MONTREAL, QUEBEC--(Marketwire - Jan. 19, 2012) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is currently drilling the Authier Lithium Project with the objective to increase the confidence in the inferred resource (2.2 million tons 43-101 compliant) moving them to the indicated resource category based upon the following recommendations by Bumigène Inc, a Montreal based engineering firm. A Preliminary Economic Assessment (PEA) will soon be released to further validate these recommendations.
1- There is no need to increase the volume of the actual mineral resource. The project should instead demonstrate that it has additional potential for development of mineral resources through existing extensions remaining open at depth and along strike.
2- For the project to have a 10 year mine life processing ore at 2,000 tons per day, all mineral resources (7 million tons in total) must be in the indicated category.
The current 2,400 meters drill program was designed to fulfill these objectives. More than 4 million tons (43-101 compliant) are already in the indicated resource category while additional resources form the last drill program (4,000 meters) have not been compiled to this day.
The Company remains entirely focused and dedicated to developing its core assets in phosphate and lithium to hedge its risk in a cyclical business.
Gilles Laverdière, P.Geo., a qualified person according to the NI 43-101 disclosing standards, is supervising the drilling program and has reviewed and approved the technical content presented herein.
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.
Contact Information:
Jean Labrecque
President
Toll free: 1-855-229-4488
jl@gleneagleresources.com
www.gleneagleresources.com