Mr. Jean Labrecque reports
GLEN EAGLE SEES A MAJOR TURN AROUND AT COBRA ORO
Cobra Oro, a wholly owned Honduran subsidiary of Glen Eagle Resources Inc., is doing a second export, based on ore production for the month of August. Sales reached $425,000 for the last two months, despite having processed low-grade ore of 2.0 grams gold per tonne over the same period.
In terms of production throughput, it has been the best two months ever for Cobra Oro, while the company sees a significant improvement in cash flow, as the company is in progress of receiving better-grade ore from its partner, Inception Mining.
At a net three grams gold per tonne, monthly cash flow will exceed $300 000 at current gold prices and translate into a complete turn around for the company.
In summary, production throughput is near optimum and any major near-term improvement in Cobra Oro's operations will have to come from better-grade ore.
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