MONTREAL, QUEBEC–(Marketwired – May 10, 2016) – Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that it is in progress to export approximately 100 ounces in gold and 1,800 ounces in silver from Cobra Oro’s custom milling plant in Honduras with 70% of its content having been produced in the last six weeks. Despite Cobra Oro’s expansion program with the development of a cyanide circuit, the plant was operating at one third of its throughput capacity due to an excess of waste material overfilling its leaching tanks. To resolve the problem, the Company has built a tailing pond scheduled to be completed in the coming days which will allow the plant to reach its current throughput capacity of 40 tonnes per day. Processing more tonnage at this stage is a matter of buying additional equipment and the Company is confident based on its current knowledge and data accumulated over the past several months that it can increase throughput capacity to 100 tonnes per day with an investment of less than $100,000 dollars. All efforts will be aimed at reaching this goal in the near future.
Glen Eagle would also like to report that its newly built cyanide circuit is near optimum recovery at 85% due to the type of mineral currently being processed. The Company believes that a slight improvement can still be achieved with a mineral more amenable to a better recovery of the gold.
Cobra Oro’s processing cyanide circuit has reached therefore a very high standard in terms of efficiency and the Company is very pleased of its accomplishments considering its limited financial resources.
Several pictures of the plant and construction of the tailing pond can be seen by clicking on the following link: http://www.gleneagleresources.com/projects/honduras/
Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the technical content presented herein.
Neither the 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.
Jean Labrecque
514-808-9807
www.gleneagleresources.com