Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

July 27, 2009 10:50 ET

Glen Eagle Resources Inc.: Definitive Option Agreement With Amseco

MONTREAL, QUEBEC--(Marketwire - July 27, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") reports that Amseco has entered into a Definitive Option Agreement with Amseco on its Souart property. Under the Agreement, Glen Eagle will sell 100% of Barry-Souart for the following considerations:

- A cash payment of $150,000 in year 1 of which $75,000 has already been paid. The remaining balance is due out in September.

- A disbursement of $150,000 for year 2-4-5 with the exception of year 3 implying a $300,000 disbursement.

- Expenditures on the property of $1.5M evenly distributed over 5 years with the exception of year 3 implying an expenditure of $500,000.

- Amseco will issue 500,000 common shares to Glen Eagle upon acceptance of the transaction by the TSX Venture.

- Glen Eagle will keep a 2% NSR royalty on the property.

The TSX does not accept responsibility for the adequacy or accuracy of the release.

Contact Information

  • Glen Eagle Resources Inc.
    Jean Labrecque
    President & CEO