Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

September 22, 2010 08:30 ET

Glen Eagle Resources Inc.: LaMotte

MONTREAL, QUEBEC--(Marketwire - Sept. 22, 2010) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that it has signed a Letter of Intent with Royal Nickel Corporation whereby Glen Eagle has an option to purchase a 70% interest on claim number 8 known to contain (historically) as much as 20% of the LaMotte lithium deposit. The balance of the deposit (80%) is owned by Glen Eagle.

The terms of the Option Agreement are as follows: $10,000 payment upon execution of the Agreement with two additional payments of $10,000 on the first and second anniversary and a work commitment of $100,000 on year 1, $150,000 on year 2 and $200,000 on year 3. Once Glen Eagle has fulfilled these obligations and made a payment of $50,000 to Royal Nickel by the third anniversary, a 70/30 Joint Venture will be formed between Glen Eagle and Royal Nickel Corporation to develop the property relating to claim number 8. Standard dilution formulas will apply if either party elects not to contribute their proportional share. If either party dilutes to 10%, its interest will be converted to a 1.5% NSR. The property is also subject to an underlying 2% NSR to Jefmar Inc.

"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
    Francois Marcotte
    Consultant & Investors Relations