Greka Engineer. Share Discussion Threads

[stu31] 18/1/2013 23:54

Glass Earth looking up despite tough environment

By Simon Hartley on Fri, 11 Jan 2013


The fortunes of boutique gold producer Glass Earth Gold are gaining momentum, as weekly Central Otago gold production surpasses $NZ150,000 and the company confirms private placement funding well beyond a targeted $C3 million ($NZ3.68 million), from investors worldwide.
While having spent about $40 million in exploration in recent years, mainly in Otago, Glass Earth's cashflow has run perilously low at times, but in one of the toughest capital raising environments experienced in recent years it has secured further investment funds. Glass Earth has two alluvial (loose) gold recovery operations in the Manuherikia Valley. Recent success in gleaning up to 80 ounces per week from the tenements has prompted it to offer two small franchise operations - one of which has been taken up in the Ida valley.

From modest 10-ounce-per-week recoveries beginning in March last year, Glass Earth began recovering up to 70 ounces weekly from August to October and was now ''steadily'' getting 70 to 80 ounces per week, chief executive Simon Henderson said yesterday.

He described the potential of the franchise operations, in the Ida Valley and Maniototo, as ''modest'' prospects of potentially ''a few thousand ounces'', which in the Ida Valley might be a year's work for a three-man crew. Glass Earth had borne all costs of exploration, consenting and permitting of the prospects so far, and the franchisee would take an undisclosed minority share in any profits.

Mr Henderson said $C3 million had been sought in private placements, with two tranches closed and the third and last closing next week. He expected the final amount raised to be ''well beyond'' the original target. However, ''capital raising at the moment is tough out there'', he said.

So far about 50% of the private placement raised was from New Zealand interests, and the balance spread across investors from Canada, London and Europe, Mr Henderson said.

The entire private placement would be used for exploration programmes in the Hauraki, central North Island prospects for gold and silver, while in Central Otago the prospects are now cash-flow positive, with potential to grow.

Mr Henderson said he hoped productivity of the gold recovery units could be raised by 20% to 85% by the end of March, which should boost weekly production to 100 to 120 ounces.

For Glass Earth to access its Manuherikia Valley alluvial gold, it is taking five metres of ''overburden'' from above the target area. The two operations are then ''washing'' up to 1000cu m of material per day, to get up to 10oz or more of gold.

[stu31] 13/12/2012 17:49

the worst possible combination for a junior is continual dilution coupled with over promising and under delivering..the worst market for years in gold stocks is the icing on the cake

[au24] 13/12/2012 10:25

Glass Earth Gold (TSXV: GEL) today announces that it has closed the first tranche of its previously announced non-brokered Private Placement. A total of 18,501,000 Units have been sold at a price of $0.16 per unit for gross proceeds of C$2,960,160.

The Company anticipates closing a further tranche shortly as Unit Subscription agreements for a further C$695,920 (4,349,500 Units) have been received and are being processed.

Not surprising that GEL's share price has been dragged down of late.

[au24] 20/11/2012 16:57

Beat me to it,just got the email.

[stu31] 20/11/2012 16:06

Glass Earth Gold Doubles Placer Output in Central Otago, New Zealand

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth Gold")
announced today it doubled its gold production from the placer (alluvial) mining
operations in the Manuherikia Valley in Central Otago.


Production from placer operations at Drybread (Hecklers and Morans) is now
achieving approximately 70-80 ounces of gold per week, doubling its output since
last update (reported August 29, 2012). This higher gold production has been
achieved in some lower grade areas and now, both gold recovery units are working
their way to higher grade ground where further production increases and
efficiencies are anticipated.


This production improvement builds off a modest base that averaged 10 oz/week of
gold from a single plant in March this year.


View weekly gold production graph at:



View map of gold production at:



Simon Henderson, CEO of Glass Earth Gold said, "We are delighted with the steady
progress in our placer production and look forward to further efficiencies and
improvements as we mine higher grade material during New Zealand's summer months
ahead".


Cash flow from current operations are covering General and Administrative
expenses and modestly adding to its exploration budget at the WKP prospect
(north of the Martha mine at Waihi, North Island).


The recent announcement that Glass Earth Gold has acquired option rights to the
Neavesville gold/silver prospect (just north of WKP) will mean an increased
exploration focus in the Hauraki region.

