Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

October 07, 2014 08:50 ET

Glen Eagle Resources Inc.: Corporate Update

MONTREAL, QUEBEC--(Marketwired - Oct. 7, 2014) - Glen Eagle Resources Inc. (TSX VENTURE:GER) (Glen Eagle or the Company) has been consulting with Bumigene Inc, a respected Montreal based metallurgical engineering company, to evaluate process solutions to increase gold recovery at the Company's operations in Nicaragua. It was recommended that the company add a flotation cell to help meet a targeted gold recovery of 70% or better, as it was planned from the inception of the project. Historical data based on flotation being applied to tailings with similar mineralogy have demonstrated excellent gold recoveries using add-on flotation cells to existing gravity circuits. The project will remain environmentally friendly as the chemicals used in the flotation circuit are environmentally benign. The flotation cell has already been commissioned for construction in Nicaragua and delivery on site is expected within the next three to four weeks.

The Company has also signed an agreement with the municipality of La Libertad through its subsidiary Sandgold SA to help the city alleviate environmental degradation related to tailings. The municipality has made personnel and heavy machinery available to Sandgold to relocate 2,000 tons of tailings from the municipality to Sandgold process site. These joint works have been televised and will be aired shortly on national television. Cost-sharing between both parties resulted in reducing Sandgold transportation cost form $8 dollars per ton to $2 dollars per ton. An additional 20,000 tons will be similarly relocated in the near future to further improve the environmental conditions around La Libertad and to secure a large gold bearing inventory for future production.

By implementing the above, the Company remains more confident than ever to reach its objective of producing gold in the very near term and at a very low cost.

As for the Authier Project, the drilling program has been designed and the company expects to receive its drilling permit from the Ministry of Mines within the next two weeks. Drilling will commence immediately thereafter.

Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the technical content presented herein.

For the latest information about Glen Eagle, please visit www.gleneagleresources.com

"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

  • Jean Labrecque, President
    Glen Eagle Resources Inc.
    450-229-4488