Jun 11 2015
Glen Eagle Resources Inc. ("Glen Eagle" or the "Company") is pleased to announce that it has produced during the first week of June thirty ounces (30) of gold and one thousand (1000) ounces of silver.
The daily plant throughput is set at 60 tons per day with mineralized material averaging 6.5 grams gold per tonne and 130 grams silver per tonne. Production cost was just under CDN $300 dollars per ounce and will remain as such for the coming months. Recovery stands at 70% with a possibility for further improvement. The Company is not entitled under NI 43-101 to make projections at this stage. It can only quote its production results once they are known. To keep its shareholders well informed, the Company will release the information about its production results on a monthly basis and through its quarterly financial statement.
Originally built to make a gold concentrate when the company entered into the transaction with Cobra Oro de Honduras, the plant has been redesigned over the last few months to deliver a dore bar as a finished product. The changes, although affected by unexpected delays, are now completed and as a result the plant has a steady production flow with a dore bar being produced on a regular basis. The referral date for ongoing production and future reference and analysis will be June 1 which marked the first significant pouring of dore bars by Cobra Oro.
By becoming a producer of precious metals, Glen Eagle has accomplished an important milestone which should be beneficial for its shareholders under normal circumstances.
Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the technical content presented herein.