
will terminate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the shareholders approve this proposal and the Board of Directors decides to implement a
reverse stock split at any time prior to December 31, 2010, we will file an amendment with
the Secretary of State of the State of Colorado to amend our existing Articles of
Incorporation. A reverse stock split will become effective on the date of filing of the
amendment, which is referred to as the &#147;effective date.&#148; As soon as practicable
after the effective date, the Company will announce that the reverse stock split has been
affected. Golden Eagle&#146;s s transfer agent, TranShare Corporation will act as the
&#147;exchange agent&#148; for purposes of implementing the exchange of stock
certificates. Holders of pre-reverse stock split shares will be asked to surrender
certificates representing such shares in exchange for certificates representing
post-reverse stock split shares in accordance with the procedures to be set forth in the
letter of transmittal Golden Eagle sends to its shareholders. No new certificates will be
issued to a shareholder until such shareholder has surrendered such shareholder&#146;s
outstanding certificate(s), together with the properly completed and executed letter of
transmittal, to the exchange agent. Any pre-reverse stock split shares submitted for
transfer, whether pursuant to a sale, other disposition or otherwise, will automatically
be exchanged for post-reverse stock split shares. SHAREHOLDERS SHOULD NOT DESTROY ANY
STOCK CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY CERTIFICATE(S) UNTIL REQUESTED TO DO SO. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of the Amendment is set forth above and is subject to modification to include such
changes as may be required by the Secretary of State of the State of Colorado and as the
Board of Directors deems necessary and advisable to effect the reverse stock split. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
reverse stock split would be affected simultaneously for all of our outstanding common
stock and would affect all of our common shareholders uniformly. Although the reverse
stock split by itself will not affect any shareholder&#146;s percentage ownership
interests in Golden Eagle, if the holders of any or all of our outstanding convertible
securities (including our various classes of preferred stock) convert their securities
into common stock, our common shareholders respective ownership percentages will decrease.
Common stock issued and outstanding before the reverse stock split would remain fully paid
and non-assessable. </FONT></P>

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<A NAME=A059></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Fractional Shares.</B></I> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a reverse stock split is implemented by the Board, Golden Eagle will not issue fractional
certificates for post-reverse stock split shares in connection with the reverse stock
split. We will issue one additional whole share to shareholders who would otherwise be
entitled to a fractional share. If the same shareholder is the owner of shares under
multiple share certificates, then the number of shares we will issue in connection with
the reverse stock split shall be computed on the basis of the aggregate shares owned under
all certificates. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">24</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should be aware that, under the escheat laws of the various jurisdictions where
shareholders reside, sums due for fractional interests that are not timely claimed after
the effective date may be required to be paid to the designated agent for each such
jurisdiction. Thereafter, shareholders otherwise entitled to receive such funds may have
to seek to obtain them directly from the state to which they were paid. </FONT></P>

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<A NAME=A060></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Accounting Matters</I></B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reverse stock split will not impact the amounts reported as common stock or total
shareholders&#146; equity on Golden Eagle&#146;s balance sheet. The per share net income
or loss and net book value of Golden Eagle&#146;s common stock will be increased because
there will be fewer shares of Golden Eagle&#146;s common stock outstanding. </FONT></P>

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<A NAME=A061></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Unavailability of
Dissenter&#146;s Rights </I></B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
appraisal or dissenters&#146; rights are available to shareholders who vote against the
reverse stock split under Colorado law or under the Company&#146;s Articles of
Incorporation or Bylaws for his or her fractional share that will be cashed out in the
reverse stock split. Other rights or actions may be available under Colorado law or
federal and state securities laws for shareholders who can demonstrate that they have been
damaged by the reverse stock split. </FONT></P>

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<A NAME=A062></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Material Federal Income
Tax Consequences</I> </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of certain United States federal income tax consequences of the
reverse stock split generally applicable to the holders of GEII shares. This summary
addresses only such shareholders who hold their pre-reverse stock split shares as capital
assets and will hold the post-reverse stock split shares as capital assets. This
discussion does not address all United States federal income tax considerations that may
be relevant to particular shareholders in light of their individual circumstances or to
shareholders that are subject to special rules, such as financial institutions, tax-exempt
organizations, insurance companies, dealers in securities, holders who received their
shares pursuant to the exercise of employee stock options or otherwise as compensation,
and foreign shareholders. The following summary is based upon the provisions of the
Internal Revenue Code of 1986, as amended, applicable Treasury Regulations thereunder,
judicial decisions and current administrative rulings, as of the date hereof, all of which
are subject to change, possibly on a retroactive basis. Tax consequences under state,
local, foreign, and other laws are not addressed herein. Our view regarding the tax
consequences of a reverse stock split is not binding on the Internal Revenue Service or
the courts. <B>ACCORDINGLY, EACH SHAREHOLDER SHOULD CONSULT WITH THE SHAREHOLDER&#146;S
OWN TAX ADVISOR WITH RESPECT TO THE POTENTIAL TAX CONSEQUENCES OF THE REVERSE STOCK
SPLIT.</B>&nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
gain or loss will be recognized by a shareholder upon such shareholder&#146;s exchange of
pre-reverse stock split shares for post-reverse stock split shares pursuant to the reverse
stock split. The aggregate tax basis of the post-reverse stock split shares received in
the reverse stock split will be equal to the aggregate tax basis of the pre-reverse stock
split shares exchanged therefor, and the holding period of the post-reverse stock split
shares will include the holding period of the pre-reverse stock split shares. </FONT></P>

