Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

April 19, 2012 08:30 ET

Glen Eagle Sells Barry-Souart Gold Property

MONTREAL, QUEBEC--(Marketwire - April 19, 2012) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that the Company will receive upon acceptance of the transaction by the TSX Venture Exchange an upfront cash payment of $300,000 from 9220-5392 Quebec Inc for the sale of a 75% interest in the Barry Souart Gold property. Glen Eagle's 25% remaining interest can be purchased for a minimum of $500,000 while allowing the Company to keep an upside potential on any future sale or discovery that would bring an added value over the original amount of $500,000. In addition, the Company has kept a 1% royalty on a Net Smelter Return (NSR) that it can sell for $1 million to any given party. The transaction is done at arm's length.

"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
    Glen Eagle Resources Inc.
    Toll free: 1-855-229-4488

    Louis Morin
    Investors Relations