Glen Eagle Resources Inc.: $32,000,000 USD Credit Facility

* Reuters is not responsible for the content in this press release.

Tue Mar 24, 2009 11:16am EDT 

  MONTREAL, QUEBEC, Mar 24 (MARKET WIRE) -- 
Glen Eagle Resources Inc. (TSX VENTURE: GER) ("Glen Eagle Resources" or
the "Company") is pleased to announce the confirmation from a European
consortium that a credit facility of $32,000,000 USD will be available on
or before May 1, 2009 to Glen Eagle Resources and its financial partner,
Paradise Peak Holdings ("PPH"), for future approved mining acquisition(s)
based on certain financial and mining criteria. The proceeds will be
divided 51/49 between Glen Eagle Resources and PPH. Glen Eagle Resources
will issue, subject to regulatory approvals, as the case may be, 6.5
million common shares to PPH for having structured the transaction.

    A subsequent news release will bring additional details on the
acquisition(s) currently being evaluated and further clarification on the
terms of the credit facility will be announced when a Letter of Intent
with a Lock Up agreement has been signed on or before May 1, 2009 when
the facility expires.

    The Company has 23 million shares outstanding.

    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.

Contacts:
Glen Eagle Resources Inc.
Jean Labrecque
President & CEO
514-938-4888
gleneagleresources.com

Copyright 2009, Market Wire, All rights reserved.

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