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Gold/Mining/Energy : Glen Eagle Resources
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To: alenor who wrote (78)3/11/2010 9:44:57 AM
From: alenor  Read Replies (1) of 99
 
No problem. News out and don't forget to read the last paragraph!

"Glen Eagle Resources Inc. (TSX VENTURE: GER) ("Glen Eagle" or the "Company") is pleased to announce that it has signed an option agreement to sell 60% of its Souart property for $750,000 in cash and $4,500,000 in exploration expenses, both payments equally divided over the next 3 years. Glen Eagle Resources will retain a 40% interest in the property without incurring any expenses.

Souart has 110,000 ounces of gold grading 7 g/t in estimated resources based on an extensive drilling program when the Company was in partnership in the mid 90's with the SDBJ (Societe de Developpement de la Baie James) which held a 12.5% interest in the project. The number of ounces and grade stated above are considered historical in nature and are not compliant with the current international reporting standards presently accepted. The data is presented only as an indication of the potential of the property and can not be relied upon since a qualified person has not yet done sufficient field work to classify the historical estimate.

The Souart area is developing into an active mining camp with the property located 40 km South of Metanor, a gold producer, and 15 km South West of the Windfall Lake project in Abitibi, Quebec.

Glen Eagle will release updates over the next two weeks to inform its shareholders about the corporate strategy in South Africa and the financing made available to the Company for mining acquisitions."

alen
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