Glass Earth Gold Limited: Private Placement Closes
January 30 2008 - 3:20PM
Marketwired
TORONTO, CANADA (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).
Neither 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.
Contacts: Glass Earth Gold Limited Simon Henderson Chief
Operating Officer and Vice President, Exploration +64 4 903 4980
Website: www.glassearthlimited.com
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