Glass Earth Limited

Glass Earth Limited

April 10, 2007 10:37 ET

-Glass Earth Advises Election of Two Non-Executive Directors-Stock Options Granted

TORONTO, ONTARIO--(CCNMatthews - April 10, 2007) - Glass Earth Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") wishes to advise the following changes in the structure of its Board and the granting of incentive stock options:

Election of Directors at Annual General Meeting

Mr Stephen Burns was elected as a Director of Glass Earth Limited at the Company's AGM on November 29 2006. Stephen is a director and Chairman of the Audit Committee of St Andrew Goldfields Limited (2001-present) and the Vice-Chairman, Intelligarde International Inc. Prior to that, Stephen had over 30 years experience as a financial advisor to entrepreneurial businesses and their owners.

Mr Paul C. Jones was also elected as a Director of Glass Earth Limited at the AGM on November 29 2006. Paul is an Executive Vice-President of St Andrew Goldfields Limited (2003-present) and provides consulting and management services related to mineral activities through Sovereign Management Group. Paul has served in numerous engineering, operations and senior management positions in companies active in the Americas and Africa during his 45 years in the mining industry.

Resignation of VP Finance

Mr. Stephen Woodhead has resigned as VP Finance of Glass Earth Limited, effective March 31, 2007. Stephen assisted Glass Earth in particular through its compliance listing on the New Zealand Alternative Stock Exchange (NZAX) and the Directors of Glass Earth wish to thank Stephen for his valuable support.

Incentive Stock Options

Glass Earth, pursuant to its rolling stock option plan approved by shareholders at the annual general meeting held on November 29, 2006, at its Board meeting on March 27 2007, granted to its directors and officers incentive stock options entitling them to purchase up to an aggregate of 1,800,000 common shares, exercisable at a price of $0.18 per common share and expiring March 27, 2012.

In addition, the Company advises that 2,150,000 incentive stock options were granted to New Zealand based staff and consultants on December 1, 2006. These options are exercisable at a price of NZ$0.25 per common share (approximately C$0.21 at the current exchange rate) and expiring December 1, 2011.

Qualified Persons

Glass Earth's exploration programmes are carried out under the supervision of Glass Earth's VP Exploration and Chief Operating Officer, Mr. Simon Henderson, M.Sc, M.AUSIMM. Mr. Henderson meets the qualified person requirements (as defined by National Instrument 43-101) with more than 30 years of experience in the gold mining and exploration industry.

About Glass Earth Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 31,000 square kilometres in the North and South Islands.

On the North Island, exploration efforts are focussed on the Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the 10 million ounce gold Waihi / Martha Hill Mine, owned by Newmont Mining, which is considered the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth.

- Hauraki Region - With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Waihi / Martha gold mine;

-- Glass Earth has a Joint Venture Agreement with Newmont for Newmont to fund the exploration in the Waihi West area adjacent to Newmont's Waihi / Martha Hill Mine.

-- Glass Earth has another Joint Venture with Newmont for Newmont to fund and conduct the exploration in all Glass Earth's tenements in the Hauraki region, in trucking distance to the north and west of Newmont's Waihi / Martha Hill Mine.

- Mamaku-Muirs Region - With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold;

- Central Volcanic Region - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects in the process of being drilled; and

On the South Island, exploration efforts are focussed on the Otago Region for mesothermal "Macraes-style" gold targets.

- Otago Region - As Glass Earth's main gold region on New Zealand's South Island, a data collection/geophysical intervention over the recently awarded Otago Prospecting Permit and other areas and a targeting project commenced in January 2007. This region contains three near drill-ready mesothermal gold prospects.

Glass Earth Limited, headquartered in Toronto with New Zealand operations offices, is listed on the TSX Venture Exchange (TSX VENTURE:GEL) and the New Zealand Alternative stock exchange (NZAX:GEL).

Neither the TSX Venture Exchange nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Glass Earth Limited
    Simon Henderson
    Chief Operating Officer and Vice President, Exploration
    +64 4 903 4980