Montreal, Quebec, May 6, 2011 – Glen Eagle Resources Inc. (TSX VENTURE EXCHANGE: GER) (“Glen Eagle” or the “Company”) reports that, after consulting with Bumigène, the Company will commission a Feasibility Study on the Authier Lithium Project. Bumigène was the engineering firm responsible for supervising the 2001 Pre-feasibility Study on Authier. The 2001 report was not in compliance with NI 43-101 disclosing standards.
The recommendation by Bumigène to have Glen Eagle commission a Feasibility Study instead of updating the 2001 Pre-feasibility Study, as previously reported, was based on the latest information provided by the 43-101 compliant resource estimates on Authier and additional drilling results from the 4000 meter drilling program recently completed.
The already in-depth information set out in the 2001 Pre-feasibility Study will save the Company well over a million dollars in various costs while accelerating the process to produce the current feasibility study. Glen Eagle plans to budget approximately $400,000 for the study. The time frame to achieve this milestone will depend in great measure on the environmental study and on the laboratory’s availability to conduct new metallurgical tests meant to validate the old data.
The 2001 Pre-feasibility Study was an in-depth report commissioned by SOQUEM with the support of the CRMQ (Centre des Recherches Minérales du Gouvernement du Québec), McGill University and Bumigène.
We are pleased that Bumigène came to this conclusion. “As the Company advances the Feasibility Study with limited risk, it should enhance considerably the value of the Authier Lithium Project”, says Jean Labrecque, Glen Eagle Resources Inc. President.
Gilles Laverdière, P.Geo., a qualified person according to the NI 43-101 disclosing standards, has reviewed and approved the technical content presented herein.
FOR FURTHER INFORMATION CONTACT:
Jean Labrecque, President jl@gleneagleresources.com
Glen Eagle Resources Inc.
999 de Maisonneuve West
Suite 725
Montreal, Quebec
Tel: 514-938-4888
Website: www.gleneagleresources.com
