MONTREAL, June 27, 2018 (GLOBE NEWSWIRE) -- Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that the transition period for the Company’s gold processing plant in Honduras is done after more than a year of expansion and improvement.
The changes have already impacted production and financial results of Cobra Oro with sales ($496,220) for Q1-2018 (nil in Q1-2017) and a gross operating margin of $58,190 despite 22 days of downtime during the quarter.
First part of Q1-2018 (January 1st to February 22nd), the average tonnage processed was 19 tons per day compared to 60 tons per day for the balance of the quarter. Sustainable recovery has increased from 51% beginning of the quarter to 85% for the second part of the quarter. Average grade processed was 4.8 grams of gold per ton for a total of 279 ounces of gold produced and 1715 ounces of silver.
The Company had its first positive cashflow ($115,360) from operating activities before change in working capital items compared to a negative cashflow ($317,569) for Q1-2017. The upward trend for improved cashflow will continue as the Company expects a substantial increase in daily throughput from current levels.
At last, operations are running very well and will remain stable with no more modifications in sight and very little capital expenses budgeted for the rest of the year.
The facts reported herein are auditable and detailed in Glen Eagle’s MD&A.
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.
