Glen Eagle's Processing Plant in Honduras Working at Full Capacity
MONTREAL, QUEBEC--(Marketwired - Apr 2, 2015) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that its gold processing plant in Honduras for custom milling has reached completion and is working at full capacity. Daily production has gradually increased from a few hours a day in late February to 8 hours per day recently. A new working schedule of 22 hours per day has been implemented by management and the Company should have by next week all the personnel in place to meet its objective. The remaining two hours will be used for maintenance. As a result, the daily plant throughput is expected to reach a production capacity of 60 tons per day. The head grade processed in March of custom milled mineralized material was 5.5 grams gold per tonne and 120 grams silver per tonne with recoveries ranging from 70% to 80% based on daily sampling and data provided by the company's on site laboratory. The gold and silver concentrate accumulated throughout the month of March is currently being refined into dore bars as the end product.
Regarding Sandgold's La Libertad tailings reprocessing project in Nicaragua, past equipment for most part has been replaced in recent months by a new processing facility which the company deems more appropriate to extract the gold and mercury from processed tailings. The decision was based on the knowledge acquired through extensive R&D in the field over the past year. The final assembly of the equipment is near completion and production tests are due out by mid-April.
Of note: The shares of Cobra Oro de Honduras owned by Cobra Gold International are currently being transferred to Glen Eagle Resources Inc. The Transaction still needs the approval of the TSX Venture Exchange which the Company expects to receive shortly.
Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the technical content presented herein.
Neither the 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.