January 17, 2022 - Glen Eagle Resources (TSXV:GER) (OTC:GERFF) ("Glen Eagle" the "Company", or "GER") is pleased to report that the private placement closed on December 29, 2021, was mostly purchased by three shareholders with international exposure to the mining industry. These shareholders own a combined 14 million shares and have taken an active role in assisting the Company in shipping, credit facilities, spare parts logistics and on time delivery. With their added participation, approximately 65 million shares or 50% of all outstanding shares are controlled by a small group of investors dedicated to support Glen Eagle's goals.
On June 16, 2021, the Company issued a news release regarding Cycladex gold extraction technology developed by Nobel Prize winner Sir Frazer Stoddart and supported by the National Science Foundation SBIR. Since then, the Company has been in regular contact with Cycladex. It is currently expecting laboratory data and results on samples provided by Cobra Oro.
The Company plans to apply Cycladex green technology at first to process 50,000 tons of tailings grading 1.2 g/Au per ton already in situ at Cobra Oro plant site. The implementation cost is relatively inexpensive and would require adding a separate circuit and recommissioning of Cobra Oro second ball mill.
The Company will bring an additional update shortly on its mining concessions, ongoing drilling program and production. The latter doing very well in its ramped-up phase under the supervision of COO, Karl Trudeau.
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."
Glen Eagle Resources Inc.
2075 Victoria Street, Suite 201
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