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<A NAME=A063></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Vote Required</B></I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the votes cast at the meeting (including
the common stock, Series B Stock, Series C Stock and Series D Stock) will be required to
approve the authorization of the Board of Directors to effect the reverse stock split by
amendment of the Company&#146;s Articles of Incorporation. <B>The Board of Directors of
GEII recommends that shareholders vote FOR this Proposal to authorize the Board to effect
a reverse stock split. </B>Unless otherwise specified, the enclosed proxy will be voted
&#147;FOR&#148; approval of the reverse stock split. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">25</DIV>

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<A NAME=A064></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL 2 <BR>ADOPTION OF REVISED
2009 EQUITY INCENTIVE PLAN </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 7, 2009, our Board of Directors adopted the Golden Eagle International, Inc.
Revised 2009 Equity Incentive Plan (the &#147;Plan&#148;), under which a maximum of
750,000,000 shares of common stock (1,500,000 shares if the reverse stock split is
approved) are reserved for issuance upon the exercise of options (&#147;Options&#148;) or
the grant of stock bonuses (&#147;Bonuses&#148;) under the Plan. We have not attached a
copy of the Plan to this proxy statement. However, the Plan, along with other materials
related to this Special Meeting is available on-line at www.geii.com/proxyinformation.
Additionally, a copy of the Plan is included with a current report on Form 8-K filed with
the Securities and Exchange Commission on October 16, 2009. The following summary is
qualified by reference to the Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan includes two types of Options. Options intended to qualify as incentive stock options
under Section 422 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;)
are referred to as &#147;Incentive Options.&#148; Options which are not intended to
qualify as Incentive Options are referred to as &#147;Non-Qualified Options.&#148;
Bonuses, which may also be granted under the Plan, are the outright issuance of shares of
Common Stock. Adoption of the Plan and the grant of the options thereunder are contingent
on receiving shareholders&#146; approval of the Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company currently has in place the 2008 Employees and Consultants Stock Compensation Plan.
However, our officers, directors and affiliates cannot participate in this plan. The
Company&#146;s Board of Directors adopted an equity compensation plan in March of 2009 and
granted options pursuant to that plan. However, that plan and all options granted pursuant
to it were subject to shareholder approval by March 2010, and the Board does not intend to
submit the plan or the options to the shareholders for approval and therefore the plan and
the options can be considered to be <I>void ab initio</I>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is intended to provide incentives to officers, employees and other persons, including
consultants and advisers, who contribute to the success of Golden Eagle by offering them
the opportunity to acquire an ownership interest in it. The Board of Directors believes
that this also will help to align the interests of our management and employees with the
interests of shareholders. The terms of the Plan concerning the Incentive Options and
Non-Qualified Options are substantially the same except that only employees of Golden
Eagle are eligible to receive Incentive Options. Non-Qualified Options may be granted to
employees, officers and consultants of Golden Eagle. Shareholder approval of the Plan is
sought: </FONT></P>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To satisfy
the contingency to the Board&#146;s adoption of the Plan; and  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;           </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To permit
the issuance of Options which will qualify as Incentive Options           pursuant to the
Code.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares reserved for issuance under the Plan is a maximum aggregate so that the
number of Incentive Options and/or Non-Qualified Options that may be granted reduces the
number of Bonuses which may be granted, and vice versa. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">26</DIV>

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<A NAME=A066></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administration of the
Plan </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the Company does not have a separate compensation, or similar committee, the Plan is
administered by the Board of Directors. In addition to determining who will be granted
Options or Bonuses, the Board of Directors has the authority and discretion to determine
when Options and Bonuses will be granted and the number of Options and Bonuses to be
granted. The Board of Directors also may determine a vesting and/or forfeiture schedule
for Bonuses and/or Options granted, the time or times when each Option becomes
exercisable, the duration of the exercise period for Options and the form or forms of the
agreements, certificates or other instruments evidencing grants made under the Plan. The
Board of Directors may determine the purchase price of the shares of common stock covered
by each Option and determine the Fair Market Value per share. The Board of Directors also
may impose additional conditions or restrictions not inconsistent with the provisions of
the Plan. The Board of Directors may adopt, amend and rescind such rules and regulations
as in its opinion may be advisable for the administration of the Plan. If the number of
shares reserved under the Plan is increased shareholder approval will be sought on the
amendment to increase the shares reserved if required by any applicable statutory or
regulatory requirements, or if the Company, on the advice of counsel, determines that
shareholder approval is otherwise necessary or desirable.&nbsp;&nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors also has the power to interpret the Plan and the provisions in the
instruments evidencing grants made under it, and is empowered to make all other
determinations deemed necessary or advisable for the administration of it. </FONT></P>

