Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it has signed a Letter of Intent with Placer
Gold International Corp. to develop two placer targets in central Otago, New
Zealand; and the TSX Venture Exchange Inc. has approved the consolidation of
Glass Earth's issued and outstanding shares on the basis of a five (5)
pre-Consolidation shares to one (1) post-Consolidation share ratio.


Placer Gold Venture Partner

Glass Earth previously announced on February 24, that revenue from its placer
gold mining operations could significantly contribute to corporate operating
expenses. Glass Earth, along with its partner, Dunstan Mining Limited, has since
signed a Letter of Intent to explore and develop two new placer operations.
These operations could significantly increase placer gold output in an area that
historically produced in excess of one million ounces. The venture is based on
the following terms:




1.  Placer Gold International Corp. ("Placer Gold") will fund development
    work within a range of NZ$150,000 to NZ$250,000 (circa C$110,000 -
    C$180,000) for each of the two targets. Placer Gold would thereby earn
    up to 30% equity in a target.  
2.  Placer Gold may elect to fund NZ$500,000 (circa C$365,000) of the plant
    and equipment required for mining activities on a target, in order to
    earn another 20% equity in that target.  
3.  Placer Gold has an 18 month option to fund a third target on the same
    terms and conditions.  
4.  Should Placer Gold fund the equipment per cl 2, net revenue will
    initially be returned on a monthly basis in the ratio of 75% to Placer
    Gold and 25% to Glass Earth/Dunstan until the initial capital funding of
    NZ$500,000 has been recouped by Placer Gold.  



"This transaction will accelerate our ability to assess more placer potential on
our permits while maintaining funding for the core activity of hard rock gold
exploration. Cash generated from placer mining operations means more funding
will go directly into the ground - what every exploration manager and investor
wants," commented Simon Henderson, CEO of Glass Earth. 


Share Consolidation

The common shares of Glass Earth will be traded on a post-consolidation basis on
the TSX-V starting March 18, 2009. Trading on the NZAX on a post-consolidation
basis will commence March 19, 2010 (NZ time). Upon completion of the share
consolidation, a total of 32,684,526 common shares will be outstanding. 


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 12,000 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). 


For additional information on the company, please visit the Company's website at
www.glassearthgold.com. 


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 press release, please visit the following
link: http://media3.marketwire.com/docs/GEL0318.jpg
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