Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

July 08, 2010 08:14 ET

Glen Eagle Resources Inc. Settles Dispute With Orvana Minerals

MONTREAL, QUEBEC--(Marketwire - July 8, 2010) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") wishes to announce that it has settled its claims against Orvana Minerals Asturias Corp., formerly Kinbauri Gold Corp., and Kinbauri Espana, S.L.

The terms of the Settlement call for Orvana Minerals Asturias Corp. to pay the Company the sum of $1,500,000, which was released to Cassels, Brock and Blackwell LLP, in trust, Glen Eagle's legal advisers in handling the case. The terms of the Settlement also call for the parties to execute documents (the "Release") releasing each other from any further obligations. The Release has been signed.

Jean Labrecque, CEO commented, "We are pleased with the terms of the settlement. The execution of the mutual release represents an end to this matter and allows both companies to move forward with their respective projects. To this end, Glen Eagle wishes Orvana Minerals Asturias well in their endeavor to develop the El Vale project."

ON BEHALF OF GLEN EAGLE RESOURCES INC

"Jean Labrecque"

President

"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
    President
    514-938-4888