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<A NAME=A067></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eligibility </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
in the Plan may be selected by the Board of Directors from employees and officers of, and
consultants and advisors to, the Company and its subsidiary and affiliated companies. The
Committee may take into account the duties of persons selected, their present and
potential contributions to the success of the Company and such other considerations as the
Committee deems relevant to the purposes of the Plan. As of the Record Date, there are
approximately 19 employees and other persons who are eligible to participate in the Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
grant of Options or Bonuses under the Plan does not confer any rights with respect to
continuation of employment, and does not interfere with the right of the recipient or the
Company to terminate the recipient&#146;s employment, although a specific grant of Options
or Bonuses may provide that termination of employment or cessation of service as an
employee, officer, or consultant may result in forfeiture or cancellation of all or a
portion of the Bonuses or Options. </FONT></P>

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<A NAME=A068></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustment; and Effect
of the Proposed Reverse Stock Split </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
event a change, such as a stock split, is made in our capitalization which results in an
exchange or other adjustment of each share of common stock for or into a greater or lesser
number of shares, appropriate adjustments will be made to the number of shares available
for issuance under the Plan, any unvested Bonuses, and in the exercise price and in the
number of shares underlying each outstanding Option. Accordingly, if Proposal No. 1 is
approved by our shareholders at the Special Meeting, and we then affect the one-for-500
reverse stock split, the number of shares available for issuance under the Plan will be
proportionately reduced to 1,500,000. Further, with respect to any options granted under
the Plan prior to the reverse split being effected will be proportionately adjusted both
the number of shares and exercise price of those options will also be proportionately
adjusted in the same ratio. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">27</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors also may make provisions for adjusting the number of Bonuses or
underlying outstanding Options in the event we effect one or more reorganizations,
recapitalizations, rights offerings, or other increases or reductions of shares of our
outstanding Common Stock. Options and Bonuses may provide that in the event of the
dissolution or liquidation of the Company, a corporate separation or division or the
merger or consolidation of the Company, the holder may exercise the Option on such terms
as it may have been exercised immediately prior to such dissolution, corporate separation
or division or merger or consolidation; or in the alternative, the Committee may provide
that each Option granted under the Plan shall terminate as of a date fixed by the Board of
Directors. </FONT></P>

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<A NAME=A069></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Provisions </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of any Option granted under the Plan must be no less than 100% of the
&#147;fair market value&#148; of our Common Stock on the date of grant. Any Incentive
Stock Option granted under the Plan to a person owning more than 10% of the total combined
voting power of the Common Stock shall be at a price of no less than 110% of the Fair
Market Value per share on the date of grant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of an Option may be paid in cash, in shares of our Common Stock or other
property having a fair market value equal to the exercise price of the Option, or in a
combination of cash, shares and property. The Committee shall determine whether or not
property other than cash or Common Stock may be used to purchase the shares underlying an
Option and shall determine the value of the property received. </FONT></P>

