Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

October 06, 2010 09:03 ET

Glen Eagle Resources Inc.: Acquisition of 12 claims

MONTREAL, QUEBEC--(Marketwire - Oct. 6, 2010) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that it has signed the final agreement with Globex Mining Enterprises Inc. (T.GMX) whereby Glen Eagle is purchasing a 100% interest in 12 additional claims contiguous to its Authier Lithium Property in LaMotte Township, Quebec.

A reported lithium occurrence (RG 160, MRNF) on lot 2, Rte VI in a drill hole was found to contain 30% spodumene over 0.30 m and 20% spodumene over 1.0 m in a 5.2 m thick aplite dyke. This occurrence is located on the newly acquired claims some 600 m to the west of the Authier Lithium Deposit. Since the deposit is open to the west and at depth (see press release September 30th) towards the occurrence, the Company will be testing this extension in a future diamond drilling program. The current program which consists of approximately 2000 meters and 18 drill holes will be completed by October 8th with the expected lab results by the end of the month.

For the acquisition, Glen Eagle will pay $ 25,000 to Globex at signing with an additional $25,000 on the first anniversary date. The Company will also issue 400,000 shares to Globex upon acceptance of the transaction by TSX Venture.

A 2% GMR will also be paid to Globex Mining Enterprises Inc. (T.GMX) on all revenue generated from the 12 claims.

"Neither 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

  • Glen Eagle Resources Inc
    Jean Labrecque
    François Marcotte
    Consultant & Investors Relations