Dec 12 2015
Glen Eagle Resources Inc. ("Glen Eagle" or the "Company") is pleased to announce that Cobra Oro's second development phase to built a cyanide circuit for its processing plant in Honduras is near completion. The first technical tests are due out next week and the plant is expected to be fully operational by early January.
The add-on circuit will make the plant more versatile and adaptable to the local mining industry while aiming to improve recovery. The existing flotation circuit will remain functional to process minerals containing heavy sulfides which represents the most efficient mean for the local miners to recover their gold when mining this particular mineral.
The average grade processed since June 2015 was 6 grams gold per ton as reflected in Cobra Oro's production records. During the period, daily throughput was set back considerably varying between 20 to 30 tons per day due to frequent power supply shortages and processing very coarse mineral which slowed down crushing. To avoid further power shortages, a generator capable of supplying energy for the entire plant was purchased and is now on site. Under the new plant expansion, maximum daily throughput is expected to be between 70 tons to 80 tons per day due to improved efficiency, add on capacity and availability of softer mineral supplies while "all-in" cost including operation, administration, transportation among many others are projected to be approximately $USD 55,000 per month based on prorata adjustments from production records and accounting data accumulated over the last six months. Current all-in cost is $USD 33,000 per month.
Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the technical content presented herein.
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