GEL Graphano Energy Ltd

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

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