Glass Earth Limited

Glass Earth Limited

April 06, 2006 09:30 ET

Glass Earth Announces Joint Venture With Newmont Waihi Gold To Explore Glass Earth's Waihi Exploration Permit Adjacent To Martha Mine In New Zealand

TORONTO, ONTARIO--(CCNMatthews - April 6, 2006) -


Glass Earth Limited (TSX VENTURE:GEL)("Glass Earth") wishes to announce that an Agreement has been entered into with Newmont Waihi Gold ("Newmont") to form a Joint Venture to explore Glass Earth's Waihi Exploration Permit which lies immediately to the west of and adjacent to the Martha Hill Mine which is owned and operated by Newmont.

The 10 million ounce Martha Hill Mine, owned by Newmont Mining, is considered to be the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth in its exploration program.

Waihi West Joint Venture

There is good evidence that the gold mineralization that forms part of the Martha Mine operations extends into the Glass Earth Waihi Exploration Permit area.

In terms of the Joint Venture, Newmont will undertake an exploration program (including drilling) as follows:

a) Initial work obligation of NZ$400,000 within 12 months, then decision point to spend additional NZ$1,100,000 within next 24 months to earn 60%;

b) Newmont to prepare a feasibility study to earn a further 15%;

c) Glass Earth can request that Newmont arrange Glass Earth's share of financing in return for a further 5% equity;

d) Glass Earth remains responsible for the Geoinformatics 2% royalty on the Glass Earth interest in the Waihi West Joint Venture;

Company profile
Glass Earth is a New Zealand based gold exploration company exploring:

- the Coromandel/Central Volcanic Region of the North Island, New Zealand located on the "Pacific Ring of Fire", which is known to host exceptionally large epithermal deposits. These large epithermal gold deposits are the target of Glass Earth's exploration activities in this region; and

- the Otago/Marlborough region in the South Island, New Zealand for mesothermal gold targets which exhibit "Macrae Deposit" type signatures.

For further information about Glass Earth Limited, please visit Glass Earth's website at:

Or Contact:

Qualified Persons

Glass Earth's exploration programs 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.

Shares Outstanding: 63,904,300

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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