Montreal, April 17, 2023 - Glen Eagle Resources Inc. (the "Corporation") (TSXV:GER) announces that it has paused operations at the Cobra Oro gold processing plant in Honduras to review its plan and assess its options.
Management has concluded that improvements on grade quality were necessary to ensure profitable recoveries, and placed the plant on care and maintenance mode to focus on sourcing higher-grade material in sufficient volume. By doing so, the Corporation aims at reducing operating costs and increasing potential revenues. The pause involved the retrenchment of a substantial portion of the plant staff and contractors.
Management will review every option to optimize return, including the divestment of its Honduras operations.
Jean Labrecque, President and CEO, commented: "Given our current working capital situation, we felt that it was prudent and desirable over the longer term to implement this decision until securing proper ore grade in volume."
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the Central America area.
For more information, please contact:
Jean Labrecque
President
1-514-808-9807
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.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including with respect to the receipt of final approval of the Offering by the TSXV. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including the timing and nature of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements
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