[stu31] 12/11/2012 23:51

new presentation out



So:
1) Muirs has gone from 390k to 226k..drilling obviously didn't go so well which is why the results never came out.
2) Placer production is running at around 3600/yr when they said it would be at 5000 by now..although one of the GRU's has gone AWOL which is odd..the target of 7500 by mid next year looks doubtful. I also note that costs have gone up from $800 to $850.
3) They require $5.4m cash next year for their various projects which means they will be tapping/dilluting investors again (explains weak share price imo)
4) They have a new project (requiring $1.7m next year) that they haven't told investors anything about.

[stu31] 31/10/2012 15:41

Glass Earth Gold Intersects Significant New Epithermal Gold Zone-East Graben at WKP

Glass Earth Gold Limited ("Glass Earth Gold" or "the Company"); (TSX
VENTURE:GEL)(NZAX:GEL) is pleased to announce its 5,500 metre diamond drill
program at the WKP gold-silver prospect, Hauraki, New Zealand (Glass Earth Gold
35%; Newmont Mining 65%) continues to demonstrate that it is a large permissive
gold system with potential to host significant epithermal gold deposit(s).




- WKP35 Intersection of 7.9m @ 5.1 g/t Au and 12.1g/t Ag

Including 3.4m @ 8.3 g/t Au and 16.6g/t Ag

- Major new structure hosts Martha-Favona-Golden Cross style epithermal gold
mineralization



New Zone - East Graben (EG) gold bearing quartz vein

As previously reported on 24 September 2012, drill core from hole WKP 35 on
visual inspection exhibited quartz veins with potential gold mineralisation over
a core length of 8 metres. Assay results have now confirmed the intersection is
7.9m grading 5.1 g/t Au and 12.1g/t Ag including 3.4m grading 8.3 g/t Au and
16.6 g/t Ag.


A full compilation of assay results for WKP 34 and 35 is awaited. Drilling
continues with WKP 36 (targeting extensions to the Eastern and Central zone
southward), followed by WKP 37 testing the Eastern Graben structure 200m to the
southeast of WKP 35.


What is most significant is the style of veins and the host lithology's, being
episodic high level crustiform banded veins, hydrothermal and tectonic
brecciation corresponding with multiple phases of mineralisation, hosted on the
juxtaposition of rhyolite and andesite lithology's (see Figure 1:

This is new for this project and important because the styles of mineralisation
here mirror those associated with major gold mines in the vicinity, namely
Martha, Favona, and Golden Cross.(i)


The veins lie on a major north-north-east trending structure marking the
intersection of rhyolite (west) and more intermediate andesite pyroclastics (to
the east). This is a major structure, identified on magnetic and resistivity
(geophysical) data, and may represent the primary focus of significant coherent
mineralisation in the WKP area. The structure can be mapped for several
kilometres and is open both up and down dip, and along strike (See Figure 2:



Simon Henderson, President and CEO of Glass Earth Gold, commented "Every drill
hole completed by the JV has intersected significant mineralisation and
demonstrated potential for both narrow (3-9m) high grade gold veins, and or
broad low grade mineralisation (in excess of 100m of +1 g/t gold). The discovery
of this new Eastern Graben structure is a major step forward for the WKP project
because the style of mineralization intersected in WKP-35 shows strong
similarities to other productive gold-silver veins in the district. We are very
encouraged by the result from this hole. Step-out drill testing is already
underway".


(i)Martha goldmine is the Newmont operated mine 10km south of WKP, and is widely
regarded as the type-system for epithermal gold deposits. The mine, currently in
production has approximately 10Moz gold equivalent in historic production and
current resources.


(i)Favona goldmine is a satellite deposit associated with the Martha system.

(i)Golden Cross goldmine lies 4-5km southwest of WKP and produced 634,000 ounces
gold (1991-1997).

[stu31] 08/10/2012 16:59

see post 86 cagey ;-)
elZorro certainly knows this company well..

more shares isued at 20c..rather disappointing

Glass Earth closes private placement for $360,000

2012-10-05 19:06 ET - News Release


Mr. Simon Henderson reports

GLASS EARTH ANNOUNCES PRIVATE PLACEMENT

Glass Earth Gold Ltd. has completed a non-brokered private placement financing for gross proceeds of $360,000.

The proceeds of this private placement will primarily be used to provide for exploration and acquisition activities.

The private placement consists of 1.8 million units at a price of 20 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 35 cents per share, exercisable for a period of 24 months from the date of issuance.

Glass Earth will pay a cash finder's fee of $21,600 and issue non-transferable finder's warrants to acquire 108,000 units in connection with the private placement. Each finder's warrant entitles the holder to acquire one unit of Glass Earth having the same terms and conditions as the units sold.

