Glass Earth Gold Limited
TSX VENTURE : GEL

Glass Earth Gold Limited

February 13, 2012 10:00 ET

Glass Earth Gold Strengthens Its Board of Directors

WELLINGTON, NEW ZEALAND--(Marketwire - Feb. 13, 2012) - New Zealand-based gold explorer Glass Earth Gold Limited ("Glass Earth Gold", or "the Company") (TSX VENTURE:GEL)(NZAX:GEL) is pleased to announce the appointment of a new director to its board and advise of a further nomination at the upcoming Annual General Meeting on April 25th.

Mr Justin Cochrane was appointed to the board by directors' resolution on 3 February 2012.

It is the Company's intention, at the upcoming AGM, to seek an increase in the number of directors (from the current limit of five, to six) and to nominate Mr Adrian Fleming to fill that sixth position.

This appointment and nomination is the result of the Glass Earth Gold board reviewing its various skill sets and seeking to strengthen its Canadian presence, investor relations, market communication, and financial markets connections. Both Mr Cochrane and Mr Fleming are Canadian residents in Vancouver.

Mr Cochrane is the Executive VP of Corporate Development at Sandstorm Gold, as well as being actively involved with Sandstorm Metals and Energy. Prior to joining Sandstorm, Mr Cochrane was a VP at National Bank Financial, where he spent nine years working in the investment banking group, specialising in advice on merger and acquisition transactions and equity and debt financing opportunities. Mr Cochrane also holds the designation of Chartered Financial Analyst.

Mr Cochrane commented on his appointment: "I'm very pleased to be joining this exceptional board during a transformational period for the Company. Glass Earth Gold is unique from all other junior exploration companies, being well funded and generating cash from its placer gold operations. The Company can use any excess cash to reinvest into drilling its very exciting hardrock deposits."

Mr Fleming is a geologist with 35 years diversified experience in the mining industry, including exploration, project development and operations. He has been a member of exploration teams that made gold discoveries at Porgera (Papua New Guinea), Big Bell, (Western Australia), Gross Rosebel (Suriname), Hope Bay (Nunavut, Canada) and most recently White Gold (Yukon, Canada) with Underworld Resources - which was acquired by Kinross Gold in 2010.

He is the founder and CEO of Smash Minerals, a director of Goldminex Resources, and several TSX.V listed companies.

Mr Fleming commented on his prospective appointment (which is subject to election at the Company's next AGM): "This is a great time to be invited to join Glass Earth Gold. The Company is New Zealand's leading junior gold explorer, and in contrast to its peers has developed small scale gold mining operations which provide a cash flow to cover its fixed costs."

Mr Simon Henderson, Glass Earth Gold's President and Chief Executive Officer, commented on the appointment of Mr Cochrane and nomination of Mr Fleming:

"We asked Justin and Adrian to join us because their skills, experience and energy will be of real value as we grow the company. Our successes so far, and our aspirations for 2012 and beyond, demand the leadership and oversight of a highly effective board.

By appointing Justin and nominating Adrian, we'll have taken a big step forward by importing a wealth of knowledge and skills - from investor relations and market communication through to financial acumen and exploration management and we are looking forward to putting them to good use."

Incentive Stock Options Granted

Glass Earth Gold, pursuant to its rolling stock option plan (approved by shareholders at the annual general meeting held on 29 June 2011), granted incentive stock options to directors, executives, employees and consultants, entitling them to purchase up to an aggregate of 2,780,000 common shares, exercisable at a price of C$0.35 per common share and expiring February 9, 2017.

About Glass Earth Gold

Glass Earth Gold is one of New Zealand's largest gold exploration companies, with its experienced geological team exploring promising gold prospects across a land position of over 10,000 square kilometres, in both the North and South Islands. The company held a net cash position of C$3.6 M at the end of Q4 2011 to fund exploration progress.

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 Mine, (Newmont Mining):

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

And, in the Central Volcanic Region - Glass Earth Gold has defined several significant epithermal gold targets in this region including the Muirs prospect. Containing 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), further drilling is underway to prove up the resource.

In the South Island, exploration efforts are focused on the Otago Region for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production:

In the Otago Region - The drilling of highly ranked Hindon and Game Hen gold targets has commenced.

For more information on Glass Earth Gold, please visit www.glassearthgold.com.

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

  • Glass Earth Gold Limited
    Simon Henderson
    President and Chief Executive Officer
    +64 4 903 4980
    info@glassearthgold.com

    CHF Investor Relations
    Jeanny So
    Director of Operations
    +1 416 868 1079 x 225
    jeanny@chfir.com

    CHF Investor Relations
    Jeremy Hill
    Associate Account Manager
    + 1 416 868 1079 x 238
    jeremy@chfir.com