GERFF - Glen Eagle Appoints Alp Bora as a Strategic Member to the Board of Directors
(TheNewswire)
Montreal, Quebec - TheNewswire - May 19, 2021 - Glen Eagle Resources(TSX V :GER) (OTC:GERFF) (the“Company”, or “GER”) is pleased toannounce the addition of Mr. Alp Bora to itsboard of directors.
Alp has spent his early career withmining companies such as Rio Tinto, BHP, Vale among others. He hasbuilt a reputation over the years as an operations engineer who wasinstrumental in making major turnarounds for several mining companiesby optimizing their production and revenues.
Alp has already committed to the Companyby investing in Glen Eagle latest Private Placement and will spendtime in Honduras as a consultant to improve plant efficiency andlogistic at Cobra Oro gold processing operations.
His expertise, combined with North SouthAssets (see NSA newsrelease April 14), will set new production and metallurgical standardsthat should result in a major turn around towards profitability forCobra Oro based on the following changes:
1- For the first time in many years, thecompany has secured through NSA a steady flow of ore supplies at 30%discount to past purchases having an important impact on netrevenues.
2- NSA will assume productioncosts on a 50/50 basis with Cobra Oro, a premiere for the company,resulting in a monthly cost savings of approximately $80,000.
3- NSA will also support CobraOro with increased liquidity by funding in advance 50% of allpurchases related to parts and production equipment.
4- The dore bar will be paid in full by NSA uponproduction, a big improvement over our current situation where theCompany had to wait several weeks to collect its finalpayments.
Due the above factors and more to come, the Companybelieves that its operations in Honduras are at a major turning pointtowards profitability all things being equal.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release
Glen Eagle Resources Inc
2075 Victoria Street #201
St-Lambert, Québec
J4S 1H1
514-808-9807
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