All of the units and finder's warrants issued are subject to a hold period of four months plus one day from the date of issuance.

[cagey76] 08/10/2012 11:48

stu, I am joining at an exciting time for sure, lets just hope its successful as well.

This is a useful thread;

[hellisreal] 07/10/2012 20:58

Lots of lurkers

[stu31] 07/10/2012 20:23

hir, I'm intrigued, who are these others :-)
cagey, if WKP 35 has been drilled into a feeder zone you will have joined at just the right time..should get the results this month

[hellisreal] 06/10/2012 22:47

cagey
Not exactly,as I and several others follow here.

[cagey76] 04/10/2012 12:50

stu31, talking to yourself on here ? hehe I have just grabbed a few of these, it looks like an interesting punt.

[stu31] 03/10/2012 18:22

share tip probably explains the brief pick-up in activity here

[stu31] 24/9/2012 19:32

Glass Earth Gold Limited ("Glass Earth Gold" or "the Company"; TSX,V:GEL) is pleased to announce encouraging progress of its 5,500 metre diamond drill program at the WKP gold-silver prospect, Hauraki, New Zealand (Glass Earth Gold 35%; Newmont Mining 65%).

Highlights:

WKP32A : Intersection of 0.5 m @ 61.3 g/t Au and 19.4 g/t Ag within a halo of 111m @ 0.6 g/t Au and 1.8 g/t Ag.

WKP33 8.2m @ 6.6 g/t Au and 2.7 g/t Ag



The current program, commenced in April, has delivered encouraging results from drill holes WKP31, 32A and 33, and confirmed the tenor of high grade veins within a broad lower grade central mineralised central zone. The on-going drilling aims at confirming the major structural controls on mineralisation, with WKP35 already providing further new and encouraging visual evidence of a major mineralised structure on the EG zone, allowing a focus on resource definition in follow-up drilling campaigns.



More results pending.



View WKP Project – September 2012 drill location at:

[stu31] 29/8/2012 22:36

Glass Earth Gold Limited Financial Statements and Management's Discussion & Analysis for the Second Quarter Ended June 30, 2012
PrintAlert
Highlights:



-- Second Gold Recovery Unit operational at Drybread, Otago

-- Strategic review of exploration costs and funding allocation



Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it has filed its June 30, 2012 second quarter
Financial Statements and associated Management's Discussion and Analysis
("MD&A") report pertaining to that period with regulatory authorities.


The Company had a net loss for the six months ending June 30, 2012 of $8,496,000
versus $323,000 for the same period in 2011.




Three months ended Six months ended Notes
June 30, June 30,
2012 2011 2012 2011
$'s $'s $'s $'s
Revenue 349,000 176,000 516,000 427,000
Cost of revenue (857,000) (116,000) (1,048,000) (238,000)
------------------------------------------------
Gross (loss)/profit (508,000) 60,000 (532,000) 189,000 1

Administrative
expenses (353,000) (290,000) (699,000) (435,000) 3
Salaries (net of
exploration costs) (61,000) (56,000) (125,000) (114,000)
Finance income (8,000) 24,000 6,000 37,000

Non-cash items
Stock based
compensation - - (556,000) -
Write down of mineral
properties (6,330,000) - (6,590,000) - 2

------------------------------------------------
Loss before & after
income taxes (7,260,000) (262,000) (8,496,000) (323,000)
------------------------------------------------



Notes:



1. In this quarter, Glass Earth worked hard to bring about a sharp increase
in gold production from its small-scale placer mining. Thwarted somewhat
by snow of the southern winter, the second Gold Recovery Unit ("GRU")
became operational in late May and therefore is only partially reflected
in the second quarter's result. The third GRU became operational only in
the last few days of June. The negative gross profit for the quarter
reflects the difficult weather conditions faced during the mine site
preparation, establishment and an extended commissioning period due to
some technical difficulties, now resolved. All costs of the mine site
set ups and establishment have been expensed and form part of the loss
for the quarter. With these two plants operational at Drybread, mining
at Gunclub has been suspended and equipment transferred to Drybread.
Looking forward, the placer operations are expected to provide a
positive contribution to the Company.

