Glen Eagle Strikes Joint Venture with Honduran Gold Mining Company
Glen Eagle”) (TSXV:GER) announces a Joint Venture with Indexta SA, the largest concession owner in Honduras with a portfolio exceeding 50 mining concessions including land ownership encompassing the vast majority of its concessions.
The JV will facilitate the access to the powerful communities “Patronatos”, who play a key role in accepting local projects. It will also open the door to new ore suppliers by creating important relationships with land owners, small miners unions, local government institutions, while carrying a wealth of data to guide future exploration and development programs, including a team of four geologists.
The transaction was years in the making and was made possible by the trust we earned over the years with Indexta’s principal shareholder and key partners in southern Honduras. Combined with our successful ramp-up of operations at Cobra Oro gold processing plant, this transaction marks the most significant turning point for Glen Eagle since its presence in Honduras.”
About the Joint Venture
Glen Eagle’s local operating company Cobra Oro has created a subsidiary called Inversiones Pacifico, which comprises the Joint Venture with Indexta. The Joint Venture company is owned 70% by Cobra Oro and 30% by Indexta based on a pro rata basis going forward regarding future exploration programs. The JV does not affect ownership of Cobra Oro, which remains 100% owned by Glen Eagle.
About Indexta
The most active exploration mining company in Honduras with several projects under exploration including some getting closer to small scale production. Its mining concessions encompasses the departments of Danli, Orlancho and Choluteca.
About Glen Eagle Resources
Website
For more information, please contact:
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
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.
Forward Looking Statements:
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including with respect to the receipt of final approval of the Offering by the TSXV. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including the timing and nature of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
