Exploration Update and Financial Statements and Management's Discussion & Analysis for the 9 Months Ended 30 September 2009
November 26 2009 - 10:20AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") announces the release of its third quarter financial
statements and Management's Discussion and Analysis ("MD&A")
report pertaining to that period.
EXPLORATION UPDATE
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 17,000
square kilometres in the North and South Islands (see map).
- Placer Progress - All necessary consents for the McAdies
alluvial gold mining project in the Ida Valley are expected to be
in place by the first week of December. All necessary equipment is
in place and ready to be mobilised to site with commencement of
mining expected shortly afterwards.
Consent applications for the Gun Club/Nevills alluvial gold
project, also in the Ida Valley, have been lodged with the
appropriate authorities and are currently being processed.
The 40 tonne floating Gold Recovery Unit (purchased in
conjunction with a mining partner) is currently leased out.
- Hauraki Region - Newmont Mining Corp. continues to operate
this joint venture over Glass Earth's significant ground position
in this region, which is centred on Newmont's Waihi/Martha mine.
Newmont has advised that it has earned its initial 65% equity in
the Northern Hauraki Joint Venture area and continues to earn into
the permits subject to the Central and Southern Hauraki Joint
Venture areas.
Drilling at the Goldwyn prospect (3 diamond drill holes) has
been completed with the best intersection being 46.7m @ 0.2g/t Au
from 99m. Newmont continue to evaluate the potential of the
prospect.
Newmont have identified previously unrecognised vein zones at
the WKP prospect through a programme of detailed mapping, rock and
soil sampling and CSAMT resistivity surveying. Drill testing is
planned.
- Mamaku Region - Glass Earth has commenced drilling within the
Muirs South/Gibraltar area. The drillhole target is the postulated
southward extensions of the Muirs/Massey vein systems identified
through the analysis of airborne geophysical data, ground
resistivity geophysics, geological mapping and geochemical
sampling.
- Marlborough Region - A programme of stream sediment and pan
concentrate sampling has been undertaken in the Marlborough region
to investigate the potential for mesothermal gold systems outside
the zones of known historical workings. In addition, sampling and
mapping around the historical mining areas (Wakamarina/Wairau
goldfields) was undertaken in order to determine mineralisation
styles and to seek both extensions to the previously identified
vein systems or parallel veins.
Funds
On October 28, 2009, Glass Earth announced that it intended to
undertake a private placement financing for gross proceeds of
$500,000. As at November 26, $286,000 has been received in respect
of this placement.
The Company's working capital of $0.7 million as at 30 September
2009, together with cash from or work undertaken by contributing
joint venturers, is budgeted to carry the Company through into
early 2010. Cash generated from placer mining (Ida Valley) or
boutique hard rock mining (Ophir) would be additional to this.
FINANCIAL RESULTS
Glass Earth is an exploration company and therefore classified
as being at the 'development stage', as it has no mining or other
significant income. With all general and administration expenses
being expensed, Glass Earth records losses each year/period arising
from the expensing of these cash operating costs as well as other
non-cash expense items.
The Company recorded a loss for the quarter of $164,000.
Corporate and administrative expenses continue to be significantly
reduced compared to previous quarters.
Amounts in C$000's Three months Three months Nine months Nine months
ended ended ended ended
September 30 September 30 September 30 September 30
2009 2008 2009 2008
Revenue
Exchange translation
gains/(losses) 9 (14) 235 1
Other - 8 35 8
-----------------------------------------------------
9 (6) 270 9
Expenses (176) (486) (516) (1,113)
-----------------------------------------------------
Loss for the period
before the
undernoted (167) (492) (246) (1,104)
Write down of
Mineral Properties - - (1,717) -
Interest Income 3 23 20 78
-----------------------------------------------------
Loss before Income
Taxes (164) (469) (1,943) (1,026)
-----------------------------------------------------
Qualified Persons
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's President and CEO, Simon Henderson,
M.Sc, M.AUSIMM, F.SEG. Mr. Henderson meets the qualified person
requirements (as defined by National Instrument 43-101) with more
than 30 years of experience in the gold mining and exploration
industry.
To receive Company news via email, contact jeanny@chfir.com and
mention "Glass Earth news" in the subject line.
To view the map associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/hauraki.pdf
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 President and
Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com
www.glassearthgold.com CHF Investor Relations Jeanny So Director of
Operations +1 416 868 1079 x225 jeanny@chfir.com
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