Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

March 02, 2015 09:42 ET

Glen Eagle Closes Final Agreement With Gestion Cobra Oro Intl

MONTREAL, QUEBEC--(Marketwired - March 2, 2015) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that the final terms were reached recently between Glen Eagle and Gestion Cobra Oro Intl to increase Glen Eagle's ownership of Cobra Oro de Honduras from 80% to 90% in consideration for the investment ($200,000) that the Company has made recently into Cobra Oro de Honduras to complete the project. As part of the new deal to improve Glen Eagle's ownership of Cobra Oro de Honduras, the Company has also renegotiated the purchase of an additional 5% of Cobra Oro de Honduras in consideration of CDN$125,000 payment should Cobra Oro de Honduras reach $500,000 in net profits. Glen Eagle will have the obligation to exercise the option and will own 95% of Cobra Oro de Honduras. Apart form the modifications herein, the transaction remains unchanged from the terms reported in the News Release dated December 9, 2014. The final documents were presented recently to the TSX Venture Exchange and the company expects to receive approval of the transaction shortly.

The company has also commissionned "Laboratoire LTM Inc" based in Val d'Oor, Quebec to appraise Cobra Oro de Honduras. The appraisals are as follows:

  1. Value of the plant: CDN$1.55 million in its current state.
  2. Value would increase to CDN$1.8 million if the equipment was to be replaced new.
  3. Value would reach CDN$2.5 million if built today by a certified engineering company.

Laboratoire LTM made the report under the supervision of Edmond St-Jean, a metallurgical engineer with 30 years of experience in evaluating, supervising and building milling operations.

Neither the 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.

Contact Information

  • Jean Labrecque, President
    Glen Eagle Resources Inc.