Glass Earth Gold Limited: Placer Gold Production Update and Private Placement Closing
February 24 2010 - 8:00AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth" or the "Company") commences gold production at McAdie's, New
Zealand.
Glass Earth Gold Limited further advises that it has closed the
non-brokered private placement announced on October 27, 2009.
Placer mining at McAdies, Ida Valley, New Zealand commenced in
mid-December 2009 following the grant of Mining Permit 52 018 on 10
December 2009. Weekly production is in line with expectations and
Glass Earth is delighted to commence modest gold production.
Consents for the Gun Club placer gold project, Ida Valley have
also been granted as well as Mining Permit 52 021 (on 22 January
2010).
Together with the 40 tonne placer gold plant currently leased
out on the Earnscleugh Project (L&M Mining - nearby at
Alexandra), Glass Earth intends to have three placer projects
contributing to gold production/cash flow in the first quarter
2010. Cash generated from these projects is expected to
significantly contribute to Glass Earth's corporate operating
expenses.
Glass Earth's placer operations are managed by GEG's 50% joint
venture partner Dunstan Mining - releasing Glass Earth technical
management to focus on its hard rock exploration in Central Otago,
and Hauraki-Mamaku, New Zealand.
Glass Earth further advises that it has completed the
non-brokered private placement announced on October 27, 2009. A
total of 7,420,000 units (the "Units") at CAD$0.05 per Unit for
gross proceeds of CAD$371,000. Each Unit is comprised of one common
share and one common share purchase warrant (the "Warrant"). Each
Warrant entitles the holder to purchase one additional common share
at a price of $0.10 until expiry on December 29, 2012.
The Company also issued 104,000 finder's warrants and paid cash
of $5,200 to finders in connection with the closing of the private
placement. The finder's warrants have the same terms as the
Warrants issued to subscribers in the private placement. The
securities issued in the private placement and the finder's
warrants are subject to a hold period expiring April 30, 2010.
The proceeds of the private placements will be used for general
corporate purposes.
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.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 17,000 km2
in the North and South Islands. With its main office in Wellington,
New Zealand, Glass Earth Gold Limited is listed on the TSX Venture
Exchange (TSX VENTURE: GEL) and the New Zealand Alternative Stock
Exchange (NZAX: GEL).
To receive Company news via email, contact jeanny@chfir.com and
mention "Glass Earth news" in the subject line.
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 jeanny@chfir.com
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