Mr. Jean Labrecque reports
GLEN EAGLE SELLS SANDGOLD’S INTEREST IN NICARAGUA FOR $100 000 AND 3% NSR
Sandgold SA, a wholly owned subsidiary of Glen Eagle Resources Inc., was sold to a private party at arm’s length for the sum of $100,000 and a 3-per-cent net smelter return (NSR) royalty on future development of Sandgold’s initial project in La Libertad, Nicaragua.
The buyer has made a deposit of $7,000 to secure a due diligence process on Sandgold. Upon a successful completion, Glen Eagle will receive $40,000 at signature, $40,000 in six months and the remaining balance after year 1. No commission will be charged at closing.
The sale will allow Glen Eagle to focus entirely on Cobra Oro’s production project in Honduras as the company’s operations have grown considerably over the past year, while continuing to have a presence in Nicaragua through its NSR participation.
Gilles Laverdiere, PGeo, a qualified person under National Instrument 43-101, has read and approved the technical content of this news release.
Glen Eagle Resources Inc