GEL Graphano Energy Ltd

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announced
today that it has filed its December 31, 2009 Year End Financial Statements and
associated Management's Discussion and Analysis ("MD&A") report pertaining to
that period with appropriate regulatory authorities. 


Net cash operating costs for the year ended December 31, 2009 were $800,000,
down from $1.2 million in the preceding year. Further detail of the make up of
these amounts is provided below. The net loss for 2009 totaled $2.675 million
(2008 - $1.3 million) which predominantly consisted of a significant non-cash
property write-down of $2.4 million (2008 - $0.3 million). 


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 arising from the expensing of these cash operating costs as well as
other non-cash expense items. 


The net loss for the year can include significant non-cash items:-



                                    12 months ended         12 months ended 
                                   December 31 2009        December 31 2008 
Cash operating costs                                                        
Operating loss                            1,030,000               1,197,000 
Foreign exchange (gain)                    (230,000)                 (3,000)
                               ---------------------   ---------------------
                                            800,000               1,194,000 
Non- Cash expenses                                                          
Write down Mineral Properties             2,364,000                 288,000 
Stock based compensation                          -                  75,000 
Income tax expense/(benefit) -                                              
 deferred                                  (489,000)               (224,000)
                               ---------------------   ---------------------
                                          1,875,000                 139,000 
                               ---------------------   ---------------------
                               ---------------------   ---------------------
Net loss for the year                     2,675,000               1,333,000 
                               ---------------------   ---------------------
                               ---------------------   ---------------------



Notes:



--  General & Administration costs were significantly lower this year
    without the incurrence of termination costs arising from the closure of
    the Toronto representative office in June 2008; 
--  Acquisition costs of $314,000 (NZ$420,000) were incurred in respect of
    an unsuccessful bid for significant mining and exploration assets in the
    Tanami Desert, Northern Territory, Australia; 
--  The foreign exchange gain is not expected to be a recurring event.  
--  Write-off of capitalised exploration expenses of $2,364,000 (NZ$3.1m) is
    in relation to relinquished ground that contained targets associated
    with those expenditures; 
--  A partial reversal of the Deferred income tax provision of $489,000
    (NZ$0.6m). 



Operational Activities

During the 2009 fiscal year, Glass Earth continued with its exploration
campaigns in New Zealand. Drilling, ground-based resistivity surveys, mapping,
sampling and interpretation and analysis were variously undertaken in the
Hauraki Region (funded and operated by Newmont); Mamaku-Muirs Region; Central
Volcanic Region and Otago Region (see map below). Total exploration expenditures
amounted to $2.6m (NZ$3.5m) of which $1.1m (NZ$1.5m) was contributed by other
parties. Net exploration costs of $1.5m (NZ$2.0m) were capitalised for the year.



The extent and results of exploration activities are periodically reported
separately.


In December 2009, placer mining commenced in central Otago in conjunction with a
joint venture partner. A jointly owned Gold Recovery Unit was also leased out to
another mining operation at that time. Both operations are generating useful
cash contributions. Additional placer mining operations are planned. 


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 11,500 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.


To view the accompanying map, please visit the following link:
http://media3.marketwire.com/docs/gelmap430.pdf

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