Glen Eagle continues to export gold at record pace through its subsidiary Cobra Oro

Glen Eagle Sees a Major Turn Around at Cobra Oro
septembre 5, 2019

Glen Eagle Resources Inc. (Montreal, Quebec, October 8, 2019; TSX VENTURE: GER) (“Glen Eagle” or the “Company”) is pleased to report that Cobra Oro, a wholly owned Honduran subsidiary of Glen Eagle continues to export gold at record pace.

In terms of production throughput and cash flow, Cobra Oro has realized its best third quarter ever, allowing the Company to improve its balance sheet by paying back all short term debt ($280,000) accumulated from plant improvement and purchases of chemical supplies to support its operations for an entire year to come.

The positive cash flow was achieved despite processing low grade ore and spending on plant improvement.

With the land value having increased threefold over the last five years based on current prices for adjacent properties and with almost no long term debt in its books, Cobra Oro has an enviable balance sheet by mining standards.

This trend should continue to grow even stronger as the Company expects to process better grade ore which will have a significant impact on cash flow as fixed costs are well under control and Cobra’s operations being run close to maximum efficiency.

Jean Labrecque, President
Glen Eagle Resources Inc
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
Tel : 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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