Glen Eagle Resources (V.GER) mission is to generate revenue from its commercial gold processing plant in Honduras and to bring added value to the newly acquired “La Cobra” mining concession in Honduras. In addition, the Moose Lake phosphate property in Quebec, currently in an advanced exploration stage, will be upgraded with additional exploration programs.
The company will look at every possible option to maximize shareholder value and stock performance. These include, but not limited to: adding another gold concession in Honduras, selling off its phosphate property in Quebec, and/or distributing gold production from the commercial milling operation in Honduras as a cash dividend.
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Glen Eagle Resources Inc. (Montreal, Quebec, August 23, 2017; TSX VENTURE: GER) (“Glen Eagle” or the “Company”) is pleased to report that Cobra Oro, a wholly owned Honduran subsidiary of Glen Eagle, has produced 223 ounces of gold and 1305 ounces of silver, representing approximately $CDN 380 000 in dore bars between July 1 and August 15, 2017. The cash flow after consideration of All-In Sustaining Cost (“AISC”) was approximately $CDN 150 000 for the period. These results represents an important turnaround from Q2 2017 where the Company sold $285 000 in dore bars due to aggressive upgrading works at its CIL gold plant as previously reported in a News Release dated June 15, 2017.
Over the period, Cobra Oro processed 749 tonnes, grading 12.09 grams gold per ton based on 39 working days with throughput slated to improve considerably in the near future as the construction work to integrate the new ball mill into the plant is in progress and can be viewed in the upper part of the following images. The recoveries for the period have averaged 76%, slightly impaired by the high silver content in the mineral. In gold equivalent terms, the overall recovery was 81% when the amount of silver recovered from operations is factored in the equation.
The Company has estimated that the new ball mill could have a processing capacity of 150-200 tonnes per day, representing an additional 50 tonnes from what was previously expected. The Company is actively negotiating to secure future supplies to feed the potential increase in throughput.
Gilles Laverdière, P.Geo and a Qualified Person under NI 43-101 has read and approved the technical content of this news release.
Jean Labrecque, President
Glen Eagle Resources Inc
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
Tel : 514-808-9807
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” Values in the news release are quoted in canadian dollars.