Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

February 22, 2011 09:34 ET

Glen Eagle has Commissioned Bumigene Inc. to Update the Pre-feasibility Study

MONTREAL, QUEBEC--(Marketwire - Feb. 22, 2011) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to announce that Bumigène Inc. has been commissioned to bring the historic (2001) pre-feasibility study to NI 43-101 compliance based on the assumptions that the Company proposes to produce Lithium Carbonate, and have a 10 year mine life, which is a standard for the industry. The current drilling program, while intending to increase the actual resource estimate, was also designed to elevate the confidence level in the pre-feasibility study by transferring a significant amount of the inferred resources (2.3 million) into the indicated category. Indicated mineral resources (4.1 million) are within 75 meters from surface.

The commissioning of a pre-feasibility study in compliance with NI 43-101 was based on in house information indicating that to have a potentially viable mining project with a 10 year mine life at a production rate of 2,000 tonnes per day, the project would require a minimum of 7 million tonnes of mineral resources in the measured and indicated category. Since these assumptions were partially based on the results of the old pre-feasibility study, the company believes it is required at this stage to commission an updated pre-feasibility study in compliance with NI 43-101 to address the economic viability of the project while pursuing its exploration programs to increase resources. 

The content of this news release has been reviewed by Gilles Laverdière P.Geo., a qualified person according to the NI 43-101 disclosing standards.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"

Contact Information