GERFF - Glen Eagle Strikes Joint Venture with Honduran Gold Mining Company
(TheNewswire)
Montreal, Quebec, Canada - TheNewswire – January 25, 2022 –Glen Eagle Resources Inc. ( “ Glen Eagle ” )(TSXV:GER) announces a Joint Venture withIndexta SA, the largest concession owner in Honduras with a portfolio exceeding 50 miningconcessions including land ownership encompassing the vast majority ofits concessions.
The JV will facilitate the access to the powerfulcommunities “Patronatos”, who play a key role in accepting localprojects. It will also open the door to new ore suppliers by creatingimportant relationships with land owners, small miners unions, localgovernment institutions, while carrying a wealth of data to guidefuture exploration and development programs, including a team of fourgeologists.
Jean Labrecque, CEO of Glen Eagle comments: “ The transaction wasyears in the making and was made possible by the trust we earned overthe years with Indexta’s principal shareholder and key partners insouthern Honduras. Combined with our successful ramp-up of operationsat Cobra Oro gold processing plant, this transaction marks the mostsignificant turning point for Glen Eagle since its presence in Honduras.”
About the Joint Venture
Glen Eagle ’s local operatingcompany Cobra Oro has created a subsidiary called InversionesPacifico, which comprises the Joint Venture with Indexta. The JointVenture company is owned 70% by Cobra Oro and 30% by Indexta based ona 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 Honduraswith several projects under exploration including some getting closerto small scale production. Its mining concessions encompasses thedepartments of Danli, Orlancho and Choluteca.
About Glen Eagle Resources
For more information, pleasecontact:
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward Looking Statements:
Certain information set forth in this news release may containforward-looking statements that involve substantial known and unknownrisks and uncertainties, including with respect to the receipt offinal approval of the Offering by the TSXV. These forward-lookingstatements are subject to numerous risks and uncertainties, certain ofwhich are beyond the control of the Corporation, including the timingand nature of all regulatory approvals. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
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