A Montreal-based junior miner just announced additional information resulting from the ramp-up operation at Cobra Oro as well as new data received from the metallurgical balance. The release went on to say that the results "from the metallurgical balance indicates an average recovery of 87% throughout the system combined with an efficiency rate of 98% at the filter press. The Company is very pleased with these results and cannot expect to be much better due to the high silver content within the ore currently being processed. Silver recovery will be reported later this month." Shares of Glen Eagle Resources Inc. (TSX-Venture:GER) (OTCPK:GERFF) rallied on the news.
Glen Eagle is a Canada based company engaged in the acquisition, the exploration and the evaluation of mining properties. The company currently operates in two segments which are the acquisition, exploration, evaluation, and development of mineral properties, recovery of gold and silver from tailings and recovery of gold from rocks. The corporation's activities are conducted in Quebec, and Honduras. Its properties include Moose Lake in Canada; and Project Cobra Oro 1, and Project Cobra Oro 2 in Honduras.
Traders were bullish on the news as shares quickly traded up to $0.15/share (+15.38%) during the first hour of trade. This move is a strong continuation of the success this stock has had over the last six months.
