Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

July 08, 2009 11:53 ET

Glen Eagle Wins Right to Proceed to Arbitration

MONTREAL, QUEBEC--(Marketwire - July 8, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER)("Glen Eagle Resources" or the "Company") announces that in a written endorsement of the Ontario Superior Court of Justice released on July 6th, 2009, Justice Wilton-Siegel has confirmed his verbal ruling on June 29th that permits Glen Eagle to proceed in arbitration against Kinbauri for Kinbauri's repudiation of the Subscription Agreement between Glen Eagle and Kinbauri dated May 8, 2009 (pertaining to the aborted sale to Glen Eagle of a 45% interest in the El Valle/Carles gold and copper project in northwestern Spain). It should be noted that, to date, the court has not heard a complete evidentiary record to be able to fully consider the evidence Glen Eagle intends to tender at the arbitration (as a full evidentiary record was not required for the court proceedings). Glen Eagle is confident that, once a full evidentiary record is considered, Glen Eagle will be successful in the arbitration.

Glen Eagle at present time is actively pursuing investment opportunities based on the fact as previously announced (see press release June 23 2009) that Glen Eagle has funding arrangements of US$110,000,000 available to the Company for a one year period. The funds are committed for the purpose of acquiring Gold and Gold Mining opportunities available to Glen Eagle Resources and Paradise Peak Holdings S.A. While Glen Eagle remains interested in the Kinbauri Espana Project, it continues to look for additional opportunities and acquisitions in near term gold production projects and is currently evaluating several opportunities.

The TSX does not accept responsibility for the adequacy or accuracy of the release.

Contact Information

  • Glen Eagle Resources Inc.
    Jean Labrecque, President & CEO