GERFF - Glen Eagle Signs a Key Agreement with Inversiones North South Assets (NSA)
(TheNewswire)
MONTREAL - TheNewswire- April 14, 2021 - Glen Eagle Resources Inc.(TSXV:GER) (OTC:GERFF) (or"the Company") is pleased to announcethat it has entered into an agreement with NSA, a Mexican basedcompany and gold supplier to known refineries.
Apart from buying the gold processed by Cobra Oro, GlenEagle’s whole subsidiary in Honduras, NSA has committed to bring 100tons of daily ore supply to feed Cobra Oro’s plant at an averagegrade of 4 grams gold per ton. The ore comes from a concession ownedby a partner of NSA and is located near the main highway,approximately 40 km from Cobra Oro’s gold processing plant, makingtransportation accessible all year long.
In return for the ore supply, NSA will share 50/50 withGlen Eagle the proceeds of the dore bar. Production expenses will alsobe equally shared, a premiere for the Company. Furthermore, NSA willhave an experienced plant manager and metallurgist on sight for aminimum of one month and possibly more to help improved and superviseddaily operations. NSA will also support Cobra Oro with increasedliquidity by making substantial cash advances to buy parts, equipmentand other purchases related to production. The metal will also be paidin full upon production, improving substantially Cobra Oro’sliquidity.
Combined with the recent agreement that Glen Eagle hassigned with the small miners, the total daily tonnage will exceed 200tons. It also represents the first time in 7 years that Cobra Oro mustdeal with an oversupply of ore, a sharp contrast from all theshortages that the company had to face over these recent years.
Both companies see their joint effort as the beginningof an important relationship with further developments already beingcontemplated to improve their ongoing businesses.
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.
Jean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street. Suite 201
St-Lambert, Québec
J4S- 1H1
Tel : 514-808-9807
Email: jl@gleneagle.gold
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