MONTREAL, QUEBEC–(Marketwired – Feb. 21, 2018) – Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that Cobra Oro’s operations in Honduras are running better than anticipated following its expansion program, which involved important readjustments for milling and rebalancing of its metallurgical circuit. The modifications were completed successfully and ahead of schedule as they were expected to be fully integrated by the end of March.
In most recent days, Cobra Oro has increased throughput 300% by processing approximately 60 tonnes per day. The Company remains confident to see daily throughput at 80 tonnes by early March. Average net grade after paying its providers comes at approximately 7 grams of gold per tonne.
Total throughput could exceed 150 tonnes per day with the addition of one more thickener. The Company has already ordered the equipment and is looking for more sources of mineral to reach optimum capacity by the end of next quarter.
With regards to gold recovery, Cobra Oro needs more production time to make any forecast with an acceptable level of certainty due to the major changes brought to its metallurgical circuit.
The Company will give an update on its concession La Cobra in due time as it is reopening its socialization process with the community living in the vicinity of the concession. The ongoing talks were suspended for the last three months due to the recent municipal and general elections held in Honduras.
La Cobra is known as one of the most coveted mining concession in Honduras based on past production data accumulated by the Ministry of Mines.
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Values in the news release are quoted in canadian dollars.