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<A NAME=A070></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax Consequences
of the Plan </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Incentive
Options issuable under the Plan are structured to qualify for favorable tax treatment to
recipients provided by Section 422 of the Code. Pursuant to Section 422 of the Code,
Optionees will not be subject to federal income tax at the time of the grant or at the
time of exercise of an Incentive Option. In addition, provided that the stock underlying
the Option is not sold within two years after the grant of the Option and is not sold
within one year after the exercise of the Option, then the difference between the exercise
price and the sales price will be treated as long-term capital gain or loss. An Optionee
also may be subject to the alternative minimum tax upon exercise of his Options. We will
not be entitled to receive any income tax deductions with respect to the granting or
exercise of Incentive Options or the sale of the Common Stock underlying the Options. The
exercise price of Incentive Options granted cannot be less than the fair market value of
the underlying Common Stock on the date the Options were granted. In addition, the
aggregate fair market value (determined as of the date an Option is granted) of the Common
Stock underlying the Options granted to a single employee which become exercisable in any
single calendar year may not exceed the maximum permitted by the Code for Incentive
Options. This amount currently is $100,000. No Incentive Option may be granted to an
employee who, at the time the Option would be granted, owns more than ten percent of the
outstanding stock of Golden Eagle unless the exercise price of the Options granted to the
employee is at least 110 percent of the fair market value of the stock subject to the
Option and the Option is not exercisable more than five years from the date of grant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Qualified
Options will not qualify for the special tax benefits given to Incentive Options under
Section 422 of the Code. An Optionee does not recognize any taxable income at the time he
or she is granted a Non-Qualified Option. However, upon exercise of the Option, the
Optionee recognizes ordinary income for federal income tax purposes measured by the
excess, if any, of the then fair market value of the shares over the exercise price. The
ordinary income recognized by the Optionee will be treated as compensation and will be
subject to income tax withholding by the Company (if any employee) or self-employment tax
(if a non-employee). Upon an Optionee&#146;s sale of shares acquired pursuant to the
exercise of a Non-Qualified Option, any difference between the sale price and the fair
market value of the shares on the date when the Option was exercised will be treated as
long-term or short-term capital gain or loss. Upon an Optionee&#146;s exercise of a
Non-Qualified Option, we will be entitled to a tax deduction in the amount recognized as
ordinary income to the Optionee (provided that then we effect withholding with the respect
to the deemed compensation if the Optionee is an employee). </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">28</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Bonuses, generally, a grantee will recognize as ordinary income the fair market
value of the Bonuses as of the date of receipt. If the grantee is an employee, then the
grant is compensation and will be subject to income tax withholding by us (if an employee)
or self-employment tax (if a non-employee). </FONT></P>

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<A NAME=A071></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Options Granted Under
the Plan To Date </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of adoption of the Plan, the Board also granted certain options to a number of
Golden Eagle officers, key employees, and consultants. The options were granted subject to
shareholder approval of the Plan and the availability of sufficient authorized and
unissued common shares. If the shareholders do not approve the Plan by October 7, 2010,
the options granted to the officers and key employees will be void. These options have an
exercise period of three years from the date of grant (that is, through October 7, 2012)
at an exercise price of $0.0011 per share (the average of the closing price for the 10
trading days prior to October 7, 2009, plus an additional 10% above that average price).
The Board considered several factors in granting the options to our executives and key
employees such as length of service; sacrifices made during the period of service, such as
deferring salary, voluntary reductions in salary, forgiveness of significant salary
arrearages for the benefit of the Company, the past; and ongoing contribution made to
maintaining the Company in operation despite significant challenges. The following table
sets forth summary information as to options granted under the Plan: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="Center">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Name and Position</B></FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Dollar Value ($)</B></FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Number of Options <SUP>(1)</SUP></B>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Terry C. Turner, Chief Executive<BR>Officer, President and Chairman</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>200,000,000&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Harlan (Mac) DeLozier, Vice President<BR>for Bolivian Operations and Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>100,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Tracy A. Madsen, Vice President for<BR>U.S. Administration, Chief Financial<BR>Officer, Corporate Secretary and<BR>Treasurer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>75,000,000&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Alvaro Riveros, Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Blane W. Wilson, Chief Operating<BR>Officer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>80,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Executive Group</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>455,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Non-Executive Director Group</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Non-Executive Officer Employee Group</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>52,800,000&nbsp;</FONT></TD></TR>
</TABLE>

<BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">29</DIV>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          The numbers describing these option grants reflect the current number of shares
          underlying the option grants. If Proposal No. 1 is approved by the shareholders
          and the 1-for-500 reverse stock split is effected the number of shares
          underlying these option grants will be proportionately adjusted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Not determinable, all option grants
are subject are subject to shareholder approval. </FONT></P>

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<A NAME=A072></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vote Required and
Recommended </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the votes cast at the meeting (including
the common stock, Series B Stock, Series C Stock and Series D Stock) will be required to
approve the Plan, which includes approval of the Options granted under the Plan. <B>The
Board of Directors of GEII recommends that shareholders vote FOR this Proposal. </B>Unless
otherwise specified, the enclosed proxy will be voted &#147;FOR&#148; the adoption of the
Plan described in this Proposal. </FONT></P>

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<A NAME=A073></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL 3 and PROPOSAL 4 </FONT></H1>

