Erdene Resource Development Corporation press release
Glen Eagle to Withdraw Publication of Preliminary Economic Assessment and to Update Resource Calculation on the Authier Lithium Project
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(via Thenewswire.ca)
Montreal, Quebec, March 14, 2012 - On January 31, 2012, Glen Eagle Resources Inc. (TSX VENTURE EXCHANGE: GER) ("Glen Eagle" or the "Company") announced the results of Preliminary Economic Assessment (the "PEA") for its Authier Lithium Project and disclosed technical information and financial projections in relation to the sale of mica and feldspar, two by-products strongly associated with lithium. Following the issuance of the press release and in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), the Company had to file the PEA by March 15, 2012, being a delay of 45 days from its announcement.
Considering that the PEA does not contain a NI 43-101 compliant resource calculation for mica and feldspar (two by-products strongly associated with lithium), the Company must withdraw the publication of the previously announced PEA based on the fact that it will not be in a position to disclose NI 43-101 compliant resource estimates for mica and feldspar within the 45 day deadline required by the regulation.
As this new information is being reported, investors should therefore not rely on the technical and financial information published in the Company's press release of January 31st, 2012 as the Company is not in a position at this time to support such information with a NI 43-101 compliant preliminary economic assessment. The Company expects to have its updated PEA released in the coming months.
Furthermore, the Company announces its decision to appoint SGS to undertake an updated resource estimate which will take into account the last 7,000 meters drilled over the past year on the Authier Lithium Project.
Gilles Laverdiere, P.Geo., a Qualified Person within the meaning of NI 43-101, has reviewed and approved the contents of this news release.
Jean Labrecque, President jl@gleneagleresources.com
Glen Eagle Resources Inc
999 De Maisonneuve West
Suite 725
Montreal, Quebec
Toll free: 1-855-229-4488
Website: www.gleneagleresources.com
FOR FURTHER INFORMATION CONTACT:
Louis Morin
514-845-1101
"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."
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