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Glen Eagle Resources Inc.: Glen Eagle Prevails in Court

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^{Published in Stocks and Investing on Tuesday, June 30th 2009 at 8:13 GMT, Last Modified on 2009-06-30 08:13:34 by Market Wire}  

MONTREAL, QUEBEC--(Marketwire - June 30, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to report that Justice Wilton-Siegel of the Ontario Superior Court gave a verbal ruling yesterday on June 29 and ruled that:

(a) Kinbauri's motion for summary judgment (seeking a declaration that Kinbauri was entitled to rescind the Subscription Agreement) was dismissed;

(b) Consequently, Glen Eagle's motion to stay Kinbauri's application in favor of arbitration was granted; and

(c) Jaguar's legal argument that Glen Eagle was precluded from seeking damages in the arbitration (on the assumption that Kinbauri's legal process in approving the Subscription Agreement was flawed) was dismissed.

In summary, Glen Eagle is permitted to proceed with its arbitration of the issue as to whether Kinbauri breached the Subscription Agreement and to seek damages in connection therewith. Kinbauri and Jaguar may still seek to appeal the rulings. However, this does not confirm that they have a right to appeal as the Arbitrations Act may actually preclude rights of appeal in the circumstances at hand.

The motions judge has invited counsel for Glen Eagle to make submissions for reimbursement of its legal costs in respect of the motions, and Glen Eagle will be making written submissions in that regard in the next few weeks, if not sooner. Kinbauri and Jaguar will have an opportunity to respond to those written submissions for reimbursement of costs once delivered by Glen Eagle.

Glen Eagle remains interested in the Kinbauri Espana Project.

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