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<A NAME=A074></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF THE TERMS
OF THE EXECUTIVE EMPLOYMENT AGREEMENT<BR>BETWEEN GOLDEN EAGLE AND TERRY C. TURNER <BR>AND <BR>APPROVAL OF THE TERMS OF
THE EXECUTIVE EMPLOYMENT AGREEMENT<BR>BETWEEN GOLDEN EAGLE AND TRACY A. MADSEN </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 7, 2009 the Company&#146;s Board of Directors approved the terms of employment
agreements between the Company and: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Terry C.
Turner, the Company&#146;s Chief Executive Officer, President and           Chairman of
the Board of Directors (the &#147;Turner Agreement&#148;); and  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tracy A.
Madsen, the Company&#146;s Chief Financial Officer and Vice President           of U.S.
Administration (the &#147;Madsen Agreement&#148;).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 7, 2009 the parties executed and delivered both the Turner Agreement and the
Madsen Agreement. Both the Turner Agreement and the Madsen Agreement are subject to the
receipt of shareholder approval on or before October 7, 2010, although the approval of one
is not dependent on the approval of the other. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described below, the material terms of both the Turner Agreement and Madsen Agreement
are substantially similar. Collectively the Turner Agreement and Madsen Agreement are
referred to in this proxy statement as the &#147;Agreements&#148; and Mr. Turner and Mr.
Madsen are collectively referred to as the &#147;Executive.&#148; We are asking our
shareholders to consider each of the Agreements independently of the other agreement and
they are being presented as two separate proposals. A vote for or against the approval of
one of the agreements does not constitute a vote for or against approval of the other. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">30</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><B>Overview
of the Agreements</B></I>  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terry
C. Turner, President and Chief Executive Officer. </I>Mr. Turner has served an executive
officer of Golden Eagle since 1997. Further, at times he has endured personal sacrifices
on behalf of the Company including deferring salary and extending personal loans to the
Company. The Board of Directors believes Mr. Turner is integral to the Company&#146;s
current operations and its prospects going forward. As such, the Board of Directors
believes it is in the Company&#146;s best interests to take steps to try to ensure Mr.
Turner remains with the Company and as such entered into the Turner Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tracy
A. Madsen, Chief Financial Officer. </I>Mr. Madsen has served an executive officer of
Golden Eagle since 2003. Mr. Madsen has been a long standing Company executive officer.
Further, at times he has endured personal sacrifices on behalf of the Company including
deferring salary and other compensation arrangements. The Board of Directors believes Mr.
Madsen is integral to the Company&#146;s current operations and its prospects going
forward. As such, the Board of Directors believes it is in the Company&#146;s best
interests to take steps to try to ensure Mr. Madsen remains with the Company and as such
entered into the Madsen Agreement. Although there is currently an existing agreement in
place between Mr. Madsen and the Company whereby Mr. Madsen receives an annual bonus of
$25,000 payable in restricted Company stock for each year of employment, the Board of
Directors believes this arrangement is not a sufficient retention mechanism and is
inadequate for an executive of Mr. Madsen&#146;s experience. This compensation arrangement
will be terminated upon the Madsen Agreement being approved by our shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Common
Terms of the Agreements</I></B> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
they become effective following shareholder approval, the Agreements are each for an
initial three-year term and will renew for successive one year terms unless terminated by
the Company or the Executive. Each of the agreements provide that the salaries payable to
Messrs. Turner and Madsen at their current rate of salary (a base salary of $180,000 for
Mr. Turner and a base salary of $110,000 for Mr. Madsen). The Agreements provide that the
Executive is eligible to receive a discretionary cash bonus based on the Company&#146;s
business and results are eligible to participate in the Company&#146;s equity based
compensation plans and to receive other standard employee benefits. The Agreements impose
restrictive covenants on the Executive, such as confidentiality obligations and
non-solicitation restrictions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Potential
Severance Payments. </I></B> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I></I>If the Agreements are terminated by the Company without
cause, or not as a result of the Executive&#146;s death or disability the Executive is
entitled to a severance payment equal to the Executive&#146;s base salary at the rate in
effect on the termination date for a period of six months, plus one month for each year
that Executive has been with the Company, or through expiration of the Agreement&#146;s
original term, whichever is a shorter period of time. However, in no event will the
Executive be entitled to less than six months of severance pay. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreements also provide for a severance payment upon a &#147;change of control event&#148;
or if the Agreements are terminated by the Executive for &#147;good reason.&#148; The
severance to be paid to each of Mr. Turner and Mr. Madsen upon a change of control event
or upon the Agreement being terminated for good reason is calculated using the greater of: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An amount
equal to the Executive&#146;s base salary at the rate in effect on           the
termination date for a period of six months, plus one month for each year           that
the Executive has been with the Company, or through expiration of the           Agreement&#146;s
original term, whichever is a shorter period of time; and
 </FONT></TD>
</TR>
</TABLE>
<BR>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">31</DIV>



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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An amount
equal to a multiple of the sum of (a) the Executive&#146;s then           current annual
base salary plus (b) the amount of the most recent discretionary           bonus paid to
the Executive (if any) less applicable withholding. The multiple           for Mr. Turner
is two, and for Mr. Madsen, one.
 </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the Agreements the term &#147;change of control&#148; is defined as the
happening of any of the following: </FONT></P>

