Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

June 12, 2009 13:51 ET

Glen Eagle Resources Inc.: Update on Kinbauri Transaction

MONTREAL, QUEBEC--(Marketwire - June 12, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") reconfirms its position that Kinbauri unilaterally terminated the Subscription Agreement as stated in their press release on June 5, 2009 and accordingly is in breach thereof.

The Company has advised Kinbauri that it will pursue a claim for the damages resulting from Kinbauri breach of the Subscription Agreement and that in accordance with the terms of the Subscription Agreement will initiate an arbitration hearing in respect thereof.

Glen Eagle Resources believes that Kinbauri's outstanding application in respect to the same issue should be decided in the same legal forum.

Accordingly, Glen Eagle Resources denies the assertion by Kinbauri or any other third party that the transaction with Kinbauri has been formally terminated by both parties.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

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

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