Glass Earth Gold Limited

Glass Earth Gold Limited

May 02, 2012 06:00 ET

Glass Earth Gold Limited: All Resolutions Approved at AGM and TSX Approves Warrant Extension

WELLINGTON, NEW ZEALAND--(Marketwire - May 2, 2012) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL)(NZAX:GEL) announces that:

  • All matters of business were approved at the Annual General Meeting of the Company held on April 25th 2012. The directors of the Company are:
• Mr John Dow (independent Chairman)
• Mr Simon Henderson (CEO)
• Mr Peter Liddle (CFO)
• Mr Justin Cochrane (independent non-executive)
• Mr Adrian Fleming (independent non-executive)
• Mr Paul C Jones (independent non-executive)
  • The TSX Venture Exchange has granted approval of the extension of the expiry date of the May 5th 2012 Warrants, exercisable at $0.35 per share, to June 7th 2012. However, TSXV policies do not allow this extension to apply to those Warrants held by 'Finders'.


About Glass Earth Gold

Glass Earth Gold is one of New Zealand's largest gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team, the Company is exploring promising gold prospects across a land position of approximately 10,000 km2, in both the North and South Islands. The Company held a net cash position of C$2.2 million at the end of Q1 2012 to fund exploration progress.

In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the 10Moz gold equivalent Martha Hill mine, (Newmont Mining).

In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold.

Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef project where drilling is ongoing. A historical resource of 390,000 oz (non NI 43-101-compliant, at 1.5 g/t Au and cut-off grade of 0.5 g/t Au), as well as recent drilling provided further encouragement with intersections of 2m of 38.4g/t gold and 49.2g/t silver.

In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's 7Moz Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.

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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.

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