2. The second quarter has also seen Glass Earth's team working on a
strategic review of cash allocation to priority targets and associated
accumulated exploration costs. Management must focus the Company's cash
resources towards projects that have the best potential for near-term
value creation for its shareholders. Holding costs of all prospects were
scrutinised and assessed against the potential for near-term exploration
spending. As a result, certain older prospects had the costs of early-
stage exploration work, carried out between 2005 and 2008 written-off.
Together with other pruning of the prospect portfolio, a total write
down of $6.3 million was charged to the second quarter.

3. Administrative expenses for the six-month period include an upsurge in
investor relations efforts as commented on last quarter. These IR costs
have since been reduced significantly.



Commenting on these results, Simon Henderson, CEO of Glass Earth Gold, said: "I
would like to thank the Glass Earth team that has worked hard, and is still
working hard, to transform the Company into a cash-flow positive enterprise. On
the production side, the team spared no effort to complete the placer mine
commissioning in spite of difficult weather conditions that have brought about
an increase in costs for the period. While these one-off charges have resulted
in a loss for the quarter, they will support the Company's ongoing production
programme which should generate a steady flow of cash to support its
administrative and exploration costs. Similarly, the one-off charge related to
the write-off of non-strategic assets was deemed necessary to provide the
Company with a better focus and to give a stronger support to the development of
projects with the best potential for value creation."


The Company's cash position as at June 30, 2012 was $1,579,000 compared to
$2,486,000 for the same date in 2011.


Operational Activities

The Company's corporate and exploration activities for the quarter are
summarized in the attached Quarterly Overview.


Qualified Person

Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under
the Discipline of Geology; is a Qualified Person as defined by National
Instrument 43-101 and an employee of the Company, has reviewed and approved the
technical information given in this press release.


About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a large land position in the North and South Islands (refer to map:



In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki/Central Volcanic Region. This Region is host to the 10
million ounce Martha Gold Mine, (Newmont Mining).


Hauraki Region - Glass Earth occupies a significant ground position around
Newmont's currently active Waihi gold operations; The Newmont-Glass Earth Waihi
West JV (Newmont earning 60%) and Hauraki JV (North and Central Areas - 65/35)
are currently being explored and managed by Newmont.


In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and placer/alluvial gold.


Visit the Company's website at www.glassearthgold.com

GLASS EARTH GOLD LIMITED

QUARTERLY OVERVIEW

EXPLORATION (please refer to the individual sections following for fuller
description of the exploration activities).




-- WKP gold project in Hauraki, New Zealand (Glass Earth 35%)

Newmont and Glass Earth commenced a further 5,500m drill programme at
the WKP gold-silver prospect in April 2012. Three drill holes were
completed in Q2 2012; WKP32, 33 and 34. A fourth hole is in progress.

Full assay results are expected by early September

-- MUIRS gold project in Mamaku, New Zealand (Glass Earth 100%)

A 17 hole drill programme of approximately 2,350m at the Massey Reef
commenced in late November 2011 targeting the Muirs/Massey gold-silver
bearing epithermal quartz veins to bring confidence in the resource to
Industry standard (JORC/NI 43 101).
-- Drillholes MSDH12, MSDH13, MSDH14 were completed within the quarter,
MSDH15 continued into July 2012.
-- MSDH12 intersected at a greater depth than expected, expanding the
cross sectional width of known mineralisation in the central part of
Massey Reef. (Press Release 31 May 2012).
-- Compilation of results and subsequent interpretation is anticipated
early in September.

-- GARIBALDI gold project in Otago, New Zealand (Glass Earth 100%)

Glass Earth announced in April 2012, that it had made a new gold
discovery at its Garibaldi project in Central Otago.
-- Exploration continued in the quarter with channel/panel sampling and
detailed ground magnetic (geophysical) surveying to clearly
delineate the host mafic schist and attendant structures likely to
be the focus of gold mineralisation. 168 line kms of surveying was
completed in a 12 day period; data has now been post processed and
interpreted.
-- Planning is underway to drill this project in the third quarter
2012.



PLACER MINING - Acquisition and Growth in Otago, New Zealand



-- Mining operations took a major step forward with the establishment of
two additional mining units at Drybread in Otago, successively in late
May and late June. Site set-up costs and commissioning costs have been
written off as incurred. This, combined with lower productivity
(expected in the winter) and amortization of exploration costs, has
provided a loss for the quarter.

-- Lower productivity in July (mid-winter) has improved in August.

-- The full benefits of the increased throughput and 100% ownership should
become apparent in the spring/summer in New Zealand, with a significant
improvement in gold production and cash generated.



