Glass Earth Gold Limited

Glass Earth Gold Limited

February 29, 2012 06:00 ET

Glass Earth Gold Strikes 9.7m of 17.2 g/t Gold and 24.2 g/t Silver at WKP Gold-Silver Prospect in New Zealand

WELLINGTON, NEW ZEALAND--(Marketwire - Feb. 29, 2012) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL)(NZAX:GEL) is pleased to announce a new and significant highgrade gold intercept from drilling in the "Central Zone" of the WKP gold-silver prospect.

Table 1: Significant recent drilling results at Central Zone, WKP Project
Drillhole ID From To Interval m Au g/t Ag g/t
WKP 31 146.1 155.8 9.7 17.2 24.2

Simon Henderson, President and CEO of Glass Earth Gold, commented that "this new intercept is a highly encouraging display of WKP's gold potential. We had already found a broad intersection of over 150m of mineralisation across the Central Zone, and to hit highgrade intersections where we didn't expect adds real excitement to our exploration."

"The results continue to confirm and expand the significant mineralisation at WKP, and they add some further vigour to this project."

The WKP prospect is a joint venture between Glass Earth Gold (35%) and Newmont
Mining (65%), lying 10km from Newmont's own 10Moz Martha gold mine in Waihi, New

DDH WKP 31, drilled at a 68 degree dip southwards from the centre of the prospect (see map), intersected a highly mineralised breccia zone at 146.1m down-hole. Although the same structure had been intersected by previous drillholes closer to surface, it was typically only weakly mineralised in prior results. Significant results from assays received so far are presented in Table 1, and further results are awaited for the remaining 270m of the drillhole, that traversed through an andesite dyke intercepted in previous drillholes and terminated in rhyolite at 598.3m.

To view the location of WKP 31, please go to:

The WKP prospect is a large, three by five km mineralised alteration zone, just 10 km from Newmont's Martha gold mine at Waihi (10Moz gold) and 5 km northeast of the Golden Cross deposit (634koz gold).

The WKP epithermal system has magnetic/alteration characteristics similar to the Martha epithermal system and has open-along-strike potential of at least 1-2 kilometres. The WKP Central zone currently outlines an area approximately 180 m wide with a strike continuity of over 800 m.

The Glass Earth Gold/Newmont Joint Venture began drilling exploration at the WKP prospect with DDH WKP 24 in March 2010. Highlights from results achieved to date are summarised in Table 2.

Table 2: Significant drilling results from Glass Earth Gold/Newmont joint venture exploration at WKP Project.
Drillhole ID From To Interval m Au g/t Ag g/t
WKP 24 125.9 282 156.1 1.6 2.6
incl. 268.2 282 13.8 6.6 3
207.7 209.3 1.6 30.2 44
WKP 25 221 236 15 19.36 12.8
incl. 225 226.8 1.8 61.4 80.3
235 236 1 9.5 19.3
WKP 26 115 293 178 1.05 3.0
incl. 141 205 64 2.0 2.6
167.2 168 0.8 24.5 >100
WKP 27 129 281.4 152.4 1.16 2.2
incl. 181.4 182.8 1.4 30.7 77.7
WKP 28 174 223 49 1.08 3.3
incl. 174 175 1 7.69 34.0
WKP 29 216 219.2 3.2 37.0 17.0
incl. 217.1 218 0.9 89.2 39.2
and 279.8 293 14.8 4.82 2.7
WKP 30 194 237 43 0.93 1.21
incl. 194 203 9 3.2 2.6

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 approximately 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 Region, host to the 10 million ounce Martha Hill mine, (Newmont Mining).

In the Hauraki Region Glass Earth Gold has 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 discovery, is being actively explored and managed by Newmont in concert 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. 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 being undertaken to prove up the resource.

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

Qualified Person

Mr Kyle Howie, Member of the Australian Institute of Geoscientists, Glass Earth's Senior Geologist, is the Qualified Person for Glass Earth Gold regarding the WKP Project. Mr Howie has reviewed and approved this news release.

For more information on Glass Earth Gold, please visit

To view Figure 1: WKP Project - Hauraki, New Zealand, click on the following link:

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

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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