St Andrew Goldfields Reduces Stake in Glass Earth to 30.5%
April 21 2008 - 1:09PM
Marketwired
TORONTO, ONTARIO (NZAX: GEL) ("Glass Earth") advises that St
Andrew Goldfields Limited has announced that it has sold
approximately 18.3 million shares in Glass Earth on April 16, 2008
to private investors by private agreement at a price of C$ 0.15 per
share.
As a result of the above divestiture, St Andrew Goldfields
equity in Glass Earth has reduced by 11.8% to 30.5%.
Glass Earth Exploration
Glass Earth continues to pursue vigorous exploration campaigns
in all 4 of its exploration regions in New Zealand. Drilling is
underway in the Hauraki Region, North Island (via Newmont Joint
Ventures in that region). Drilling in the other 3 regions is
planned over the next few months. On-the-ground exploration work in
the Otago Region, South Island has been stepped up with most North
Island staff having been relocated to this exploration region.
(currently the Southern Hemisphere autumn).
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.
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 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).
Drilling is anticipated in the 2nd quarter 2008.
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
Email: info@glassearthlimited.com Glass Earth Gold Limited Glenn
Laing President (416) 368-7220 Website:
www.glassearthlimited.com
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