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          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Any &#147;Person&#148; (as such term is used in Sections 13(d) and 14(d) of the
          Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) is or
          becomes the &#147;Beneficial Owner&#148; (as defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, of securities of Golden Eagle
          representing more than 50% of the total voting power represented by Golden
          Eagle&#146;s then outstanding voting securities <I>without</I> the approval of
          not fewer than two-thirds of the Board of Directors of Golden Eagle voting on
          such matter, unless the Board of Directors specifically designates such
          acquisition to be a change of control; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           A merger or consolidation of Golden Eagle whether or not approved by the Board
          of Directors of Golden Eagle, other than a merger or consolidation that would
          result in the voting securities of Golden Eagle outstanding immediately prior
          thereto continuing to represent (either by remaining outstanding or by being
          converted or into voting securities of the surviving entity) at least 50% of the
          total voting power represented by the voting securities of Golden Eagle or such
          surviving entity outstanding immediately after such merger or consolidation, or
          the shareholders of Golden Eagle approve a plan of complete liquidation of
          Golden Eagle or an agreement for the sale or disposition by Golden Eagle of all
          or substantially all of Golden Eagle&#146;s assets; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           As result of the election of members to the Board of Directors, a majority of
          the Board of Directors consists of persons who are not members of the Board of
          Directors as of the effective date of the agreement (including Executive as a
          member of the Board of Directors as of the Effective Date), except in the event
          that such slate of directors is proposed by Golden Eagle itself. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of the Agreements &#147;good reason&#148; includes: a material breach of the
Agreement or other terms of employment by the Company; a significant change or diminution
in the Executive&#146;s duties; and the requirement that the Executive, without his
consent, be based at an office or location more than 50 miles from his current work
location. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is important to note that the events that provide for the potential severance payments
under the Agreements include events that are likely to occur, or which are being
contemplated, by Golden Eagle. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
due to our liquidity shortages Golden Eagle has not been able to pay the Executive their
full cash salary. At times both Executives have orally agreed to defer the payment of
their salaries and/or have agreed to other compensation arrangements. While each Executive
currently has the right to terminate their employment with Golden Eagle as a result of not
receiving their standard compensation, neither is currently entitled to a severance
payment resulting from such termination. Under the terms of the Agreements the
Company&#146;s failure to pay the Executive&#146;s salary as set forth in the Agreement
would likely be a material breach of the Agreement and would give the Executive the right
to terminate the Agreement for &#147;good cause.&#148; As noted above a termination for
&#147;good cause&#148; would contractually obligate the Company to pay the Executive a
severance payment. Although under this circumstance the payment of the severance would be
dependent on a number of factors, including the Executive affirmatively terminating the
Agreement and Golden Eagle&#146;s ability to pay the severance, nonetheless the Agreements
would give the Executive the right to assert a legal claim against the Company for a
breach of the Agreement. Unless and until the Company is able to address its liquidity
shortages it is not likely that the Company will be able to pay the Executive&#146;s their
salary in accordance with the terms of the Agreements. Based on past practice the Company
believes that both Executives may not terminate the Agreement for non-payment of salary
and seek to collect their severance, however circumstances may change and either or both
Executives could seek to enforce the Agreement against Golden Eagle. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">32</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
as described above, the Agreements give the Executive the right to a severance payment if
the Agreement is terminated following a change of control event. A change of control event
is defined to include the sale of all or substantially all of Golden Eagle&#146;s assets.
The Company&#146;s most significant asset as reported on its balance sheet for the quarter
ended September 30, 2009 is its Gold Bar mill located 25 miles northwest of Eureka,
Nevada. As of September 30, 2009 of the total assets reported on the Company&#146;s
balance sheet 7,204,602, the Gold Bar mill represented $3,980,000 of those assets (or
approximately 55%). The Company has been exploring various options with respect to the
Gold Bar mill including entering into a joint venture or other relationship and the
outright sale of the mill. To this end, on October 13, 2009 the Company received a letter
of intent whereby a third party expressed interest in purchasing the mill. To date the
Company has only engaged in preliminary negotiations with this third party and the
completion of the sale of the Gold Bar mill would be subject to various conditions
(including possibility receiving shareholder approval). If the Company completes the sale
of the Gold Bar mill it could be deemed the sale of all or substantially all of the
Company&#146;s assets and give rise to the Executive&#146;s contractual right to a
severance payment. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Summary of Differences
in the Turner Agreement and the Madsen Agreement</I> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above the terms of the Turner Agreement and Madsen Agreement are substantially
similar. The only material differences in the two agreements are summarized in the below
table: </FONT></P>

