(via Thenewswire.ca)
Montreal, Quebec, October 12, 2011 - Glen Eagle Resources Inc. (TSX VENTURE EXCHANGE: GER) ("Glen Eagle" or the "Company") is pleased to announce that is has signed an option agreement with three separate private parties whereby the Company will acquire 100% of the Moose Lake phosphate property composed of 90 claims located approximately 150 km South of Lac Lisette. The property is adjacent the Mirepoix phosphate property of Arianne Resources. The Moose Lake property is easily accessible year round being located 125km North of Chicoutimi, Quebec.
An exposed showing approximately 1 km long by 20 meters wide made the property acquisition compelling. The terrain is also ideal for exploration, based on the fact that it is located on flat land with excellent support infrastructure readily at hand.
Several samples were collected recently at random over 1000 meters along strike. The assay results are expected to be released sometime next week.
By acquiring Moose Lake as a second phosphate property, the Company is determined to become a committed explorer for this commodity while developing a portfolio of strong assets with good intrinsic value involving long term potential.
For the acquisition, the Company will pay an amount of ($455,000 in share equivalent) over a 4 year period. Upon acceptance by the TSX Venture Exchange, the Company will issue to the Vendors 200,000 shares priced at $0.50 cents. After six months, ($100,000 in share equivalent) will be issued based on the last 10 days of trading. The remaining balance ($255,000) is almost equally distributed in share equivalent over a 4 year period. The first work commitment of $100,000 is due after 20 months with a second work commitment of $100,000 due after 35 months. The shares are subject to a four month hold period. The property is subject to a 1% NSR.
The Company already plans to drill a minimum of 1000 meters sometime in early February 2012.
FOR FURTHER INFORMATION CONTACT:
Jean Labrecque, President jl@gleneagleresources.com
Glen Eagle Resources Inc
999 De Maisonneuve West
Suite 725
Montreal, Quebec
Tool free: 1-855-229-4488
Website: www.gleneagleresources.com
"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."
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
