Erdene Resource Development Corporation press release
Glen Eagle Resources Inc.: Corporate Update
TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Molybdenum · Antimony · Copper · Canada
(via Thenewswire.ca)
Montreal, Quebec, July 10, 2012 - Glen Eagle Resources Inc. (TSX VENTURE EXCHANGE: GER) ("Glen Eagle" or the "Company") is pleased to announce that 1,800 meters of drilling has been completed on its Moose Lake phosphate project located 100 km North of Chicoutimi, Quebec. A total of 1,100 meters was allocated to Lac Orignal and 700 meters to a new zone recently discovered on Lac Vanel, 5 km north east of the main showing. The results will be released throughout the summer as they become available from the laboratory.
The Company would also like to inform its shareholders that the Scoping Study undertaken by SGS on the Authier Lithium Project is well in progress with the final report expected to be released in early fall.
From a financial point of view, the Company has enough liquidity left in the treasury to fund another drilling program and support its daily operations for another year.
The Corporation also held its Annual and Special Meeting of Shareholders on June 26, 2012. A total of 13,824,910 shares were voted representing 31% of all outstanding shares (44,357,378) of which 93% of the shares voted were supportive of the agenda as set out in the proxy circular.
The Company wants to thank all its shareholders for voting a high percentage of their shares and for their strong support despite the harsh environment prevailing in the market place.
PricewaterhouseCoopers LLP have been appointed as auditors of the Corporation for the ensuing year and the directors have been authorized to fix their remuneration.
The Financial Statements, MD&A and auditor's report for the years ended December 31 2011 and 2010, were approved by shareholders.
Subsequent to the annual meeting of shareholders, the Board of Directors appointed Jean Labrecque as President and CEO of the Corporation, Daniel Belisle as Chief Financial Officer and the members of the audit committee being Gilles Laverdiere, Guy Chamard and Hossam Shatta.
Shareholders also approved the Corporation's Stock Option Plan ("Stock Option Plan") limiting to 10% of the outstanding shares, the number of Common Shares reserved and set aside for issuance, under the Plan.
Gilles Laverdiere, P.Geo., a qualified person according to the NI 43-101 disclosing standards, has approved the technical content presented herein.
Jean Labrecque, President
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:
Investors Relations
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."
Copyright (c) 2012 Thenewswire.ca - All rights reserved.