Glen Eagle Resources Sees a Major Turn Around at Cobra Oro
TSX VENTURE: GER
MONTREAL, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Glen Eagle Resources Inc. (TSX VENTURE: GER) (“Glen Eagle” or the “Company”) is pleased to report that Cobra Oro, a wholly owned Honduran subsidiary of Glen Eagle is doing a second export based on ore production for the month of August. Sales reached $CDN 425,000 for the last two months despite having processed low grade ore of 2.0 grams gold per ton over the same period.
In terms of production throughput, it has been the best two months ever for Cobra Oro while the Company sees a significant improvement in cash flow as the company is in progress of receiving better grade ore from its partner Inception Mining.
At a net 3 grams gold per ton, monthly cash flow will exceed $300 000 at current gold prices and translate into a complete turn around for the company.
In summary, production throughput is near optimum and any major near term improvement in Cobra Oro’s operations will have to come from better grade ore.
Jean Labrecque, President
Glen Eagle Resources Inc.
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
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.