Mr. Jean Labrecque reports
GLEN EAGLE REPORTS GOLD SALES OF $1.1 MILLION DOLLARS OVER THE LAST SEMESTER
Cobra Oro de Honduras, a wholly owned subsidiary of Glen Eagle Resources Inc., sold $1.1-million in dore bars from June through December, 2016, while generating sufficient cash flow to pay for $130,000 of on-site capital expenses over the same period.
The company expects to enter commercial production by the end of March, 2017, as it will complete a full year of operation based on a cyanide processing plant. The time frame to reach commercial production is within the industry’s norm and the passage implies that Cobra Oro will no longer capitalize its expenses, allowing the company to release its production numbers and income statement on a quarterly basis. The period will also coincide with the completion of its latest foreseen plant expansion which should have sufficient throughput to produce 20 to 30 ounces of gold daily. The company expects its net margin to be robust based on in-house production results and analysis accumulated over 2016.
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