Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

January 15, 2010 09:32 ET

Glen Eagle to Pursue Its Right to Arbitrate

MONTREAL, QUEBEC--(Marketwire - Jan. 15, 2010) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") announces that it has commenced a formal Arbitration claim against Orvana Minerals Asturias Corp., Kinbauri Espana S. L. c/o Orvana Minerals Corp. and Kinbauri Gold Corp. c/o Orvana Minerals Corp. (hereinafter collectively referred to as "Orvana/Kinbauri"). The Arbitration claim is for $75,000,000.00 or such greater amount as may be proven at the hearing of the Arbitration as a result of Kinbauri Gold Corp.'s unilateral termination of the Subscription Agreement between Glen Eagle Resources and Kinbauri Gold Corp. dated May 8, 2009 resulting in the aborted sale to Glen Eagle Resources of a 45% interest in the El Valle/Carles gold and copper project in Northwestern Spain.

Paradise Peak Holdings S.A., a financial advisor in this acquisition will assume responsibility for the legal costs of the arbitration and will oversee with their legal counsel the arbitration in conjunction with Cassels and Brock.

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

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