08/14/2019 | Press release | Distributed by Public on 08/14/2019 12:01
Glen Eagle Resources Inc. (Montreal, Quebec, August14, 2019; TSX VENTURE: GER) ('Glen Eagle' or the 'Company') is pleased to announce that its Cobra Oro gold processing plant in Honduras has reached optimum operating capacity in July. Throughput peaked on several days at 150 tonnes and has stayed regularly above 80 tonnes per day. The average grade processed for the month of July was 2.4 grams per tonne. The ore was provided by its partner Inception Mining based on the Agreement signed between both parties in December 2018.
The ore grade is expected to increase significantly by late August and reached an average of 5 grams gold per tonne while Inception Mining is expected to continue hauling a consistent ore feed to Cobra Oro gold plant at an average of 100 tons per day well into next year.
In the last 5 weeks, the Company has produced over 180 ounces of gold, far exceeding any previous month despite processing low grade ore and battering through the rainy season. The ongoing situation with Inception Mining, combined with other ore suppliers under contract with Cobra Oro will likely warrant a plant expansion to meet supplies by increasing daily throughput from its current maximum capacity of 150 tons to 250 tons.
In summary, Cobra Oro gold processing plant has never worked so efficiently in the past and the Company expects, all things being equal, to be quite profitable in the coming months based on the information and projections that it is managing internally.
Jean Labrecque, President
Glen Eagle Resources Inc
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
Tel : 514-808-9807
'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.