<TABLE BORDER="1" CELLPADDING="0" CELLSPACING="0" ALIGN="Center" WIDTH="600">
<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></TR>
<TR VALIGN="TOP">
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD width=20% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Annual Salary </B> </FONT></TD>
     <TD width=60% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Potential Severance Payment Upon a Change in Control
                                                                       Event</B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Turner Agreement</I></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$180,000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> An amount calculated using the greater of:<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                                                             o      The amount due on a termination by the
                                              Company without cause; OR<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                                                             o      An amount equal to <U><I>two times</I></U> (a) Mr. Turner's
                                                                      then current annual base salary and (b) the
                                                                      amount of the most recent discretionary bonus
                                                                      paid to Mr. Turner (if any) less applicable
                                                                      withholding.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Madsen Agreement</I> </FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$110,000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> An amount calculated using the greater of:<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                                                             o      The amount due on a termination by the
                                                                      Company without cause; OR<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                                                             o      An amount equal to <U><I>one times</I></U> (a) Mr.
                                                                      Madsen's then current annual base salary and
                                                                      (b) the amount of the most recent
                                                                      discretionary bonus paid to Mr. Madsen (if
                                                                      any) less applicable withholding.</FONT></TD></TR>
</TABLE>
<BR>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">33</DIV>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><B>Reasons
for Submitting the Agreements for Shareholder Approval</B></I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that employment arrangements, especially those that provide
reasonable severance benefits for key executives in certain situations (such as following
a change in control event) can be an important and entirely appropriate element of an
executive compensation program. The Board believes such arrangements may provide the means
of ensuring the stability of certain of the executive management team during a period when
management&#146;s employment may be jeopardized by a threatened hostile takeover. This
stability is believed to be in the best interests of all shareholders. Moreover, the Board
of Directors believes that reasonable severance agreements related to a change in control
can also inure to the benefit of the Company by enhancing its ability to recruit, retain
and motivate executives. Such severance arrangements related to a change in control for
executives are a standard part of many compensation programs at other companies. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
arrangements with executives, including those with severance agreements, are the
responsibility of the Board, as the Board believes it is in the best position to evaluate
the performance of each executive and to assess competitive compensation practices. The
Board believes that the compensation, and other terms of the Agreements are reasonable
considering the Executive&#146;s experience level and his duties and responsibilities.
However, in light of the Company&#146;s history of liquidity shortages, the Board believes
that it is good corporate governance to submit for shareholder approval the terms of the
Agreements. Moreover, Mr. Turner serves as the Chairman of our Board of Directors, and
although he abstained from voting on the terms of his employment agreement, the Company
believes that to avoid the appearance of any impropriety it is appropriate to receive
shareholder approval of the proposed terms of the Turner Agreement. </FONT></P>

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<A NAME=A077></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vote Required and
Recommendation of Board </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the votes cast at the meeting (including
the common stock, Series B Stock, Series C Stock and Series D Stock) will be required to
approve the Turner Agreement and the Madsen Agreement. <B>The Board of Directors of GEII
recommends that shareholders vote FOR both Proposal No. 3 and Proposal No. 4. </B>Unless
otherwise specified, the enclosed proxy will be voted &#147;FOR&#148; the approval of the
Turner Agreement and &#147;FOR&#148; the approval of the Madsen Agreement. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">34</DIV>

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<A NAME=A078></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DELIVERY OF DOCUMENTS
TO SHAREHOLDERS SHARING AN ADDRESS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
one proxy statement is being delivered to shareholders sharing an address unless we have
received contrary instructions from one or more of the shareholders. Upon the written or
oral request of a shareholder, we will deliver promptly a separate copy of the proxy
statement to a shareholder at a shared address to which a single copy was delivered.
Shareholders desiring to receive a separate copy in the future may contact us through our
Corporate Secretary, 9661 South 700 East, Salt Lake City, Utah 84070; or by telephone:
(801) 619-9320 or Facsimile: (801) 619-1747. Copies may also be requested by e-mail from
the website where the proxy materials are posted, www.geii.com/proxyinformation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who share an address but are receiving multiple copies of the proxy statement may contact
us through our Corporate Secretary, 9661 South 700 East, Salt Lake City, Utah 84070; or by
telephone: (801) 619-9320 or Facsimile: (801) 619-1747 to request that a single copy be
delivered. </FONT></P>

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<A NAME=A079></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSALS FROM
SHAREHOLDERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to hold our next Annual Meeting of shareholders in<B> </B>November 2010. Proposals
from shareholders intended to be present at the Annual Meeting of shareholders should be
addressed to Golden Eagle International, Inc., Attention: Corporate Secretary, 9661 South
700 East, Salt Lake City, Utah 84070, and we must receive the proposals by July 31, 2010
(the &#147;Submission Date&#148;). Upon receipt of any such proposal, we shall determine
whether or not to include any such proposal in the Proxy Statement and proxy in accordance
with applicable law. It is suggested that shareholders forward such proposals by Certified
Mail-Return Receipt Requested. After the Submission Date, any shareholder proposal
submitted outside the process of Rule 14a-8 will be considered to be untimely. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A080></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER MATTERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
does not know of any other matters to be brought before the meeting. Should any other
matter requiring a vote of shareholders arise at the meeting, the persons named in the
proxy will vote the proxies in accordance with their best judgment. </FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="Center" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="5"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="5"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By
Order of the Board of Directors:</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR><TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Golden Eagle International, Inc.<BR>
                                                                       Terry C. Turner, President</FONT></TD></TR>
</TABLE>
<BR>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">35</DIV>


