GEL Graphano Energy Ltd

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL)("Glass Earth") announces
that it has closed the second and final tranche of a non-brokered private
placement originally announced on November 1, 2007.


A total of 2,860,000 units (the "Units") at a price of C$0.20 per Unit have been
issued for gross proceeds of C$572,000. Each Unit consists of one common share
priced at C$0.20 and one-half of one share purchase warrant. Each whole warrant
entitles the holder to purchase one additional common share at a price of C$0.30
until January 29, 2010. All the securities are subject to a hold period and may
not be traded until May 30, 2008.


Glass Earth's major shareholder, St Andrew Goldfields Limited, agreed to allow
all other parties subscriptions to be accepted first. Accordingly, St Andrew
Goldfield's previous 50.2% equity in Glass Earth has reduced to 42.4%.


About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of over 27,000 square kilometres in the North and
South Islands.


In the North Island, exploration efforts are focused on the Hauraki / Central
Volcanic Region. The Hauraki / Central Volcanic Region is host to the 10 million
ounce gold Waihi / Martha Mine, owned by Newmont Mining, which is considered the
"type" epithermal gold deposit and the kind of large epithermal gold system
targeted by Glass Earth.


- Hauraki Region - With advanced gold prospects, this region occupies a
significant ground position around the Waihi / Martha Mine; Newmont has
commenced earning into the Glass Earth permits via two Joint Ventures: the Waihi
West permit, immediately adjacent to the Waihi / Martha Mine; and the
surrounding Hauraki Region permits.


- Mamaku Region - With recently-defined gold targets, this region includes the
Muirs Reef prospect, which historically has produced more than 43,000 ounces of
gold;


- Central Volcanic Region - Glass Earth has defined a number of epithermal gold
targets in this region, including prospects in the process of being drilled.


In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and alluvial gold.


- Otago Region - A major data collection/geophysical survey over this region
commenced in January 2007 and was completed in August 2007. It is being followed
by a targeting process to identify priority areas of gold potential for detailed
on-ground evaluation, which commenced in November 2007.


Glass Earth Gold Limited, with its main operational office in Wellington, New
Zealand; field offices in Rotorua (North Island) and Dunedin (Otago, South
Island) and corporate office in Toronto, Canada; is listed on the TSX Venture
Exchange (TSX VENTURE:GEL) and the New Zealand Alternative Stock Exchange
(NZAX:GEL).

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