FINANCIAL



-- The Company's cash position as at June 30, 2012 was $1,579,000;
-- Trade payables totaled $689,000;
-- Current and term liabilities in relation to the placer acquisition
comprise twenty four monthly payments of NZ$80,000 (C$65,768);

-- Management and Directors are pursuing several alternatives to ensure
funding is available to progress the Company's exploration projects.

-- Financial results - The net loss for the three months ended June 30,
2012 was $7,260,000 comprised primarily of a non-cash item: the write-
off of accumulated exploration expenditures of $6,330,000. These
expenditures, incurred predominantly in 2005-2008, relate to prospects
that have been superceded, in terms of prospectivity, by targets and
projects that now rank higher for available funds.

[stu31] 29/8/2012 20:45

Ross Louthean - 28 August 2012
The new gold discovery in Central Otago for Glass Earth Gold Ltd (TSX-V & NZAX: GEL) was aired during a geosciences session at yesterday's opening day of the AusIMM NZ Minerals Conference in Rotorua.
Managing director Simon Henderson stood in for petrologist Anthony Coote to detail the progress being made on the Garibaldi prospect. This is situated roughly between the Macraes gold project and Alexandra in Central Otago.
Henderson told NZResources.com that the likely search programme for the balance of this year would involve about 1,000 to 1,500 metres of drilling on the known structure to depths of about 50m. Drilling would proceed after the lambing season.
While this was a hard rock target, he reminded delegates that historically 8 million ounces of gold has been produced from alluvials in Central Otago.
The company now had three relatively small alluvial gold operations in the region from which it was seeking to produce more than 21 oz per week.
He said Garibaldi lies within a geophysical domain of the Otago schist in which extensive positive magnetic field anomalism correlates directly with the distribution of magnetite-bearing mafic schist.
Henderson said the estimated surface anomalism of gold soil anomalism, quartz veining and hydrothermal alteration on a key target had a strike of about 1,600 metres and was up to 300m wide.
Within a 6.5 km by 2.5 km area there were five anomalous zones and east-west orientated quartz veins had shown individual grades ranging between 1-16 grams/tonne gold, while "inter-fingered mafic schist grades varied between 0.5-2.65 g/t gold.

[stu31] 08/8/2012 23:33

Higher grade targets identified at WKP
Ross Louthean - 8 August 2012


Operator for the exciting WKP gold discovery near Waihi, Newmont Waihi Gold, has been able to identify potential high grade zones at the prospect which may accelerate exploration.

At the Diggers & Dealers Forum in Australia's gold capital of Kalgoorlie, Newmont Asia Pacific's senior vice president Jeff Huspeni told NZResources.com that recent diamond holes into the prospect had identified what could a feeder zone.

There would now, he said, be a focus on adding grade to what appears to be a large system.

Newmont owns 65% of WKP with the balance held by active New Zealand gold explorer Glass Earth Gold Ltd (NZAX & TSX-V: GEL).

NZResources.com suggested to Huspeni that WKP was perhaps the most exciting emerging gold discovery in New Zealand. He did not disagree.

[stu31] 26/7/2012 21:32

When Management of Glass Earth Gold Limited (TSXV: GEL) set up its roadmap for unveiling New Zealand‟s gold potential, it was determined to keep the momentum on its projects, regardless of market conditions. Its strategy would enable the Company to be partially self-financed and reduce the need for external sources of capital.
Since 2009, the Company has run, together with a partner, a small production unit that has recovered gold from alluvial plains of the Otago region, producing modest cash flows.
As financial market crises seemed to settle in as a new norm, the need to bring production to a higher gear was recognized. In 2012, Glass Earth Gold decided it was time to acquire full ownership of the production units, thereby bringing the production expertise in-house and managing its own results-oriented team.
Since the purchase of a 100% stake in the gold recovery units, Glass Earth Gold‟s team has increased production to 42 ounces of gold a week (up from 7-12 oz/wk). The upcoming launch of a third gold recovery unit and the implementation of additional shifts are expected to drive production to 120 oz/wk by Q4 2012. As a result, cash flow from these production units should cover not only general and administrative expenses but also a portion of exploration costs.
While this strategy was initially designed to develop an alternative source of capital, it has generated longer-term benefits for the Company. Simon Henderson, CEO of Glass Earth Gold, now believes that, with his team that boasts both exploration and production expertise, the Company is better prepared to facilitate the early development of new projects should the opportunity arise.
Meanwhile, as planned, the momentum has been kept on hard rock exploration with a budget of $1.7 million committed to exploration for the year.
In May, Glass Earth Gold released drill results for its 100%-owned Muirs Reef property which confirmed the continuity of the quartz veining as well as the breadth of lower grade material from surface. The team is encour-aged to pursue the ongoing program that will test the southern extensions of the quartz vein system mapped over 600 m from the surface outcropping veins. This should pro-vide sufficient information to produce a NI 43-101 compliant resource estimate by the end of 2012/Q1 2013.
The same drive is also felt at WKP, a project Glass Earth owns 35% of in a joint venture with Newmont Mining Corporation. Drill results are expected to be released in Q3 2012. Additionally, new drill targets identified at Garibaldi in the South island are to be drilled in Q3/Q4 2012.
Going forward, advancement on the projects will be partially supported by the cash flow from gold production. While the need for further financing cannot be ruled out, Glass Earth Gold now believes that it is better equipped to go to the markets on its own terms, for the benefit of its shareholders.

