Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

January 17, 2012 09:56 ET

Glen Eagle Resources: Major Phosphate System Discovered at Lac Lisette

MONTREAL, QUEBEC--(Marketwire - Jan. 17, 2012) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that it has received initial results from its preliminary drill program designed to test its Lac Lisette phosphate property. As previously reported in a press release dated May 31, 2011, the airborne survey had detected 2 large magnetic anomalies defined by a high mag over a 12 km strike length. The high mag also indicated that the average width of the anomalies is approximately 750 meters wide. The drill program tested these large magnetic anomalies over a 2.5 km strike length by 250 meters in width.

The initial 3,000 meter program started on the southern tip of the anomaly and was comprised of 10 drill holes spaced roughly 250 to 400 meters apart covering the first 2.5 kilometers of the 12 kilometer strike. An eleventh hole (LL-11-10) was drilled well outside the target zone. The Company is very encouraged by the fact that all 10 holes returned phosphate values along strike with several drill holes having each intercepted over 95 meters P2O5 in their total mineralized sections. Of note, some of the best assays came as the drilling moved north along the anomaly with hole LL-11-09 (which is the northernmost hole drilled) intersecting the best phosphate values of the drill program with 4.78 % P2O5 over 30 meters including 6% P2O5 over 10 meters which also ended in mineralization with the intersection still open in width and on strike.

"To have intercepted phosphate over an area this large and this consistently on our first drill program is very exciting" said Jean Labrecque, the Company's president. "It confirms the presence of a major system and the fact that the values continued to improve as we headed north provides us confidence that this system will continue to extend along strike and we are anxious to test this in subsequent drilling."

The company will now further evaluate these drill results to determine and construct its subsequent drill program. All of the drill hole data is provided below as well as a map showing the high mag and a second map indicating where the drill holes were positioned along the mag.

Hole # Collar Location From
(m)
To
(m)
Length
(m)
P2O5
(%)
LL-11-11 396381E 5574252N 9.0 34.5 25.5 2.83
incl. 256.5 341.7 85.2 2.36
LL-11-09 397119E 5575112N 249.0 300.0 51.0 4.12
incl. 270.0 300.0 30.0 4.78
incl. 276 286.5 10.5 6.01
incl. 282 283.5 1.5 9.21
LL-11-08 396930E 5574808N 25.5 33.0 7.5 3.07
187.5 219.0 31.5 3.32
incl. 187.5 199.5 12.0 3.49
incl. 213.0 219.0 6.0 5.06
LL-11-07 396703E 5574590N 75.0 177.0 102.0 2.82
incl. 75.0 103.5 28.5 3.23
incl. 132.0 177.0 45.0 3.18
LL-11-06 396534E 5574399N 60.0 156.0 96.0 2.86
incl. 132.0 156.0 24.0 4.25
LL-11-05 396294E 5574145N 55.5 91.5 36.0 3.14
LL-11-04 396125E 5574054N 37.5 64.5 27.0 3.39
118.5 126.0 7.5 3.27
213.0 232.5 19.5 3.57
LL-11-03 395866E 5573767N 73.5 105.0 31.5 4.22
300.0 361.5 61.5 3.32
incl. 300.0 313.5 13.5 4.04
LL-11-02 395615E 5573538N 10.5 37.5 27.0 3.14
52.5 61.5 9.0 3.43
LL-11-01 395362E 5573458N 4.5 52.5 48.0 2.52
incl. 13.5 25.5 12.0 3.71
124.5 196.5 72.0 2.61
208.5 217.5 9.0 3.76
250.5 262.5 12.0 3.64

The following link shows the high mag colored in purple over its entire length and width.
www.gleneagleresources.com/wp-content/uploads/2011/03/champ-magnetique-lac-lisette.jpg

The samples were prepared at the company's facility under the supervision of the field geologist by splitting the NQ core in two halves. One half of the core was bagged, tagged and sealed and delivered to AGAT Laboratories in Sudbury, ON, for sample preparation and to AGAT Laboratories main laboratory in Mississauga, ON, for analysis. The other half is kept for record. The samples were analyzed for all oxides using AGAT Laboratories' lithium borate fusion method (AGAT Analysis Code 201076) and ICP-OES finish, summation of all oxides with an assay range of 0.005 to 100% P2O5. AGAT Laboratories' Mining Division is accredited to ISO/IEC 17025 and CAN-P-1579 by the Standards Council of Canada (SCC). AGAT Laboratories internal quality control procedures include the regular analysis of replicate samples, reference materials and reference blanks.

The company has also implemented its own QAQC program for quality control. The company is using two analytical standards, a high and a low standard and blanks. Standards and blanks samples are alternatively inserted every 20 samples.

Gilles Laverdière, P.Geo., a qualified person according to the NI 43-101 disclosing standards, is supervising the drilling program and has reviewed and approved the technical content presented herein.

A map is available at the following address: http://file.marketwire.com/release/gl0117.pdf

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.

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