Glen Eagle Resources Achieves Commercial Production at Cobra Oro de Honduras
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Glen Eagle Resources’ Cobra Oro de Honduras, a wholly own Honduran subsidiary of Glen Eagle, has reached commercial production on April 1, 2017.
The passage from production to commercial production implies that Cobra Oro will no longer capitalize its expenses, allowing the company to release an income statement and production numbers on a quarterly basis.
Gold sales continue apace as the company will have produced from February through April approximately $500,000 in gold despite heavy construction and reorganization at its processing plant. Sales volume should increase substantially over the current quarter as bigger and better equipment will enter in service.
Cobra Oro has 32 employees working 24/7 at its processing plant in southern Honduras, an area known for being friendly to mining and providing a safe environment.
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