UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO.   15983 /  November 19, 1998

          Securities and Exchange Commission v. Golden Eagle International,
          Inc., Ronald A. Knittle, Mary A. Erickson, Gregory G. Vernon,
          Timberline Consultants, Inc., and Terry C. Turner,
          Civil Action No. 98-Z-1020 (D. Colo.)

               On November 17, 1998, the Securities and Exchange Commission
          filed an amended complaint adding new fraud charges against
          Golden Eagle International, Inc., and naming Terry C. Turner, its
          current president, as a defendant.  The new fraud charges are
          that Golden Eagle and Turner fraudulently claimed earlier this
          year that the company had found staggering gold reserves on its
          property in Bolivia.  Golden Eagle is based in Denver and Turner
          resides in Salt Lake City and La Paz, Bolivia.

               The amended complaint alleges that Turner caused Golden
          Eagle to issue a press release on May 22, 1998, fraudulently
          claiming that the company's Bolivian property contained over 6
          million ounces in "proven reserves" of gold.  According to the
          amended complaint, Golden Eagle and Turner made these claims
          without reading a copy of a geologic report upon which the
          reserve claims purportedly were based.  The amended complaint
          further alleges that Golden Eagle and Turner lacked a reasonable
          basis for additional claims in the May 22 press release that the
          Bolivian property contained huge amounts of additional "inferred
          [and] indicated resources."  Finally, the amended complaint
          asserts that the fraudulent statements led to dramatic jumps in
          the price and volume for Golden Eagle stock, and that the price
          has declined after September 25, 1998, when Golden Eagle publicly
          admitted that it lacked sufficient basis for the reserve claims.

               The original complaint charged Golden Eagle, its former
          president, its former treasurer/secretary and a promoter with,
          among other things, having made false and misleading statements
          during 1994 and 1995 pertaining to Golden Eagle's efforts to
          operate a mining business in the United States (See Litigation
          Release 15733 issued May 7, 1998).  Further, the Commission
          previously suspended trading in Golden Eagle's securities based
          upon concerns about the accuracy and adequacy of the information
          regarding  the Bolivian gold (See Securities Exchange Act Release
          No. 40104 issued June 19, 1998).

               In addition to the relief sought in the original complaint,
          the amended complaint seeks injunctive relief and civil penalties
          against Turner for violations of the antifraud provisions of the
          federal securities laws: Section 17(a) of the Securities Act of
          1933, Section 10(b) of the Securities Exchange Act of 1934,  and
          Rule 10b-5.  The amended complaint also eliminates Paul B. Vernon
          as a defendant because of his prior settlement of all charges
          (See Litigation Release 15862 issued August 28, 1998).