Glen Eagle reaches record production in July
August 14 2019 - 8:45AM
Glen Eagle Resources Inc. (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 tons and has
stayed regularly above 80 tons per day. The average grade processed
for the month of July was 2.4 grams per ton. 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 reach an average of 5 grams gold
per ton 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 160 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, PresidentGlen Eagle Resources
IncComplexe du Canal Lachine, Suite 3084710 St-Antoine
StreetTel : 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.
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