Mar 08, 2011 09:04 ET
Glen Eagle Resources Inc.: Acquisition of the Lac Lisette Phosphate Project
MONTREAL, QUEBEC--(Marketwire - March 8, 2011) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to announce the acquisition of the "Lac Lisette" phosphate property located 50 km north of D'arianne Resources (TSX VENTURE:DAN) 150 km north of Lac-St-Jean in the Province of Quebec. The property has similar airborne and geological signatures as that of the Arianne project which has an estimated phosphate deposit of 300 million tonnes at approximately 6% P205. Phosphate is used as a component in 80% of all manufactured fertilizers.
The property is underlain by the Lac-St-Jean anorthosite intrusive complex. Two grab samples in a magnetite layer of the intrusive complex have returned 7.2% and 7.5% P205 (phosphate), 11% titanium oxide (TiO2) and 60% iron oxides (Fe203). A large airborne magnetic anomaly underlies most of the property. The magnetic anomaly is approximately 14 km long and appears to coincide with the magnetite layer which suggests a strong continuity for the phosphate bearing layer.
For the acquisition, the Company will have disbursed $50,000 by April 6, 2011 and will make thereafter 4 annual payments of $50,000 to Multi-Ressources Boréal. The Seller will keep a 1.5% NSR repurchaseable for $1,5 million. No shares of the Company will be issued in the transaction. In return, Glen Eagle will acquire a 100% interest in the 149 claim Lac Lisette Property.
The acquisition is part of the Company's mission to advance industrial mineral projects having an important role to play in key sectors of the economy.
The content of this news release has been reviewed by Gilles Laverdière P.Geo., a qualified person according to the NI 43-101 disclosing standards.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
