Glass Earth Limited
TSX VENTURE : GEL

Glass Earth Limited

January 19, 2007 10:03 ET

Glass Earth Announces Commencement of Major Airborne Geophysics Campaign

TORONTO, ONTARIO--(CCNMatthews - Jan. 19, 2007) - Glass Earth Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") wishes to announce the commencement of its major airborne geophysical campaign in the Otago mesothermal gold region, South Island, New Zealand.

Otago Region Airborne Geophysical Survey

The airborne geophysical survey will cover an area of over 22,000 square kilometres and is the largest airborne survey of this nature ever flown in New Zealand. The airborne geophysical survey is contracted to Fugro BTW Limited. It has been planned to obtain a detailed geological understanding of the area allowing targeting of new areas with the potential for hardrock and/or alluvial gold. The survey will involve the helicopter-borne "RESOLVE™" EM system combined with a magnetic gradiometer. This system targets the top 100 metres of the earth's crust (the zone of interest for Glass Earth). Two helicopters each towing a 9 metre Resolve™ drone will carry out this geophysical survey which is expected to take about 4 months to complete.

The South Island Otago geophysical survey is part of a second major Intervention Project carried out by Glass Earth in New Zealand, the first being the Coromandel/Central Volcanic Region Intervention Project in the North Island undertaken in 2005.

Information about Glass Earth

Glass Earth has the most extensive portfolio of gold and silver prospecting/exploration permits (and applications) in New Zealand, totalling over 31,000 square kilometres. Within this land position, Glass Earth has defined the following exploration areas:

- Hauraki Region - With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Martha gold mine (owned by Newmont Waihi Gold Limited);

- 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;

- Taupo Volcanic Region - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects; and

- 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 2007. This region is host to the 7 Million oz Macraes Mine (Oceana Gold).

Otago Region Alluvial Gold

Historically this prolific alluvial gold producing region recovered approximately 8 million ounces of gold in the 19th Century via prospecting and dredging. Glass Earths airborne campaign will renew interest in its remaining alluvial potential.

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.

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).

Please note: To view: "GEL exploration regions - overview map", please click on the following link:

http://www.ccnmatthews.com/docs/Airborne%20map.pdf

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
    Website: www.glassearthlimited.com