Balmoral Resources

Glen Eagle Resources Sees a Major Turn Around at Cobra Oro

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.

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Condor Gold

Condor Gold

Condor Gold is revitalizing the historic La India gold mining district in Nicaragua. To date the company has produced a global N.I. 43-101 mineral resource totaling 2.1 million ounces of high grade gold, including open pit resources of over 1 million ounces grading 3.5 g/t gold. The December 2014 N.I. 43-101 Pre-Feasibility Study demonstrated an open pit mineral reserve of 675k ounces of gold that could produce 79,000 ounces annually over 8 years at all-in sustaining costs... LEARN MORE

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