Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

May 30, 2013 12:30 ET

Glen Eagle Signs a Licensing Agreement With B2 Gold in Nicaragua and Brings Further Clarification in Respect to the News Release Issued on May 23, 2013

MONTREAL, QUEBEC--(Marketwired - May 30, 2013) - Glen Eagle Resources Inc (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that the Company has concluded a Licensing Agreement with B2 Gold Corp (a TSX listed issuer) to process historic mercuric tailings produced by small and independent mill operators located on the La Libertad Mine Concession in Chontales, Nicaragua. Glen Eagle's commitment with regards to the Licensing Agreement is to recover the gold left in the tailings and recuperate mercury in the process. A Net Smelter Return (NSR) of 1.5% in favor to the "Small Miners Association" of La Libertad is the only financial obligation attached to the transaction. The duration of the agreement is valid for 18 months and can be terminated on the first anniversary date when advised by B2 Gold or could be extended for another six months on a mutual consent. The anniversary date will be based on the day when Glen Eagle Resources becomes fully operational. The Licensing Agreement will serve B2 Gold's dedication of keeping a clean environment around its concession "La Libertad" while helping Glen Eagle to advance its project which has received a strong support from the Ministry of Mines and Energy in Nicaragua.

With regards to the contracts announced in the press release dated May 23, 2013, the Company would like to specify that there was no payment attached to the agreement signed with the Ministry of Mines and Energy. The mutual agreement, however, opens the door to future opportunities for similar projects elsewhere in the country and for mining projects of another nature. The shares of Sandgold SA, fully owned by Jean Labrecque, Glen Eagle's president, were also sold and transferred at no cost to the Company.

As for the contract signed with the Santo Domingo COOP, located in the town of Santo Domingo near La Libertad, the Company will have to purchase the tailings based on the table below. The payments will be made two weeks after delivery time and the duration of the contract is unlimited. All the titles on the concession are cleared and fully owned by the Santo Domingo COOP.

Gold grade per ton Price in $ US per ton
2.0 grams to 3.0 grams $20.00
3.01 grams to 4.0 grams $25.00
4.01 grams to 5.0 grams $30.00
5.01 grams to 6.0 grams $35.00
6.01 grams to 7.0 grams $40.00
7.01 grams to 8.0 grams $45.00
8,01 grams to 9.0 grams $50.00
9,01 grams to 10.0 grams $55.00

An advance payment of $US 11 885 was paid to the government on behalf of the COOP. The payment was used to pay certain taxes related to the concession and served as a mark of goodwill. The amount has been credited to the Company and will be applicable against the first payment due out on the tailing. No other financial consideration is attached to the transaction.

A technical report NI 43-101 compliant will be produced with regards to the project. The Company is in process of commissioning the engineering firm that will supervise the technical report and further information will be given when available.

Glen Eagle Resources would like to use this press release to reiterate one last time the unlimited support, dedication and professionalism that is has received for almost a year from the Ministry of Mines and Energy of Nicaragua in helping Glen Eagle to advance its project.

Nicaragua is a fast growing and stable country and its capital Managua was recently ranked 3rd in the Americas for investment strategy behind Montreal and Toronto, outclassing Chicago and Phoenix who came in 4th and 5th place. The report was published on April 13, 2013 by the Financial Times FDI Intelligence division.

"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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