Glass Earth Gold Limited

Glass Earth Gold Limited

July 12, 2010 09:30 ET

Glass Earth Gold Reports 156 Metres at 1.6 g/t Au and 2.6 g/t Ag at WKP Gold-Silver Prospect, Hauraki, New Zealand

WELLINGTON, NEW ZEALAND--(Marketwire - July 12, 2010) - Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today announced significant results from a diamond drilling campaign at its WKP gold–silver prospect, a joint venture with the operator, Newmont Mining Corporation.

'WKP' GOLD-SILVER PROSPECT – Newmont earning 65%

Newmont continues with its active drilling program on the highly prospective WKP gold-silver prospect and has completed three diamond drill holes (WKP 24, 25 & 26). More results of WKP 24 and 25 are further below, with assays awaited on WKP 26.

WKP 24 intersected mineralization of 156 m @1.6 g/t Au, including 1.6 m of 30.2 g/t Au and 13.8 m of 6.6 g/t Au.

WKP 25 intersected mineralization of 15 m @ 9.3 g/t Au, including 1.8 m of 61.4 g/t Au. 

Simon Henderson, President and CEO that "These drilling results are significant intersections in both WKP 24 and 25 confirm that mineralization extends well beyond the known mineralization at WKP. Glass Earth and Newmont are very encouraged by these results and are confident that this exploration phase will provide substantial insight into the characteristics of the new zone, "WKP West" and the overall WKP prospect."

As reported on March 26 2010, the WKP prospect is a 2 km mineralized alteration zone, just 10 km from Newmont's Martha gold mine at Waihi (see map below) and 5 km north east of the Golden Cross deposit (634,000 oz gold production in the 1990's). The WKP epithermal system has magnetic/alteration characteristics similar to the Martha mine and has open-along-strike potential for several kilometres southward. Exploration in the late 1980's and early 1990's identified a very extensive altered and gold mineralized system identified as the 'WKP Stockwork Zone' with multiple intersections, including several ore grade intersections.

The current drilling, together with previous exploration work by Newmont, targeting the new WKP West zone, outlines a new area approximately 180 m wide with a strike continuity of over 600 m.

WKP 24 and 25 intersected broad alteration and intense silicification over wide intervals. Quartz vein stockworks and gold-silver mineralization were encountered adjacent to major fault structures with at least two high grade intersections apparent in broad mineralized intervals.

WKP 24 intersected:
Hole No   From   To   Interval m       Gold g/t   Silver g/t
WKP 24   125.9   282   156.1    @   1.6   2.6
including   268.2   282   13.8    @   6.6   3
    207.7   209.3   1.6    @   30.2   44 *within following interval
    207   210   3    @   15.6   23.2
    262.5   263.5   1    @   16   9.8
    251   253   2    @   6.2   2.9
    252   253   1    @   11.3   5.1
WKP 25 collared from the same drill pad intersected:
Hole No   From   To   Interval m       Gold g/t   Silver g/t
WKP 25   221   236   15   @   9.3   12.8
including   225   226.8   1.8   @   61.4   80.3
    235   236   1   @   9.5   19.3

Assay results are pending on WKP 26.

The WKP West zone represents a compelling target in its initial stage of exploration, with surface mapping and additional geophysical data (CSAMT resistivity) planned to assist in the targeting of additional step-out drilling.

Qualified Persons

Glass Earth's exploration programs are carried out under the supervision of Glass Earth's President and CEO, Simon Henderson, M.Sc, M.AUSIMM, F.SEG. 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 Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 12,000 km2 in the North and South Islands. The Company maintains its objective to discover new large gold deposits in New Zealand, and it is currently mining placer gold under its Otago permits to provide funding for its hard rock gold exploration. With its main office in Wellington, New Zealand, Glass Earth Gold Limited is listed on the TSX Venture Exchange (TSX VENTURE:GEL) and the New Zealand Alternative Stock Exchange (NZAX:GEL).

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