<!-- MARKER PAGE="; page: 7" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


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<A NAME=A086></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GOLDEN EAGLE
INTERNATIONAL, INC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A087></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A088></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS PROXY IS
SOLICITED ON BEHALF OF <BR>GOLDEN EAGLE
INTERNATIONAL, INC.<BR>AND ITS BOARD OF
DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, having duly received the Notice of the Special Meeting and the Proxy
Statement dated<B>[NOTICE DATE]</B>, hereby appoints Terry C. Turner, Chief Executive
Officer, as Proxy to represent the undersigned and to vote, as designated below, all
shares of common stock of Golden Eagle International, Inc., held of record by the
undersigned, at the Special Meeting of Stockholders of Golden Eagle International, Inc. to
be held on <B>[MEETING DATE] </B>at _______ a.m. Mountain Time, and any adjournment
thereof, at the Little America Hotel, 500 South Main Street, Salt Lake City, Utah 84101. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT THE STOCKHOLDERS VOTE &#147;FOR&#148; EACH OF THE PROPOSALS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;TO APPROVE AN AMENDMENT TO
THE ARTICLES OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF OUR OUTSTANDING COMMON
STOCK (BUT NOT OUR AUTHORIZED COMMON STOCK) BY DECEMBER 31, 2010 AT THE RATE OF ONE NEW
(POST-SPLIT) SHARE FOR 500 OLD (PRE-SPLIT) SHARES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A091></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|ABSTAIN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.                TO APPROVE THE
ADOPTION OF THE GOLDEN EAGLE INTERNATIONAL, INC. REVISED 2009                EQUITY
INCENTIVE PLAN.   </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|ABSTAIN
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.                TO APPROVE THE
TERMS OF THE EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN GOLDEN EAGLE                AND TERRY
C. TURNER, OUR PRESIDENT, CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF THE
               BOARD.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A092></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|ABSTAIN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
          TO APPROVE THE TERMS OF THE EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN GOLDEN EAGLE
          AND TRACY A.MADSEN, OUR VICE PRESIDENT FOR U.S. ADMINISTRATION AND CHIEF
          FINANCIAL OFFICER. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A093></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|ABSTAIN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">36</DIV>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Proxy, when properly executed,
will be voted in the manner directed on the Proxy by the undersigned Stockholder. Granting
this proxy also grants the Proxy the right to vote in his discretion on such other
business as may properly come before the meeting, or any adjournments or postponements
thereof. <B>IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR EACH OF THE PROPOSALS.
</B>Please sign exactly as your name appears on this card. When shares are held by joint
tenants, both should sign. If signing as attorney, guardian, executor, administrator or
trustee, please give full title as such. If a corporation, please sign in the corporate
name by the president or other authorized officer. If a partnership, please sign in the
partnership name by an authorized person. </FONT></P>





<TABLE BORDER="1" CELLPADDING="5" CELLSPACING="5" ALIGN="Center" WIDTH="600">
<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></TR>
<TR VALIGN="TOP">
     <TD width=50% STYLE="border-style:solid;"><FONT FACE="Times New Roman, Times, serif" SIZE="2"></FONT></TD>

     <TD width=50% STYLE="border-style:solid ;"><FONT FACE="Times New Roman, Times, serif" SIZE="2"></FONT></TD>
     </TR>
<TR VALIGN="TOP">

     <TD width=50%><FONT FACE="Times New Roman, Times, serif" SIZE="2">(Signature)</FONT></TD>

     <TD><FONT FACE="Times New Roman, Times, serif" SIZE="2">(Print Name)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD width=50% STYLE="border-style:solid;"><FONT FACE="Times New Roman, Times, serif" SIZE="2"></FONT></TD>

     <TD width=50% STYLE="border-style:solid ;"><FONT FACE="Times New Roman, Times, serif" SIZE="2"></FONT></TD>
     </TR>
<TR VALIGN="TOP">

     <TD width=50%><FONT FACE="Times New Roman, Times, serif" SIZE="2">(Signature, if held jointly)</FONT></TD>

     <TD><FONT FACE="Times New Roman, Times, serif" SIZE="2">(Print Name)</FONT></TD></TR>


</TABLE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<A NAME=A094></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: ______________, 20__ </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY CARD PROMPTLY USING THE ENCLOSED RETURN ENVELOPE. </FONT></P>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;">37</DIV>


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M!_HSW1$2+\:L)9BMP/9`.M1K`)"Q&KNQ'-NQ'ONQ(!NR(CNR)%NR)GNR*)NR
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`
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