Glen Eagle Reports a Corporate Update on Cobra Oro's Operations
MONTREAL, QUEBEC--(Marketwired - Jun 15, 2017) - 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, has completed most of its expansion project and has done so while covering its on-site capital expenses with current cash flow. This was achieved under trying circumstances due to the relocation of both the entire crushing system and electrical power grid infrastructure. The peak in construction, amid on-going work, was reached in the last two months with the installation of a cone crusher as an add-on component to the actual crushing circuit.
Cobra Oro sold over that period (April-May) approximately $300,000 in gold dore bars despite the intense on-going work at its processing gold plant. "Mid-June 2017 will be remembered as a turning point for Glen Eagle," said CEO Jean Labrecque. "This turning point will be marked by two fundamental changes: the acquisition of "La Cobra" (one of the most sought after mining concessions in Honduras) and a profitable operation propelled by our latest plant expansion."
"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.