[stu31] 02/7/2012 22:46

currently 80 ounces a week?

[stu31] 27/6/2012 19:11

Glass Earth Gold Announces Increased Gold Output as Second Plant Completes Commissioning Otago, New Zealand
PrintAlert
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth Gold")
announced today that it has now fully commissioned its second Gold Recovery Unit
("GRU") at the Hecklers Mine in the Manuherikea Valley, Central Otago.


The current initial production from placer operations at Hecklers and Gunclub
mines now stands at 42 ounces of gold a week, with improved throughput and
operating hours planned to further increase production. Glass Earth Gold is
presently commissioning a third operation which should become fully operational
in Q3 2012.


"I am very pleased with the new mining team that has been set up since we took
control of placer mining activities. The team has shown a strong commitment to
meet our production targets," said Simon Henderson, CEO of Glass Earth Gold.


He added, "The benefits of running these placer gold operations are multi-fold.
In addition to providing the Company with a cash flow stream that supports G&A
and exploration costs; the Company's small-scale gold production supports the
advancement of its projects regardless of market conditions, and also
facilitates the early development of additional projects if the opportunity
arises."


In 2011, Glass Earth's then 50% share of the placer joint venture contributed
CAD$752,000 in gross revenue and CAD$274,000 in net revenue based on operating
only one Gold Recovery Unit. The increase in throughput from commissioning two
additional GRU's and from gaining 100% ownership of placer gold operations,
should enable the Company to achieve its previously articulated production goals
of 7,500 ounces per year in 2013 at a cost averaging CAD$900 an ounce.

[stu31] 25/6/2012 19:49

Glass Earth Gold Announces the Closing of a C$2.4 Million Non-Brokered Private Placement

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today
announced the completion of its previously announced non-brokered Private
Placement financing for gross proceeds of C$2,357,150.


The financing consisted of 11,785,750 Units at a price of C$0.20 per Unit. Each
Unit consists of one common share and one common share purchase Warrant. Each
whole Warrant entitles the holder to purchase one common share at a price of
C$0.35 per share, exercisable for a period of 24 months and one day from the
date of issuance.


Glass Earth paid persons and/or companies who introduced investors to the
Company, on the closing date, a finder's fee payable in cash equal to 6% of the
amount raised for a total of CAD$50,730 and non-transferable finder's fee
warrants ("Finder's Warrants") to purchase shares in number equal to 6% of the
Warrants sold under the Private Placement for a total of 253,650 finder warrants
issued. The Finder's Warrants have the same terms as the Warrants issued in
conjunction with the Units.


The non-brokered Private Placement has now been fully completed and the net
proceeds from the C$2,357,150 will be used towards financing the purchase of 50%
of the placer gold operations announced on March 15, 2012, bringing Glass Earth
Gold's ownership to 100%. It will also provide additional working capital.


About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of approximately 10,000 square kilometres in the North
and South Islands.


In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki/Central Volcanic Region. This Region is host to the 10
million ounce Martha Gold Mine, (Newmont Mining).


Hauraki Region - Glass Earth occupies a significant ground position adjacent to
the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (Newmont
earning 65%) and Hauraki JV (North and Central Areas - 65/35) including drilling
at the WKP discovery, is being actively explored and managed by Newmont in
concert with Glass Earth Gold.


Central Volcanic Region - Glass Earth has defined several significant epithermal
gold targets in this region including the Muirs Reef project (Mamaku district).


In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and expansion of the placer/alluvial
gold mining operations.


To receive Company news via email, contact [e-mail] and mention "Glass
Earth news" in the subject line.