Glen Eagle Resources Builds Gold Production Opportunities In Honduras
TSX VENTURE: GER
MONTREAL, April 23, 2019 (GLOBE NEWSWIRE) -- Glen Eagle Resources Inc. (TSX VENTURE: GER) (“Glen Eagle” or the “Company”) is pleased to report that the Ministry of Mines of Honduras, in conjunction with the Small Miners Cooperative (“COOP”) of the municipality of el Corpus, Choluteca, Honduras, have called a meeting on April 14, 2019 with Cobra Oro, Glen Eagle’s production subsidiary in Honduras. The miners wish to discuss forming a joint venture between Cobra Oro and the COOP under the Ministry’s umbrella. The Corpus concession is located 20 minutes away from Cobra Oro’s Gold Mill.
El Corpus has always been known as the area of some of the richest concessions in Southern Honduras. High grade ore has been mined for decades by the small mining community. The Company is pleased to entertain discussions with both the Ministry and the COOP to explore various opportunities,
The Company has also been working over the last four months on two mining projects that have supplied most of the production ore to Cobra Oro. One of the projects was stripped over 50 000 square meters as an open pit operation averaging 5 grams gold per tonne. As the company continues to mine the area, the project remains open in all directions and at depth. The second mining project in the nearby vicinity has averaged similar results albeit on a much smaller surface area.
The Glen Eagle strategy going forward is to acquire a large stake in two of the three projects and implement a drilling program based on an in-depth 43-101 compliant geological analysis of the area. With its gold milling facilities in Choluteca, Honduras, Glen Eagle brings a compelling proposition to artisanal miners through revenue sharing and property development in exchange for a direct interest in the concessions.
Glen Eagle CEO Jean Labrecque noted, “This is a natural fit. We have been processing ore from that area for almost four months now. We know the metallurgical character and the recovery characteristics of the ore, both in the gravitational circuit as well as the cyanide leach circuit. Increasing the quantity of ore processed will thus not increase processing risk, so shareholders should be rewarded through higher efficiency, better operating cash-flow and a substantial amount of geological data acquired over the period.”
In summary, the Company has created unique opportunities to participate in several mining projects with great potential. These opportunities are made possible due to many years of sampling in southern Honduras and by gaining the trust of the people involved in each project.
Jean Labrecque, President
Glen Eagle Resources Inc
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
Montreal (Quebec), H4C 2C7
Tel : 514-808-9807
“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.” Values in the news release are quoted in canadian dollars.