Glass Earth Gold Limited
TSX VENTURE : GEL

Glass Earth Gold Limited

September 26, 2011 17:29 ET

Glass Earth Closes First Tranche of $5 Million Placement

WELLINGTON, NEW ZEALAND--(Marketwire - Sept. 26, 2011) - Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today announces that it has closed the first tranche of its previously announced non-brokered Private Placement. A total of 4,717,184 Units have been sold at a price of $0.55 per unit for gross proceeds of C$2,594,451.

Each Unit consists of one common share and one half of a common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.80 per share, exercisable for a period of 24 months from the date of issuance.

All securities issued pursuant to the private placement are subject to a hold period and may not be traded until January 27, 2012.

The Company anticipates closing a further tranche shortly.

The proceeds of this financing will be used for drilling, mineral exploration and general working capital purposes.

About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 10,800 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) are currently being explored and managed by Newmont.
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 placer/alluvial gold.

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

To receive Company news via email, contact jennie@chfir.com and mention "Glass Earth news" in the subject line.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/GlassEarthGoldMap.pdf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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