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Glen Eagle Resources Inc.: Glen Eagle Resources Inc.: Corporate Update

^{Published on 2009-05-26 07:01:56, Last Modified on 2009-05-26 07:02:26 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - May 26, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") has retained the legal services of Cassels & Brock to represent the Company in its process to finalize the transaction with Kinbauri Gold Corp. with regards to the El Valle/Carles project in Spain.

As previously disclosed, Jaguar Financial Corporation ("Jaguar") has brought an action against Glen Eagle and other parties, among other things, in restraining or setting aside Glen Eagle's transaction with Kinbauri Gold Corp. Glen Eagle Resources is vigorously opposing such application. In order for the application to be dealt with in an orderly manner, each of Glen Eagle and Kinbauri has agreed not to complete the Glen Eagle Transaction until the Court has heard and ruled on the application. Oral arguments in respect of the applications are anticipated to be heard in the middle of June, 2009.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

The TSX does not accept responsibility for the adequacy or accuracy of the release.